Well i'm frikin baffled, 18 Feb rns says the GIG/ consortium look to pilot 6 wells per annum at Tkibuli with the programme commencing in the 2nd half of 2013, 3 Sep rns says the joint venture technical consultants have not reviewed the ARI advanced resource internationals estimate but RMP and its joint venture plan to do so within the next twelve months!, says to me f all can happen until they can be ar#ed to appraise the data, so, so far no farm in, no appraisal, no drilling, am i reading this right or wrong
We need to see the JV commit in some way to the new PSA. It's all very well entering into it 'based on the encouragement' seen from the previous drills but we all know cash is king. Until they commit some resources to it, there's no guarantee they'll see it through. They may decide not to bother and forsake the licenses with no further cash spent
You just have to feel someone somewhere knows how this is going to fall. It's hard to believe nobody at AOI has learned something from the past campaign and the 15 months since. They've contacts all over the globe and a serious legal team. Also the company is much more valuable today than it was when S1 spudded, with a hell of a lot more money in bank. We need some good news and by heck we've waited long enough
What's going on with Georgia? I'm out of date on that front. Wasn't something significant supposed to happen this quarter? With only weeks until 2014, I guess that's on the back burner too
Range Resources shares could fall by two thirds warns the Closet Chartist It has been easier to give the benefit of the doubt to shares in Range Resources (RRL) in the recent past than to be a bear, if only on the basis that you know most of the diehards of this company will never give up on their chosen favourite and therefore this is what most readers want to hear. However…
Just to mix it up a little it may be worth noting the following. The main killer for the buy argument came at the beginning of this year with the February / March price action. This consisted of a massive counter trend bull trap rebound through 5p, the 200 day moving average then at 5p as well, and as high as 6p to take out the former October resistance at 5.5p
Given that the RSI at the time also hit an extreme 83 it can be said that we were looking at a “final” flush out of the bears before an extended / sustained breakdown for the shares.
To read why share tipster Tom Winnifrith, the ,man dubbed "The Maverick" by the Daily Telegraph is short of Range ( for charity) click here
The “trick” since then has been the way that despite already substantial losses from the best levels of the year and periods when the stock has become oversold, we have been treated to a surprisingly persistent slow death sell off.
Since March the shares have remained below the 50 day moving average now at 1.78p. The technical message is now that barring a weekly close back above the 50 day line one should assume a downside here as low as a November support line projection target of 0.5p on a 3-6 month view.
I'm not defending GB, but if he is preserving cash for Puntland Seismic then perhaps, he could just have played a blinder by not wasting cash the past year? I've thought all along that while our cash pile is of a reasonable size for RMP, it woun't go far in the oil industry on new projects. Infact if it was my choice I would let Horn work away in Puntland and progress Georgia with Range, which is what I expect is happening behind the scenes.
I agree with you - it is depressing. However, lets give them until year end for Georgia farm-in - as Range indicated - (don't laugh!!)
This is a gamble that one or both projects will move forward. My money is that despite the many issues surrounding Puntland this project will move forward, but of course like everyone else I can not be certain. I do trust the Africa Oil / Horn management and that is the key reason why i am being so blo*dy patient with this share. From these levels 2014 could be a very different story for RMP shareholders.
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