RE: Prophetic posts4 Jun 2021 07:29
You can console yourself with the fact that despite the lies and misinformation emanating from Wales and Graham - Wood that in the absence of an AIM listing the RRDSL deal cannot complete.Completion of this deal will prove to be the epitaph for this company.
I will expand on any of the above points if anyone really wants me to but it will not make for pleasant reading.
I will leave you with the following to consider.
When this company has undergone a corporate makeover in the past, Landau to Scott-Russel, Scott-Russel to Chen, the mendacious an disingenuous come on the BBs to advocate putting the past behind you only look forward.
In the metaphysical sense we have waved goodbye to Landau, RSR and Chen. However from a corporate perspective it is not possibly indeed it would be illegal to even try to expunge their existence.
Every individual who has ever worked for the company since the day of its incorporation, every asset purchased, every mistake made, every success achieved, every asset write-down,every impairment charge, every sale and every cost leaves a permanent and indelible mark on the corporate entity that is your company.
The physical manifestation of this is the Accumulated profit/loss figure found in the equity section of the company reports.
The end 2014 figure, just before Range entered its first suspension was $USD 291m loss.
The end 2016 figure, just before Range entered its second suspension was $USD 368m loss.
The current Mcap is £26.6m
Bear in mind that the Accumulated loss post withdrawal from the water flood will be far, far higher and the FAC will have seen a draft of the year end figures.
How would you deal with the situation if you were sitting on the FAC AIM governance committee?. Would you be happy to allow a company to list on the market when it had lost it's shareholder over twice its market cap in the previous two years.
Would you not take your duty of care to the wider investing community seriously enough to question whether such a company should ever attain a listing in substantially the same form as before?.
Make no mistake LO are walking out on Range, having induced them to take on approx $60m in debt for no material gain in output. By failing to deliver on the own EOR plan which they have charged us $5m they have seriously impaired the 2P reserve figures.
This impairment will in all likelihood exceed the debt they have landed us with, as the majority of the Trinidad reserves comprise the water-flood assets..
To top it all off they can't be bothered to drag their failed Caribbean oil service company back to China. They want to dump their useless assets on the Range shareholders. Remember when we sold them Rig 6 and 8 they were working exploration rigs, it only took them a mater of weeks to turn Rig 6 into a Roman Candle and now we are expected to buy it back.
Even the new rigs aren't up to scratch. It only took LGO a couple of days to work out that Rig 18 would need mo
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