The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Range Resources Interims to 31/12/17 are out this morning and present a welcome return to health for Range where genuine operational focus is leading to positive results. I visited Trinidad last week and was allowed full access to all its operations and met with CEO Yan Liu and the new COO, Lubing Liu, no relation. As readers know I always think that field trips are important for two main reasons, one obviously to take a look at the assets but also to spend some time with the management and the operational leaders. I am happy to say that Range ticked the boxes in all these areas, operationally things are picking up and specifically, as can be seen in today�s results, the Beach Marcelle waterflood is reacting positively to investment of time and money. We were also able to take a good look at the fleet of rigs which are indeed modern and in one case almost ready to go out on assignment. On the management front it was more important than usual to meet the CEO, Mr Yan Liu who as far as I know has not yet met many analysts or investors, this being the first visit to the company for some considerable time. He, and the new COO who is new in his position but not to the company, having been a non-exec until recently are clearly hands on and determined to make a success of the company. Today�s results therefore give an indication as to how things are progressing under their charge, early doors admittedly but there are definite signs of a recovery. Operationally, in Trinidad production in the period averaged 606 b/d, up 22% which was mainly due to concentration on the waterflood programme, selective development drilling where two wells were brought on-stream, and with workovers where 130 were completed. The Beach Marcelle waterflood is a �vast majority� of the company�s reserves in Trinidad and it already accounts for around 30% of production. The recent CPR confirmed net 2P reserves of 16 MMstb and net 2C net resources of 8 MMstb which gives plenty of room for upside now that the work programme is being put into action. In Indonesia the company are in the process of building an experienced operational team and undertaking initial geological and geophysical studies as well as preparing a suitable work programme for which a budget is being finalised. Here the CPR gives Range confirmed net 2C contingent resources of 10.9 Bscf and 3.1 MMstb. The company has a fairly undemanding set of work commitments and I expect that they will easily pass through them as they re-initiate production in this area.