Range Resources Ltd Share Chat (RRL)

Any analysis of RRL based on the information provided by the company must be flawed as the information provided is flawed.
"The company is pleased to report that after operational delays the QUN 135 has successfully reached the TD of 3500 ft and may have penetrated a new Middle Cruse pay zone.....more than 80 ft net oil pay was identified. MD248 was at 4000 ft......... following equipment shortages that resulted in drilling delays additional rig componants have been procured to reduce future downtime"
These statements were made in an RNS in a T&T update in January!
In 4 months of reduced future downtime 248 has drilled about 1000ft and we have little additional info on 135.
PL must surely have reached the stage now of having fooled all of the people some of the time etc must surely now be passed the stage of trying to fool all of the people all of the time!!!
Difficult to make any analysis of RRL based on this type of info.

Range Resources continues to make progress in its goal of increasing oil production from its Trinidad operations and looks set to pen in a marked production increase in the short term.

With the proposed merger with International Petroleum, this will place the combined company in an even stronger position with strong production, reserves and exploration upside.

Guatemala

Range associate Citation Resources (ASX: CTR) is preparing to test the two most prospective oil bearing reservoir units at the Atzam-4 well in Guatemala.

Flow testing of the C13 and C14 carbonates, which demonstrated strong oil shows during drilling, is expected to start within two weeks.

Some potential pay zones in the C16 and C17 sections will also be tested.

Citation had made the decision to test the two units instead of carrying out further testing of the Lower C17/Upper C18 carbonates that had experienced unexpected gas production following a technical review.

In addition, the operator plans to install a gas separator on the electrical submersible pump for further evaluation of the oil production potential from Lower C17/Upper C18 after testing of C13 and C14 is completed.

These had produced oil at an initial rate of 50 barrels per day with limited ESP performance due to gas production.

Ralph E Davis and Associates (RED) have estimated that Atzam-4 holds Probable Reserves of 2.3 million barrels of oil based on the results of the logging and the analytical work completed by Schlumberger.

Range has a 19.9% strategic interest in Citation, which holds 70% in Latin American Resources (LAR), as well as a direct 10% interest in LAR.

LAR in turns holds between 80% and 100% in the two oil and gas development and exploration blocks in Guatemala.

Guatemala

Range associate Citation Resources (ASX: CTR) is preparing to test the two most prospective oil bearing reservoir units at the Atzam-4 well in Guatemala.

Flow testing of the C13 and C14 carbonates, which demonstrated strong oil shows during drilling, is expected to start within two weeks.

Some potential pay zones in the C16 and C17 sections will also be tested.

Citation had made the decision to test the two units instead of carrying out further testing of the Lower C17/Upper C18 carbonates that had experienced unexpected gas production following a technical review.

In addition, the operator plans to install a gas separator on the electrical submersible pump for further evaluation of the oil production potential from Lower C17/Upper C18 after testing of C13 and C14 is completed.

These had produced oil at an initial rate of 50 barrels per day with limited ESP performance due to gas production.

Ralph E Davis and Associates (RED) have estimated that Atzam-4 holds Probable Reserves of 2.3 million barrels of oil based on the results of the logging and the analytical work completed by Schlumberger.

Range has a 19.9% strategic interest in Citation, which holds 70% in Latin American Resources (LAR), as well as a direct 10% interest in LAR.

LAR in turns holds between 80% and 100% in the two oil and gas development and exploration blocks in Guatemala.

Range is in the final planning stages of a new development program in the South Quarry field following the recent receipt of approvals for the construction of four initial well pad locations.

Operations will commence with site construction and fabrication of equipment to support the drilling, which is expected to start towards the end of June or early July.

Previous drilling campaigns have yielded higher than average rates and recoveries due to increased geopressure in the area.

Given the proximity to established production, the South Quarry program has a high probability of boosting production, while extending the producing trends and establishing multiple locations for future drilling.

Range has also received environmental approvals to proceed with the deepening of six wells at its Beach Marcelle licence.

It will now mobilise a production rig to test and prepare existing well bores in anticipation of deepening those wells to recover Proved Undeveloped Reserves, estimated at up to 90,000 barrels of oil per well at costs significantly lower than drilling and completing new wells.

New Technology

Range continues to evaluate exploration, drilling, completion, and production technology to maximize recovery of oil and gas from its producing areas at the lowest cost possible.

This includes mini-fraccing as well as horizontal drilling, which could increase initial production rates by between 5 and 10 times in suitable reservoirs.

Range continues to make steady progress in drilling the MD 248 well towards its target depth of 6,500 feet.

MD 248 well is currently at a depth of 5,425 feet and had encountered a ‘drilling break’ along with multiple gas shows requiring mud to be conditioned properly.

The shows are encouraging as they are usually associated with oil sands consistent with the Morne Diablo field.

Middle Cruse Formation Drilling

The company is currently preparing a completion procedure designed to maximise recovery from the multiple pay zones encountered by its QUN 135 well in the Lower Forest, Upper Cruse, and Middle Cruse sections.

This could include the possibility of perforating and producing the Upper Cruse pay zone while evaluating potential stimulation of the Middle Cruse.

Range is still assessing the applicability of formation stimulation in QUN 135, including a possible mini hydraulic fracture stimulation, which has been successful in other fields in Trinidad.

If successful, low-cost stimulation technology could lead to higher initial production rates and greater recoveries from the established producing horizons.

Based on historical production rates seen from the Middle Cruse formation, a successful well at this location could potentially have initial production rates of up to 200 barrels to 300 barrels per day of oil, which could be further enhanced with mini-hydraulic fracture stimulation techniques.

Range Resources (ASX: RRS) is poised to grow its Trinidad oil production with operations to complete a well that intersected one of the thickest Lower Forest pay sections encountered to date.

The QUN 141 well is currently being completed with logs indicating 160 feet of gross oil pay while drilling is currently underway on the QUN 142 well that directly to east and expected to encounter the same well-developed oil pay.

Further development on the Lower Forest pay includes the evaluation of a possible re-activation of the QUN 16 well, which previously produced up to 145 barrels per day of oil during a one week test.

QUN 16 well was drilled and tested in 1942 and logged thick oil sands that correlate with the Lower Forest reservoirs being completed by the company about half a mile to the west.

Re-activation of the QUN 16 well will be performed using one of the company’s production rigs, which have recently returned to operation following the receipt of necessary approvals.

This has the potential to not only add new reserves and production but also extend the Lower Forest trend to the east of the QUN 16 well and establishing a large area for low-risk infill drilling between the well and the current Lower Forest development at a relatively modest cost.

In addition, Range is expecting several production rigs to be placed back into operation within the week to begin remedial work on up to 20 existing wells, which could increase production by an additional 100 barrels to 150 barrels per day of oil.

Depending on the type of workover required, individual wells are estimated to require an average of 1-2 days to perform the necessary remedial work.

I would advise against a strategic dable here. Yes, there are differing views on this share but the ones that have been saying it's dropping / going to drop are the ones that have been calling it right - That said, you should of course always DYOR but my advice there would be to look at the claims / projections of the company and CEO in particular and see how accurately they have actually played out before making your mind up. Also, be careful of which bb's you read, to try and find info as one of them in particular seems to have a very rose tinted view of the future of the company, well, all OKAP companies strangely enough, a bb manned and moderated by the same guys who were instrumental in the RUM boiler room scam - all coincidence I'm sure :)

Still, maybe someone can explain why the merger with IOP - ( a company that can't even trade ) is a good thing and why IOP together with their billions of shares ( not actually priced by the market at present ( and whose to say the market would do the normal thing of dropping the sp of a company who have been in suspension with IOP - Even though that is the norm ? ) who don't seem to be able to get any money to pipe all their ( alleged ) oil to the market, despite having a multi millionaire ( who used to be a billionaire - but then again fines by the LSE for "overly optimistic" statements to the market and such like soon add up I suppose ) as a major backer and of course, they can't pay their creditors - which seems strange given the strength of their assets ? But apparently, some see this merger as a good thing for Range, although they seem to be reluctant to give their reasons for this ?

Anyway, you never know.... This share seems to have a remarkable knack of rising when a placing is required ( before falling dramatically when it's over ) and of course there's lots of news due... We're 9 months into a 6-8 week drill and about 85% of the way there ( so news due anytime soon ? lol ) loads of other drills ( but no info due to Petrotrin delay etc which seem to exclusively and bizarley only affect Range ) The Texas sale, which has been imminent for months and is going to pay for a share buy back ( and not forgetting a special divi :) The working petroleum system in Puntland and of course the encouraging oil shows ( temporarily abandoned ) K2 spud in Georgia ? ( is that still on ? I honestly forget, although it was only weeks away last year ) etc etc etc....

Lots of Jam tomorrow but no real explanation where it's coming from.... In the meantime though, 4.6 billion shares and "perhaps" about 1000 bopd ?

Still holding, still hoping for a sp pump but TBH, I am starting to think that is looking less likely now...

Be careful with this share though as nothing ever seems to be straight forward...... GLA :)

well said, down 75 % here so what's the point selling, never know with this corrupt aim market what can happen just look at SOLG today which ended up 130% on news. We can only hope this will happen here one day.

If you have a good British name like Farage with a basically English centred political party Do Not come to Scotland and hold your first political rally in a pub in Edinburgh where in an attempt to impress the locals you order a pint of Guinness. Firstly holding a meeting in a pub is not a suitable location in Edinburgh and 2 Guinness is not the national drink of Scotland!!!
This advice comes free, but if you wish to make a donation................................