Touchstone Exploration & WD-8 well drilled by RRDSL Touchstone’s presentation at the Oil Capital conference in London: Range gets a mention at 4 minutes in, very good to hear: “There’s about three or four more suppliers on the island, one of them you might know is Range Resources who has a service division. They just finished drilling a well for us last night, so it’s presented a little more competition as we’ve gone forward; and by the way, they did an excellent job on that programme for us.” Although the video was uploaded today, the conference was on 4th September, so that would make it 3rd September when RRDSL finished drilling WD-8. There is some drone footage at 9 minutes which looks like it might be the WD-8 block and the RRDSL rig. The chart at 10m 20s shows the drilling activity of each operator for the first half of 2018, with Range on a big fat zero in terms of number of wells and total feet drilled. Couldn’t cross-post this to the Touchstone board as a TXP tag doesn’t appear to exist. I’m not sure if anyone even uses this site anymore; there don’t appear to have been any posts on Range since iii decided to ‘upgrade’ their discussion boards!
Just when you thought it was safe to go back into the water. Anyone who pumps more money into this disgrace is really not quite right.
Re: ASX RNS out - can someone explain? Afternoon Jimmie, Its all quiet on the western front, but to give you my brief badly written, ill conceived lunchtime view on your post I would have said that the you are only seeing a 'euphoric' reaction because you are viewing a small sample size of polarised opinions. That said, it was news, and as it was an upward movement, it is good news. You mention that it is not enough to show profits, or something similar, and you would likely be correct in that assumption, but that's not what us holders need, profits could be a distant side thought. What we need is a movement in the market cap of RRL, and a push up in both the average production and the oil price will push up turnover and hopefully our £17m or so market cap. This doesn't need to be profitable for investors to make money, if the price of oil and average production both continue to increase, then we should see the market cap follow suit.This ignores the debt issue for now, as that is a whole other consideration.
Hi GimmieJimmie, my take on this is that just maybe the Company is turning around in a positive manner. We can only hope for light at the end of the tunnel and hope it is not a train.Redrover
Hi GimmieJimmie, my take on this is that just maybe the Company is turning around in a positive manner. We can only hope for light at the end of the tunnel and hope it is not a train.
Re: ASX RNS out - can someone explain? Still got no response to my previous post on 25/05/18 ... about the apparent hysteria surrounding 820bopd.I am no Oil Exploration expert, just a foolish 'ol git who poked a few £quid into RRL a few years back - and I still hold the fruggin' worthless scraps of paper But seriously, would still appreciate it if some wiser 'ol git OilMan out there could spell it out to me ... why is 820bopd so important to recent posters on this discussion board ... ? Logic tells me a meagre 820 bopd is a " red-light alert " ... total waste of operating costs with zilch prospect of any profit ratio for such a paltry outcome.Yet, some posters on this discussion board are wetting their pants with Stock Market orgasms for RRL .. why .. ?Anybody .. ? .... Why is 820bopd such a turn - on ... ? Please Let me know ...GJ PS ... My personal take on all of this is ... the usual kriminal' scheissterzz in the City .. and their usual cronies within Corporate Krimminal commpanies - like our old 'Gap-Tooth' Ceo Landauu ... made a Cosmic fortune out of all us millions of naive & hopeful share-buyers .. Anyway... enough of that .... Anyone still out there ... who can professionally dissect and analyse or justify the euphoric reaction and the possible world impact of 820bopd ... ... yes .. its not a typo ...... it is 820bopd .. !PMSLregardsGJ
Landau Does anyone know the latest on how the criminal charges he was facing in Australia are going.I lost plenty believing his lies. Worst conman in the history of aim in my opinion
Re: On schedule The Perlak oil field in Indonesia has, since it commenced production produced 50millionBarrels of very light oil with a average API of 45-50 degrees. My guess is they have assessed the output of the ten wells being opened up (out of the many hundreds capped in this massive field) to get the most lucrative productive wells.From the information on the Perlak websites,the 200barrels forecast could well be a conservativeestimate.
On schedule COMMENCEMENT OF OPERATIONS IN INDONESIAThe reopening of the POG-D well has already commenced and is expected to be completed by the end of this month.Bertie.
Re: ASX RNS out - can someone explain? I just don't get it -- 820bopd ... yes, 820 - and this discussion board takes off with mild hysteria .... eg" should now start to improve ""positive RNS ""positive benefit to output & sp ""Go Range, Go-Go "" very optimistic "S'cuse me, but why all the fuss on here over 820bopd ? Hardly enough to keep my car & my motorbike chugging on for a year ... Are Range drilling 820 barrels of oil - or maybe sucking up barrels of molten pure gold ?Don't know the finer points about oil drilling - but people on here raving about 820bopd ... ?Why ?" The King was in the Altogether - the Altogether - as naked as the day he was Born " ... Hans Christian Andersen FairyTale song: - "The Kings New Clothes" ... why do I always think of that song when I read posts on this BB .. ? ...LolPS ... I still hold a fistfull of these turkeys in the bottom drawer - right next to the waste paper bin.820bopd... I don't get it - should I be dancing in the street like the others ? Someone tell me whylolGJ
Re: ASX RNS out Good to see some activity and discussion on this board! However, I find myself agreeing with filberthefox (hold not buy) and Peally (unable to meet objectives / lowering the bar).Increasing production is positive but 800 bopd is not going to excite the market ... particularly as this milestone was "apparently" already hit once before 17 months ago and Range failed to build on it.From the 3rd / 4th Jan 2017 Trinidad Operational Update RNS:"The exit production rate for 2016 in Trinidad has exceeded 800 barrels of oil per day ("bopd", a 40% increase from exit rate for 2015"An announcement that turned out to be rather disingenuous in light of later reporting that revealed average production for the quarter to Dec 2016 was only 547 bopd, and for the quarter to Mar 2017 it was not significantly greater at 567 bopd. Then dropping to 531 bopd in the next quarter. Conclusion: the 800 bopd headline figure was highly misleading.It also doesn't help that the following types of statements appeared in the RNS and do so regularly:"We are currently in the process of reviewing our plans in Trinidad for the remainder of the year. ""Further details will be provided to shareholders once the review has been completed."Suggests Range are unable to formulate a viable plan and execute it, hence the need for constant reviews and delays (and the inevitable excuses that have been recycled over the years).
Re: ASX RNS out Doubled up, let's see if I can get my money back and enjoy the ride.
Re: ASX RNS out > I have to say I am not disputing that this historically has been poorly ran but those days are over, the people are sacked and the board is a different team now.Well yes, and the team in charge now certainly seem to be the most competent / least corrupt that we've had, but let's not get carried away here- This is pretty much the first time since bring in charge that this "different team" have actually managed to hit a target... and let's be honest, it was a pretty low target at that. They have so far failed both operationally and strategically in their stated objectives (increased production and strategic acquisitions) in the years they have been running the company to this point. From the Trinidad update from June 2016:"The Company conservatively estimates that the five development wells from the 2016 work programme will add approximately 500 bopd to current production levels by the end of this year. Range reiterates its previous production guidance of 2,500 barrels of oil per day (bopd) by the end of 2017, with the majority of this production growth to come from waterflood projects."In fact it was only in March last year - not much over a year ago - that they backed away from their stated target of 2500 bopd by end 2017. ....so while I completely agree that it's great news to achieve stated targets etc, they're hardly setting the bar high by hitting a third of the production by mid 2018 that they were aiming for by end 2017. And therein lies the problem - at 800 bopd we are really not benefiting *that* greatly from the increased oil price. I'd think the absolute best we could hope for would be near break even this year even at these prices without higher production...and that's without clearing down any of the debt that's been racked up again. So, so good news yes. But much more needed. And to me, this management team still have a lot to prove after several years of their own failure.P.
Re: ASX RNS out Was thinking about averaging down myself, 200k of shares for approx £500 to double up, seems not a bad idea, will maybe see it drops again tomorrow and go for it, my average is 1.7p so would be a nice average down at today's prices with the news today.
Re: ASX RNS out I have to say I am not disputing that this historically has been poorly ran but those days are over, the people are sacked and the board is a different team now. Onwards and upwards, having been in this share for the last 4 years I am very optimistic about the future