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Only a few months ago Pertain had an oil spill and I quote, "the size of Paris", which proves two things, there is a lot of oil in Indonesia and they desperately need help controlling its production
That was Pertamina before auto correct changed it by the way.
It seems this is a widespread problem in Indonesia, that is now being dealt with, no wonder Pertain are keen to have Range on board with our excellent safety record. http://www.thejakartapost.com/news/2017/12/18/pertamina-to-close-13-illegal-wells-in-jambi.html
http://enkorr.com.ua/a/news/Iz-za_pozhara_na_skvazhine_v_Indonezii_pogibli_ne_menee_10_chel/232167 Photos and video. Indonesia is very corrupt, there is a lot of illegal forest clearance, mining coal, gold etc. they'll try their hand at stealing anything - including the licences and assets of companies see CHL.
where are you reading that "this was a gusher". ( hint 250 meter deep wells don't gush ) btw, the locals didn't drill this well as is being suggested here. Don't be daft
By all accounts this was a gusher and just 250 meters deep, it also shows that the locals know how easy it is (although not safe if you smoke as has been suggested as the cause of the fire) to drill for oil in the region. https://uk.news.yahoo.com/illegal-oil-well-indonesia-bursts-220921759.html
Spot on MOriss.
Very sad news from Indonesia but on the other side, if rank amateurs can drill and find oil, the place must be awash. With oil podes well for rrl.
Bid ask back to 20,25. Strange price action for RRL yesterday with buys going through sometimes at .30
Authorities were still trying to determine what had caused the fire. Local news reports said it may have started with a spark from a blowtorch or a worker smoking a cigarette. Makes you realise the importance of our strict adherence to safety and our enviable record in Trinidad. Lets hope we can install those same safety standards in Indonesia. [IMG]http://i65.tinypic.com/iel2rp.jpg[/IMG]
I did read it, my thoughts and prayers.
Instead of being flippant you might want to read the RNS: A fire erupted at an illegal oil well in Indonesia on Wednesday killing least 18 people and injuring 41
RIP indeed, very sad.
"Horrible to think that people lost their lives, hope the casualities make speedy recoveries. KRO" Unfortunately I don't think we can expect any recovery, speedy or otherwise, from the casualties, may they rest in peace.
I'm unsure what question you are asking, however I suspect you are trying to read my user name and got the first few words wrong, if that's the case it's, Allansugareatyourheartout Allan sugar eat your heart out. Not sure why I chose that, but had the same name on iii for a fair few years so just used it here too.
Very sad, shows how important our safety record is and why illegal wells are a bad idea. Wise of Range to post the RNS before rumours were allowed to run riot.
Horrible to think that people lost their lives, hope the casualities make speedy recoveries. KRO
A fire erupted at an illegal oil well in Indonesia on Wednesday killing least 18 people and injuring 41 as they scrambled to collect oil after the well overflowed, authorities said. Firefighters struggled all day to put out the blaze in the northwestern province of Aceh and were still working as darkness fell. Dozens of people suffering from burns were taken to hospital in the provincial capital, Banda Aceh, several hours away from where the accident happened. “There was panic among the public because the fire is in a residential area,” said Sutopo Purwo Nugroho, spokesman for Indonesia’s disaster mitigation agency. The fire broke out early on Wednesday after a well of depth 250 meters (820 ft) overflowed and residents gathered to collect the oil, the agency said. Earlier, Nugroho posted pictures on social media that showed flames towering over houses and trees as firefighters hosed down the area while villagers looked on. “This is illegal drilling,” said Roberth MV Dumatubun, a spokesman for at PT Pertamina EP, a subsidiary of state oil firm Pertamina. “It was a well made and managed by the residents there. Incidents like these are likely to happen because they don’t pay attention to elements like safety.” Pertamina, which has operations in the area, was providing equipment to help fight the fire. At least eight fire trucks had been deployed to try to douse the blaze. The head of police in the area said the fire might have been sparked by a careless smoker. “We suspect there was someone smoking,” said police official Wahyu Kuncoro. (Reuters) More News
Range Resources Ltd 25 Apr 2018 18:19:02 Range Resources Ltd RNS Number : 1513M Range Resources Limited 25 April 2018 THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. INDONESIA UPDATE Range advises that it has been informed by the Operator (Aceh Timur Kawai Energi) of an incident at the Perlak oilfield in Indonesia. From initial reports, the incident was caused by illegal drilling operations of a new well undertaken by local residents which has caused a blowout and fire and sadly resulted in multiple fatalities and injuries. Various local and national agencies (including Pertamina, local government and fire service) have been working to extinguish the fire and to assist the local community. The incident highlights the risks associated with illegal drilling and a full investigation will be undertaken by the appropriate authorities. Through its equity shareholding in PT Hengtai Weiye Oil & Gas, Range has a 23% indirect non-operated interest in the Perlak field. Range confirms that neither the Company nor the Operator had any involvement with operations at the affected well. The Operator was intending to commence well reopening work during the current quarter however this was still pending final approvals and as yet, the Operator has not undertaken any on-site operational activity at the field. The initial well scheduled for reopening is located approximately 5km away from the location of this affected well. At this stage Range cannot definitively confirm if its planned operations at the Perlak field will be affected by this event. Range is deeply saddened by the incident and expresses condolences to the families of those who have been affected by this tragic incident. Range and the Operator are fully cooperating with Pertamina on this matter, and will continue to provide further updates to the shareholders as appropriate.
Alan sugar are your what?
Well good luck, I cant see you spinning your �25k back to �150k but stranger things have happened and as you say, if you can afford it and you are comfortable, then there is really no harm done, we cant take it with us. As for the averaging, I'd have said that if this is the best company on the market that you think you will make money on, then it was a good choice, but if there are any other companies out there you have more confidence in, then a bad personal choice was made. After all the average price of a share is not important, just the movement in your overall investment portfolio at the end of the day.
Not downbeat but pointing out that things could have been so much better if the company management hadn't made mistakes
Yes Alan, I have had lots of dark times particularly when it looked like the end of Range. I believed in the old Range so invested, as it turned out at a very high share price, I was determined not to sell at a loss and decided to stick with Range. When it looked like we would survive and prosper I started to average down to a share price I thought achievable. All of the above looks foolish and rash, and is. I'm retired and have enough to see me comfortably through. Gambling with the kids inheritance. This is about 50% of my total investments. HEALTH WARNING : Do not follow my investment strategy.
"Just had my finial averaging down buy 650,527 shares showing as a sell with the right price I paid. looks like a strange amount to buy but it takes me to 10 million exactly. My first trade was in March 2011 cost 20.53p per share. my ave is now 1.5p. Its been a long hard journey. Expect to break evev next year then I am out. Then I will tell the wife whats happened." I couldn't imagine having a single investment of �150,000 in an AIM listed co. It would drive me to distraction and possible the nut-house. Is that a large part of your investment portfolio, just curious? Anyway, I hope you get your recovery point if not further, or if not you get some value back with some 28%/20% CGT loss relief.
its not showing as a sell on my system, showing as a buy. certainly quite a spread being shown. buys sometimes at .30, and sells at .215