More cost savings by the BOD by Voluntary Delisting for ASX Appears Range Resources BOD are working at breakneck speed to reduce costs hence another good piece of news . Main reason for removal from ASX : The average number of the Company’s shares traded on AIM was 11,618,372 per day compared to 729,152 per day on ASX. The low level of liquidity has resulted in limited trading opportunities for shareholders who wish to exit their holdings . Liquidity has been an issue with my Halifax online account too . With low volumes of shares being available recently to purchase . As I outlined previously but the 10 million shares they did get hold of on Monday afternoon soon went following day along with a tidy share price rise . Aye , Market Makers at their best when liquidity is low they usually raise the BID or hope negative postings on bulletin boards shake out the un-researched . I yet again thank the L.S.E. poster " Suhail3471" for highlighting L.S.E. moderation team removal of all positive posts on Tuesday whilst leaving negative de-ramp posts for all to smile and cheer about . Certainly indicated good news was coming to me . www.ii.co.uk/news/voluntary-delisting-from-asx-rnsLSE20191024103357_14279236
RNS ...... sale of four onshore drilling rigs number 16, 17, 18, and 19 and related equipment Range’s Chairman, Kerry Gu, commented: “Given challenges experienced by RRDSL at winning new service contracts, as well as our proposed sale of Trinidad upstream assets (RRTL sale) announced in September, we have been actively looking at options to further reduce costs of our operations, selectively streamline our assets and increase our liquidity. I am, therefore, pleased with signing of the agreement for the sale of the drilling rigs and look forward to working with our colleagues and partners on bringing these important transactions to completion.” Very happy with today’s RNS and here’s why : The asset value of the four rigs as at 30 June 2019 is US$17,361,885 and the estimated loss before tax attributable to these rigs for the year ended 30 June 2019 is US$2,155,488. My confidence in Range Resources BOD to minimise costs is rising very quickly here not forgetting , RRDSL’s are only selling the 4 rigs that are lose making keeping the 7 workover and swabbing rigs and 1 drilling rig. So RRDSL will continue to provide oilfield services to Range and other operators in Trinidad. There can be no guarantee that the Transaction will complete but to me it’s a step in the right direction . [link]
Range Resources strives to become debt free with large investors taking positions as per usual Halifax topped up their free pool with 10 million shares from no doubt another Market Marker . Being offered 0.0319p /share to sell 1 million shares whilst asked 0.333p /share to buy 1 million shares . For larger trades 7.5 million shares ask is 0.0345p /share . hence following the norm but the tight spread to me suggests L.S.E. Market Maker might have to sell Halifax Market Maker a few more in not to distant future . Aye , that be news … hey … Drives recovering AIM listed shares hence forget charting that’s out the window at this stage . Always nice to have an idea of what’s going on . Sad how all positive posts are being removed from l.S.E. chat site but then it is their chat site and post what they need to , to fill their needs whilst removing posts that make life hard for them .
Range Resources strives to become debt free with large investors taking positions As Range Resources is resurrected from the brink by a BOD who knows the value of being debt free I’m getting the same trading similarities from my Halifax self select account I’ve experienced so many times before on recovery stocks . Yep , max amount of shares before Negotiated / Trading ( N/T ) kicks in is 750k shares at 0.035p/share . Followed by a minute sell by the Market Makers after logging out of my account . I’ve two tranches one that’s going to form the long term hold position the other a rounded number to be used to trade spikes . Yes , there will be many in coming months hence watching for any tree shakes to acquire more trading tranches .
Historic Georgia wrongful termination of the production from 29 March 2007 With shares available to buy with my Halifax online trade account being way below what one would expect from a company in need . I’ve done many dummy buys over past few days and noticed the MM’s have worked hard to offset my buys had I made them . Hence the very many small sells … lol … so much like XTR early day venture into gold mining from oil & gas exploration . I’m not saying I’m the only one doing dummy buys causing these responses just noticed every time I asked for a quote a tiny sell appeared shortly after logging out of my account . Have added another tranche today though … With Kat doing her usual negative spin over on L.S.E. chat site with her / his many usernames . It’s a pleasure to read the few over on that chat site that are invested since they’re well informed . For those who don’t know who Kat is you obviously haven’t had communications with L.S.E. admin … All in my own opinion of course but then with recovery stocks it’s all to do with faith in the company B.O.D. . I’m happy with progress and positivity coming from them hence as far as negative posts on other chat sites is concerned well they just add to my enthusiasm for Range Resources .
Historic Georgia wrongful termination of the production from 29 March 2007 Range has withdrawn the Notice of Arbitration on a without prejudice basis . Just as Mr.Jan Nelson did when he became CEO of XTR he cleared out all the unknowns to allow XTR to progress without baggage . To me this is a good thing since the Georgia claim was never priced into Range Resources , Market Cap . Any drop will be to shake out as many traders as possible but I’ll be holding since there’s plenty of news to come that hasn’t been priced in . Which may see the share price a lot higher than where we’re at today . www.ii.co.uk/news/georgia-update-rnsLSE20191016070005_14267389
SuhailM3471 on L.S.E. ( BB ) , reminds me of me when XTR started to recover with Mr.Jan Nelson I like this well researched poster over on ( L.S.E. ) chat site since he’s done his research and put his money where his mouth is . He’s trading RRL in much the same way I traded XTR many years ago when the company had very little substance but huge potential . Having seen him point out all the good in RRL when the SP was a quarter of what it is today only weeks ago to taking profits when the SP was at double today’s SP , is certainly refreshing . Having seen he thought one of my posts worth sharing over on that ( BB ) I knew exactly what replies he’d get . Pretty sure he did too but that’s neither here nor there since research is far more valuable that reading multi ID basher posts . When Range Resources Trinidad Limited (“RRTL”) sale to LandOcean was announced on 3rd September 2019 . I sensed it was time to buy back in something I never thought I’d do having lost heavily through the Puntland fiasco but there you go lesson learned . I followed RRL and din’t like the Trinidad deal from the off hence the sale of it gave me confidence to take a very small tranche of shares around the price we’re at now . Can’t see much downside if any just taking it steady with a small tranche until news due garners more confidence . Then like my trading / investing strategy with XTR will build a long term hold position using trading tranches to build that position and of course take some profit . Recovery stocks tend to create huge spikes on news then level off we’ve already seen that recently with a 800% gain with 50% retrace . Where news takes us next depends who’s got a foot on the ladder and how high they’re willing to step up … aye … that’ll be interesting since there’s a lot of news due this month .
Annual Financial report RNS Number : 9267N . 27 Sept 2019 With the usual multi username bashing still going on over on the L.S.E. ( BB ) appears Market Makers are still trying to squeeze out those who haven’t read recent ( RNS ) . With the share price holding up well it certainly reminds more of XTR everyday when Mr.Jan Nelson had taken the company into debt then dilution only for faith to be restored by Mr,Colin Bird . Aye , there might be some nice spikes as RRL progresses with all the minnow trades attacking the bid MM’s really are working hard for scraps Sort of thing that goes on when a stock is about to recover credibility .
Half-Year Report , RNS Number 27th September 2019 hey up , just realised I’ve posted on wrong bulletin board ( BB ) . Alas it does reiterate why I’ve started buying into Range Resources since both had incompetent BOD members for many years . With high spend on CAPEX with very little to show for it . With RRL signing a SPA with LandOcean for the sale of Range Resources Trinidad Limited in exchange for offsetting all outstanding debt and payables (US$91.5 million as at 30 June 2019) and a cash consideration of US$2.5 million, subject to shareholders’ approvals and Trinidad government approvals; Similarities of a recovery stock are there between XTR and RRL I can only apologise for making a mistake by posting an XTR RNS on this ( BB ) but worth taking a look at it for those who are in at a much higher SP than those of us now building a position in RRL .
Half-Year Report , RNS Number 27th September 2019 Very encouraging half year report especially the alluvial operations in Manica prospect , Mozambique when considering the cyclone damage caused to that area during during time under review . Operations continue to be modest but cash generative and, in every month, operational cash flow exceeded cost. The higher gold price and increased profit share resulted in overall earnings to the Company being higher than the same period of last year and indeed the second half of the prior year. www.ii.co.uk/news/half-year-report-rnsLSE20190927152804_14245410
Annual Financial report RNS Number : 9267N . 27 Sept 2019 Yep , got me trading tranche of £462 ( 1,021,591 shares at 0.044p/share ) since the news regarding Net lose for the year was already mainly known about . Funny old world when bashers bash past history and fail to realise future potential . Follow paragraph copied & pasted from today’s RNS With the net impairment charge against Trinidad and Indonesia of US$30.2 million (as reported at half-year for the period ended 31 December 2018), with no further impairment recorded on these assets at year-end;
Annual Financial report RNS Number : 9267N . 27 Sept 2019 With the highlights section identifying progress made in many areas I’m just waiting for the ( L.S.E. ) bashers , moderation team working to create a market in my opinion , to shake out all the novice / un-researched investors / traders . Highlights · In Trinidad, the focus continued on low cost production activities, as well as completion of infrastructure modernisation, FDP on the Beach Marcelle licence, and new exploration studies on the St Mary’s licence; · Net proved and probable reserves (2P) of 15.0 MMbbl and net contingent resources 2C (P50) of 12.9 MMboe largely unchanged from FY2018; · Subsequent to the year end, the Company signed an SPA with LandOcean for the sale of Range Resources Trinidad Limited in exchange for offsetting all outstanding debt and payables (US$91.5 million as at 30 June 2019) and a cash consideration of US$2.5 million, subject to shareholders’ approvals and Trinidad government approvals; · Revenues of US$12.4 million (FY2018: US$13.1 million) on production of 538 bopd (FY 2018: 650 bopd) and realised oil price of US$59.1 / barrel (FY 2018: US$54.4 / barrel); Net impairment charge against Trinidad and Indonesia of US$30.2 million (as reported at half-year for the period ended 31 December 2018), with no further impairment recorded on these assets at year-end; · Net loss after tax of US$49.5 million mainly due to the impairment (FY2018: loss of US$17.5 million); and · Cash balance of US$1.8 million (FY2018: US$3.9 million). To improve the balance sheet and preserve the existing cash position, a £1 million equity placement was completed, as well as an agreement to pay the annual interest payment under the convertible note by way of issuance new ordinary shares. Subsequent to the year end, a £0.75 million subscription was completed and a VAT refund of US$1.03 million received. With all this restructuring going on it’s becoming clearer to me RRL , will not just be a debt free company but has many irons in the fire that through patience will pay off handsomely . I’m looking to buy back in with my £462 trading tranche but what price will traders load up is anyone’s guess . I know where my buy in price is just hope the Market Makers take the Market cap low enough for me to get it .
RRL progress to transform company never thought the SP would spike that quickly without volume hence bailed at 10:25am , all 851,129 shares at 0.0558p /share . Making an almost 20% clear profit . Not to worried about being out at present the ( MM’s ) are working this on next to no volume . So got £462 to repurchase my tranche back which reminds me of what ( XTR ) went through prior to significant news arriving . Just hope I’m in when that comes … lol …
RRL progress to transform company Weighed up lack of liquidity then bought back in using what was left of my original tranche sale £387 equal to 851,129 shares at 0.0455p /share . Lost a few shares rather than the £125 posted yesterday hence none to worried about that since spikes happen through lack of liquidity never to come down again .
RRL progress to transform company Looks like ( MM’s ) are walking Range Resources ( RRL ) share price down on very low volume which sadly meant selling my tranche when a 20% lose neared equal to £125 , including broker fees . I’ll try and gauge a reentry price when volumes pick up since all the news we’ve had recently has de-risked ( RRL ) but rather than average down I’m inclined to wait for a firmer bottom before jumping back in . Same thing happened with ( XTR ) when that was just a shell of a company with many trading opportunities along the way it’s now debt free with many assets plus a revenue stream from alluvial gold and yet the ( MM’s ) value it at only £5.2 million today … Weird thing is the likes of ( RRL ) and ( XTR ) have both had dodgy BOD members in the past . Hence I’m confident ( RRL ) will turn the corner just like ( XTR ) has and that’s when being in even at a lose is better than waiting on sidelines for news . So have I done the right thing ? … time will tell . I’ve compared ( XTR ) to ( RRL ) because both companies have experienced similar situations . With ( RRL ) being an oil company and ( XTR ) being a gold producing , exploration company they’re in different sectors . Hence I’m not recommending either just using experience to voice an opinion with substance .