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All of those "quoted" in jest are managers. Yan, Lubing, Douglas, Nick. Managers one and all, as per Range's very own website.
I can imagine the managers of Range on a normal day, huddled around the table in the conference room, exchanging nervous glances...
Yan Liu says: "Right, does anyone know what to do? Lubing, how about you?"
"No"
"Douglas?"
"No"
"Nick?"
"Well, we've got no money, so... No."
Yan Liu squirms as if ants are biting his nuts and quietly whispers, "Well, we each have two kidneys. Maybe if we all sold.... No. You're right, it's too much. Let's not share this idea with Mr Sun."
The ineffable Mr Sun from LandOcean... A shadowy, Emperor Ming type character with long nails and a whispy beard. The Range managers all stare at the phone, pining for its ring, awaiting new instructions from LandOcean and its emperor, Mr Sun.
"Do you think he'll call?" whimpers Yan Liu. "Does he even remember us? It's so cold without him."
You may think I'm joking and to a certain extent I am. But the command and control links between LandOcean (LO) and Range are no joke at all.
Why is Range spending money on "studies" and "infrastructure upgrade designs"? Because that's what LO does. Before colonising Range, LO had virtually no presence outside China and no meaningful track record at all of providing physical, tangible oilfield services. LO was and still is, essentially, a company that does studies and design. That's why Range has spent untold tens of millions on reservoir "studies", waterflood "designs" and project "definitions". LO and its associates ploughed money into Range and they want that money back. So. Another study, perhaps? Hmmm Who shall we use for that I wonder?
If any of you doubt the command and control links between LandOcean and Range, just look up LO on Bloomberg and you will find a director on the board of LO called... Yu Chen, active since December 2014. Hmm doesn't that name sound familiar? Could it be the same David Yu Chen who served on the board of Range and still appears here on LSE in the list of director dealings? Well yes indeed, he is one and the same.
The Range directors may be great people, I've never met them and couldn't possibly comment. So let's assume they're cool. But they don't have any control. LO will keep squeezing the last funds out of Range until the company is a husk.
As a long term holder and sitting on a very large loss at present I know this is not good news but I am really struggling to see how we're going to come out of the other side. We are still burning through cash and we don't have any to burn, How are we even going to make it to Q3 2019? I am reading that we basically cannot produce production because we don't have the infrastructure to cope with it, which leads me to believe that maybe we're being kept at low production for a reason? Do the Chinese want to take over this company with one of their others, only one winner in that and it certainly won't be us shareholders!
This update does confuse me a little in that we're spending on infrastructure upgrades, we're buying new tools to help with study and things like this really don't seem to strike me as actions of a company on the rocks and about to go under.
Something doesn't add up here and I'm not sure what but there is obviously some kind of plan to keep this afloat, that said we do have a LARGE amount of debt although NONE of it is secured on assets but it still does worry me!
Bottom drawer stock for me now, Will occasionally look on the forums but it is worrying.
I’d like to share this post from an obsessive individual (one of many ID no doubt) that we have to endure constantly on the Cerp board that goes by the name of lieladylie.... his post are usually pointless and also selfish As he refuses to share the information with other T&T oilers....choosing only to focus on that board (2845 of them ;-)) Apologies if you are not interested as we are often not... I’m just having some fun at his expense! Although bad weather is probably the last thing RRL needs at the moment! Today 10:57 Price: 3.95 LayLadyLay 2,845 posts RE: Earthquakes & Flooding in T&T http://www.metoffice.gov.tt/early_warning
Thanks for the reply.
I just thought Georgia was dead and gone,
- almost like Trinidad these days!
It is funny that the "PETROLEUM TENEMENTS HELD AT THE END OF THE QUARTER" doesn't mention any assets held in Georgia and yet, for some reason, Range increased its stake in Strait Oil & Gas. Hmmm. Why buy more of a company that doesn't have any assets? Hilarious.<br />Poor Range. Production rates are down, cash on hand is down and the market cap is too low to support any material fund raising or convertible loans. It's locked into a death spiral.<br />This company is effectively owned by LandOcean and its associated Chinese investors. If they had any ethics whatsoever they would convert their loans, acquire the remaining shares and take the company private. But noooo, they can't use Range to funnel cash between related Chinese corporate entities if it's private. They have to leave it on the public markets in an increasingly pitiful effort to make it seem as if everything is above board.
http://www.morningstar.co.uk/uk/news/AN_1500890989748929300/red-emperor-to-sell-strait-oil-stake-after-frustrating-joint-venture.aspx
Avoid at all costs.....
I feel bad for the long suffering LTHs. I have been warning for years that the Chinese's only interest is to use AIM to drive this into the ground while hogging assets. This will either fold or you will get diluted to oblivion. There is no way out unless by miracle you hit a 3000bpd gusher which is impossible on the acreage that RRL has. It costs too much to get it to profit making even in today's oil price.
Just imagine if you sold up when I had suggested rather than sunk more money in and then put that money into something safe like GSK, how much more would you have now.... The numbers stare you in the face. They don't stack up and why do people invest in this I just cannot understand.
In 2015 - "The Georgian Ministry of Energy has formally notified Strait Oil & Gas Limited (Strait) that the Production Sharing Contract (PSC) over Block VIb has been terminated. The Ministry cites the non-performance of obligations, specifically the requirement to drill a well in accordance with the stipulated procedure. Red Emperor notes that this obligation has been acknowledged by its Joint Venture partner, Range Resources Limited, both internally within JV correspondence as well as publicly."
something starting to happen there ?
And yet, strangley, someone bought 9,000,000 last night?? Go figure.
Not good bopd drop to 594 this management needs a good kick up the jacksy
Been here since Sep-Nov 2012 Managed to turn 50gs into 500squid... Averaged from 5/6p to about 3.5p but 50gs it’s far more than I should ever had put in here, my greed got the best of me! Expensive lesson, doesn’t seem to matter what they do, this just seems to keep sinking lower and lower... Oh well, retirement will be lean years... no obesity for me...Lol...
http://www.guardian.co.tt/news/updated-flood-red-alert-6.2.695267.a4bc5f78b9
Unsure how it's affecting operations, just noticed it on ws
From ws, unsure how it's affecting current operations.
Shin....have your stop/loss in place with this mind..
Also beware of any rampers because they've called this horribly wrong.
Most of them got the boot from this site for gross incompetence.
" I confident with Range Resources? Well I was confident when I was buying a couple of hours ago but after discovering a bit more about the size of the liabilities I must confess I don't feel so "
If you look at the 2018 financial statements and RNA, you can see that the $1.6m interest payment is due at the end of this month I believe.
There are $8.5 sundry payables in liabilities due <1yr, which relate to local taxes, royatand sundries (I posted an email from Eva clarifying this on another BB).
The $20m LO payment is due 2020, (April I think).
$39m due after all this.
The company has increased its turnover by 50% in 2018 but still generated a $17m loss. Say 4m a quarter and at June 2018 the company had about 4m in cash, see the published accounts.
Unless you bought your 5m shares without knowing anything at all about the company surely you knew they had a fair bit of debt, have 400m of accumulated losses, are currently loss making and have very little cash?
Much appreciated,
Unfortunately I don't remember you from my III days.
Much appreciated,
Unfortunately I don't remember you from my III days.
Much appreciated,
Unfortunately I don't remember you from my III days.
Much appreciated,
Unfortunately I don't remember you from my III days.
Ahhhh some people never change ! ASEYHO is as likeable as ever !
why the recent dropped from 0.10 p ?
why the recent dropped from 0.10 p ?
why the recent dropped from 0.10 p ?
Sorry, some sort of server 500 issue when I posted, so it appeared multiple times.