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The field office is in Aceh Province which is the only Indonesian province with Sharia Law. This means the punishment for theft is very severe and that would include stealing oil. So I am surprised that illegal drills would be happening in this area. Maybe this incident will highlight the dangers and stop it from happening again.
Not downbeat but pointing out that things could have been so much better if the company management hadn't made mistakes
The facts are that all the excuses given highlight the failings that have occurred which all could have been avoided if the operations had been properly managed. As I said earlier that is why the new Chief Operating Officer has been appointed. I am just hoping they have hired somebody who knows what they are doing and doesn't go to sleep on the job. Time will tell.
Now we know why a new Chief Operating officer and Trinidad General manager has been appointed. Hopefully he will stop the litany of cock ups.
If you think that this a good report then just think what it could have been if the management had planned properly. Just another cock up by failing to have the necessary storage facilities and transport. Disappointing to see that a lack of common sense and initiative led to the reduction in oil production. With all their supposed experience Range management have once again dropped the ball. For them to have acquired a water pump that was inadequate for the amount of water that needs to be pumped is very amateurish to say the least. Now all they can say is they are looking for a bigger pump. Shareholders are once again being let down and whilst it may have been Land Ocean who put in the pump I am certain from earlier announcements that Range management knew full well they would have to pump more water and should have planned for this by fitting a bigger capacity water pump. As the saying goes, fail to plan, plan to fail. Hard to trust people who continue to make mistakes.
Obviously xel was a high risk share and the movement in share price should have been investigated by the authorities . Complete gamble and the fact it ended up back at 2p indicates it never had any true value. Was Landau involved?
My earlier comments on T&T focus on water flood was specifically because without it depletion rates in the shallow oil fields are too great. Once the company has oil production at profitable rates they will be able to drill some wells to explore further and increase proven reserves. Hopefully success will come sooner rather than later but at this point nobody really knows.
The company has changed strategy and returned to enhanced recovery for increasing production. This would indicate that the producing fields are no longer viable without water floods. Hopefully the Indonesian investment will reap rewards fairly quickly and become profitable. That leaves the oil field services of RRDSL which will be more successful with higher oil prices. The company is still in recovery mode and the share price will only recover when it becomes profitable.
Up to $69 as I write
Range is the worst possible investment I have ever made and has been a disaster for many people. So it is no surprise that there is so much negativity at this point. Hopefully in a few years things will be different. Good luck to all investors
I hardly think Price monitoring extensions can be viewed as positive RN announcements. Obviously you are very new to investing because RNS stands for Regulatory News Service the announcements are RNA's or RNSA's
What are you basing this on? Did they have to take some production offline in order to implement enhanced recovery? If so shouldn't they have advised shareholders of this?
January BOPD 777 - First quarter BOPD 731 - That equates to a BOPD of 707 for February and March, a drop of 70 BOPD
The presentation states that BOPD is targeted to be greater than 1,000 during 2018 Is that the average? They need to be specific
Pity about the production. When are they going to get it into their thick skulls that none of this matters if they do not produce enough oil and fail to give shareholders value? Going from BOPD of 777 to 731 means that they have already lost the 46 bopd they expect to get in Indonesia. This is the never ending story of the failing Trinidad oil wells that lose production as quickly as they gain it. It is such a moveable feast that it is hard to understand what is happening without far more detailed analysis and reporting by the company. No more pretty pictures but details of how they intend to stabilise production over the long term so that the company can actually point to something that will bring success. I rather think that they will need a stellar oil services company to save the day, although I hope I am wrong.
and US$20 Million Convertible Note Financing Range is pleased to confirm that following Shareholder approval at the General Meeting of the Company held on 7 February 2017, all the conditions for the US$20 million convertible note financing have been met. The issue of the convertible note is to replace a portion of the outstanding payable balance due to LandOcean Energy Services Co., Ltd. ("LandOcean") under the terms of the Integrated Master Services Agreement. At the date of entering into the Convertible Note Agreement (31 October 2016), the outstanding payable balance due to LandOcean was US$35.9 million. Key terms of the convertible note can be found in the announcement published on 31 October 2016 and the Notice of Meeting dated 5 January 2017.
Just to remind people UPDATE ON LANDOCEAN PAYMENT ARRANGEMENTS As announced on 2 May 2017, Range has an outstanding payable amount of approximately US$39.5 million due to LandOcean Energy Services Co., Ltd ("LandOcean") which is due for payment no later than April 2020. This amount has been incurred since 2014 to date under various purchase orders for drilling and other oilfield services provided by LandOcean to Range in Trinidad. Range has received notification from LandOcean that it has entered into a short-term factoring arrangement with Huayuan Commercial Factoring Ltd and Sichuan XW Bank Co Ltd (the "Factor"). Range has consented to the factoring arrangement and has provided a confirmation that if required, it will pay the invoices when due to the Factor, instead of LandOcean. The factoring arrangement entered into by LandOcean with Factor has a maturity date of 30 April 2018 which results in a mismatch between the maturity date by when LandOcean require to repay Factor and the due date for payment by Range of the amounts due. There has been no change to the contractual obligation of Range to repay the invoices before April 2020 and Range has no express obligation to repay Factor prior to that date. However, Range recognises there is a potential risk that should LandOcean default on their repayment obligation, the Factor may attempt to demand payment of the invoices by Range at the maturity date. To provide Range with further comfort on this point, LandOcean has provided Range with a guarantee and indemnity to ensure that Range does not have to pay any party (either LandOcean or the Factor), and LandOcean further indemnifies Range to ensure that Range is only liable to pay no later than April 2020.
The market in RRL shares has been a joke ever since it came out of suspension. Totally dysfunctional share at the moment and it will take some time before this changes.
I don't think they understand that RRL can refinance the debt if they become profitable and show they have the cash flow to repay the debt over time. Additionally the first medium term debt to mature is the convertible loan which can be repaid with new shares in need. The improving financials should to be seen as the first step in reaching the initial goal of becoming profitable. The question is what BOPD is needed for Range to become profitable.
I do not know the figures but isn't the amount of reservoir oil recoverable less than 50% without enhanced recovery techniques?