Sapan Ghai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
The problem is quite clearly the access to a reliable and consistent amount of water which is being addressed as stated in the last quarterly but talk of waterflood being suspended or cancelled (not by you) is just false and designed to cause concern. I too would like us to have achieved a better result from water flood but it is an accumulative process which will continue to grow secondary recovery, just not as quickly as was originally anticipated.
To clarify, I wrote to Eva regarding progress on water flood and got an automated reply that she is out of the office until June 5th with limited access to e-mails. Please feel free to write to her too to clarify this is the case.
Nice Tweet from Malcy re Aminex, particularly the quite "Nature of deal is complex but good�
Anyway back to what matters range making progress: #RRL @resources_range commences operations in Indonesia http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/RRL/13657023.html �
Firstly, it is Eva's job to communicate with shareholders. If you doubt the authenticity of her reply write to her yourself you will get the same automated response (anyone else want to verify that also feel free to write). Secondly this is not inside information which rule 5d is actually about.
There is nothing to indicate that water flood has been shelved, have written to Eva for clarification regarding pump etc. Will post reply when I get it. Eva, despite claims to the contrary is usually pretty good at replying to straight questions that are not price sensitive..
Taken from the last quarterly update "During the quarter, waterflood production from the South East area of Beach Marcelle field (the "SE project") continued at an average rate of 200 bopd. As previously announced, the supply of injection water from Petrotrin has commenced. To increase the water storage capacity at the SE project the Company has installed an additional water storage tank. The addition of the tank has enabled the Company to increase injection rates up to 1,500 bwpd. It has been challenging to maintain injection rates at a consistent level, as the total volume of water being received from Petrotrin fluctuates throughout the day and at times exceeds the agreed amount and capabilities of the existing pump. The Company is looking to upgrade to a larger pump to handle higher volumes of water more efficiently. Once completed, this should allow the Company to stabilise injection rates in a more consistent way." Water flood is an accumulative process which is proven global to work well in secondary recovery. It is relatively low cost in comparison to drilling and it is working for us , albeit not as quickly as we would like due to the amount of water available. Range are taking steps to address this as is clear from the above.
The oil price has again been mixed, some weakness as the market think that Opec and Non-Opec will break ranks, not something I think will either happen or make much difference at the moment. The EIA stats were much worse than expected, a build of 5.8m barrels when expectations were for a draw of 2m, gasoline also added 1.9m barrels but that is to be expected ahead of the Bank Holiday weekend.
It is quite clear that the LSE data feed was incorrect on Friday but when I posted them it was in good faith and that is as much justification as you are going to get. Talk to Yuff in his latest guise I am sure the two of you will get on like a house on fire.
Nicely misquoted yuff, what he actually wrote was: The renaissance of Range is under way and whilst some holders are still well under water it is difficult to complain about the way current management are setting about the job.
Range Resources Range has announced that they are up and running in Indonesia with operations started in the last few days. The rig has been rigged up at the POG-D location and reopening has already commenced, completion is expected by the end of the month and the same rig will conduct the workover. After that it moves to POG-E also reopening and performing a workover. The ambitious programme comprises up to ten reopenings of previously producing wells, two workovers as well as performing geological, geophysical and integrity studies. The plan to swiftly initiate production and add up to 220 b/d of gross production will broaden the company�s international production, gives potential scope for increasing that in the not too long term and should pay back in a pretty short period of time. The renaissance of Range is under way and whilst some holders are still well under water it is difficult to complain about the way current management are setting about the job.
What you actually said was: "Field operations expected to commence in Indonesia, targeting first production in mid-2018 (calendar year);" So obviously this is the target. In the past RRL has never hit any of its targets , so yes all eyes on this one. Looks like they hit this target ahead of schedule !!
Good to see some well reasoned posting this morning which is actually about Range Resources not just personal abuse
I don’t need your advice ta, talk to Manos aka LostLoadsamoney if you want an argument. Be careful though he is a failed boxer.
ASX follows our lead not the other way round. Admin will be back tomorrow so Manos aka LostLoadsamoney will be gone again. Interesting that I am accused of having issues but Manos, who loves to get banned so makes sure we know it is him is supposed to be normal. As for Delft aka Yuff or any other number of ids, not so smart. An ISP check will prove that. Over to admin.
It’s a bank holiday Yuff
Yan Liu, Range's Chief Executive Officer, commented: "We are hugely excited to be announcing the commencement of operations in Indonesia, on track with the previously announced schedule. The Perlak field is one of the oldest producing oilfields in the world, geologically similar to our producing assets in Trinidad. Our objective in Indonesia this year is to reinitiate production from this mature field, commence cashflows and firm up the future development plan. We believe this asset has the potential to deliver significant benefits to our shareholders and we look forward to sharing details of our progress in future announcements.�
It is clear that LostLoadsamoney is a burner identity deliberately posting blatant abuse in an attempt to have the thread taken down. Thankfully admin will be back on Tuesday and clear out the bank holiday weekend dross. 1. Share price will not go above 0.35p - no basis for that assumption 2. No significant works in Indonesia - no basis for that assumption 3. 1000 BOPD not hit - should of been 2000+ by now - We will easily surpass 1000 BOPD in 2018 based on current progress. What was the point on chasing 2000 BOPD @ around $38 a barrel? 4. No major contracts for RRDSL - cash drain - It will not be lost on other producers how well RRDSL have performed to date (much of the current increase is down to them) and that will result in significant contracts IMHO 5. Fund raising or restructuring of debt payments - a reasonable assumption but would favour debt rsetructuring 6. Issues with Waterflood still persist - when will they sort this out without natural resources - What issues? Will save these points to discuss at a future date, by the way didn't you also state that Range would never re-list?
RRDSL are actively looking for work in the region so that is a real possibility, Range have also expressed interest in suitable acquisitions too.
1. Share price will not go above 0.35p - no basis for that assumption 2. No significant works in Indonesia - no basis for that assumption 3. 1000 BOPD not hit - should of been 2000+ by now - We will easily surpass 1000 BOPD in 2018 based on current progress. What was the point on chasing 2000 BOPD @ around $38 a barrel? 4. No major contracts for RRDSL - cash drain - It will not be lost on other producers how well RRDSL have performed to date (much of the current increase is down to them) and that will result in significant contracts IMHO 5. Fund raising or restructuring of debt payments - a reasonable assumption but would favour debt rsetructuring 6. Issues with Waterflood still persist - when will they sort this out without natural resources - What issues? Will save these points to discuss at a future date, by the way didn't you also state that Range would never re-list?