This company is showing an operating loss of $38 a barrel whilst oil is nearing the top end of its price cycle. There is no provision for the payment of interest on the enormous debts.
How do they define the words "continue" and "value" ?
He revealed that only three of Petrotrins wells were functioning, six company wells were down, while 15 contractor wells were producing oil using Petrotrin equipment.
Ramdeo said in the Well Servicing Department alone, where wells are cleaned and waxed for maximum productivity, there were 50 vacancies to be filled. He said manpower was so short that Petrotrins management was planning to remove one shift. He also said that the companys equipment was being given to contractors to use free of charge.
They undermining the system to show the lease operators as the producers and to show that Petrotrin as unproductive but how can we be productive if we have limited manpower and no equipment because the contractors using the equipment? Ramdeo asked.
Oilfield Worker Trade union (OWTU) seem to be running the show re Petrotrin. Seems Petrotrin have agreed to split the company into four, as opposed to two, with joint committee to oversee it all. The union taking no prisoners
There is a news article that states OWTU insisting that companies who have received contracts and leases through "friends of management" should be looked at. Dont know where that leaves RRL and RRDSL. This Petrotrin stuff could well be the reason RRL have the new Trinidad General Manager in place, looks like there is going to be some stiff negotations going on
RRL would have difficulty extracting a fart although they would issue an RNS promising an update for their plans for the year. Which wouldn't appear. In 2020 there might be something hidden away in an advise to market, that their marshmallow tipped drill bits had developed faults,
Warn of world LNG shortage,2020 onwards, because of increasing demand,now is the time to buy reserves,hence $6billion for acreage in the middle of RANGE RESOURCES..CNBC...maybe there"s hope for JOHNSON GAS yet?zzzzzzzzzz
Posted on the Rockhopper blog, any comments from the experts?
Where did all this come from, and why didn't these details appear on the RNS? They won't make any difference to the SP admittedly, but it looks like someone is plucking figures out of the air. Why can't RRL simply advise the market of its FULL drilling plans for 2018 instead of inviting Malcy over for some more ramping?
"President EnergyLSE:PPC:President Energy has announced record results in January with each of their concessions making good returns and contributing profits. In the month the Argentine assets generated $1.3 million (Â£940,000) after opex, G&A and ..."
from 2016 www.smh.com.au/business/energy/meo-australia-goes-out-on-front-foot-in-cuba-oil-exploration-20160313-gni1eq.html
The Melbourne-based explorer last month raised $1.4 million through a private placement of shares to London-listed Leni Gas Cuba, a specialist Cuban investment company, to fund its exploration program in the 2380 square kilometre Block 9. Leni Gas is the company of expat Australian entrepreneur David Lenigas, a former chief executive of Lonrho and founder of UK Oil & Gas Investments which claims to have made a large oil discovery near Gatwick Airport south of London.
So just the average for the last quarter to 31/12/17 was 629bopd but hit 703 bopd on the 29 December with the new well and now at a average for January 777 even though new well has dropped 80popd .IF WE DO NOT MOVE UP TODAY then i give up, but you never know in this game.GLA as we need some here after all the years of disappointment here.
Sorry I am on my phone so I cart post the links, BUT oil now at 7777 bopd for January 2018 so up 23% on last quarter also a new Chife operating officer . So thing are stating to look up and about TIME!!!!!!
landing strip in Puntland I helped pay for, and is that rig still rotting in the scrub or has it been dismantled and turned into a goat pen. And while we're here.... is Peter OK.... I mean, did his mate Vaseli sort him out with some of that 6 million or how ever much it was.
This may be my maths going wrong, but how can a share lose 6.85% of its value when only £10,000 has been traded in an entire day? Again, I am open to correction, but wouldn't this indicate that bargains based on a maximum of 0.1% of the total shares in circulation have resulted in, what could theoretically be called, a crash? At what stage is this share simply going to be suspended ?
It won't help the many people who have lost money on this, but has there ever been any investigation into a certain FTSE 100 company's actions when pumping this stock using clear misrepresentation? As they clearly felt justified in acting, at the very best, right on the boundary of the law, how much did they really know about director's intentions and the extremely odd financial dealings?
Crude Oil Slides Despite Reprieve For Stocks
[ 06 Feb 2018 19:52 ]
WASHINGTON (Alliance News) - Crude oil futures continued to fall Tuesday, even as US stocks were found their footing after the biggest one-day drop for the Dow Jones Industrial Average.
A report from the Energy Information Administration said US production will rise in the next two years, denting oil prices.
The EIA forecast US crude production at an average 10.59 million barrels per day in 2018 and 2019 output at 11.18 million barrels a day, up 3.1% from previous proejections.
March WTI crude was down 30 cents, or 0.5%, at USD63.85 a barrel.
WTI crude will average USD58.28 a barrel this year, the EIA said, up from last month's estimate of USD55.33, and USD57.51 in 2019.
There is no mention of a possible BP/Shell/Petrofac merger to take on the mighty RRL either. Why are they keeping so quiet? Is it because they want to "de-ramp" the shares ? Have the T&T government pulled the rug on Range because we have so many billions in the bank that it appears wise to hold out for more? I'm just reading between the lines here, and it says:
"WTI $64.50 -$1.06, Brent $69.02 -44c, Diff -$4.52 +62c, NG $3.19 +3cThe general drift continues and yesterday indices fell in advance of the State of the Union address, this morning oil is also down by around 40 cents.Echo EnergyAn update from ..."
In the Q&A they stated that they are actively marketing the services of RRDSL and were speaking to potential clients re Trinidad and Latin America. In the link it shows they have been working with Trinity, Colombus and Petrotrin. In Feb 17 securing a contract for call out services with Petrotrin. That has to be a positive since one of the oil services companies (A&V Drilling), normally doing for Petrotrin, dont look to be flavour of 2018.
If RRL were not "actively" marketing the RRL oil drilling service company, they would have ignored the question or skirted it. They added a bit of detail so that sounds a goer
Just to pass the time, and deflect from the misery of the uninspiring RNS
Aceh Timur Kawai Energi, one of the companies indirectly connected to the 60% shareholding in Hengtai. They have 9 positions going inc geologist, reservoir engineer, production engineer, field engineer. I was just looking to see if it related to anything job wise for RRL. Anyway, it seems the company is setting up something and they want a nice attractive secretary. She must be of minimum height of 160cm (5.2) Presumably so she can reach the kitchen worktops to make the coffee then. I suppose they would make an exception for a good looking 5 footer if she wore exceptionally nice high heels
Location: Jakarta (Flexible to travel)
Minimum Diploma Degree (D3)
Preferred experience in oil and gas industry.
Maximum age of 28
Attractive Personality & Appearance
Minimum height of 160cm
Fluent in English both oral and written, able to speak Mandarin are preferred
Good communication skill and interpersonal relationship
Computer literacy: MS Office, Excel and Power Point
Heres the link but it is of no interest re info on RRL
From the oil man - Malcolm Graham-Wood. I presume he might be better informed than us.
A trading update from Range (RRL) who have had a busy year, and I would imagine are planning to settle down and deliver on promises made in the past. Today's trading update is very much a step in the right direction as they reveal that the recent well at Beach Marcelle is on production at a stabilised rate of 120 barrels per day on a restricted choke of 5/32″.
They also say that the waterflood programme is showing a 'positive trend' with 40% of current production coming from it at 240 barrels per day. Average production in the last quarter was 629 barrels per day with peak at the end of December of 703 barrels per day.
With an active programme planned this year and increased opportunities from the RRDSL rig acquisition, as well as from Indonesia, Range looks in a much more stable position than for some time.
Hi guys. Hope you are all well.
Today is the first time I've looked in after selling for fear of seeing a spike since then. It turns out to be a bitter sweet experience to see that so far my decision has work out reasonably well but also to see that some of you are still taking more of the same.
It's not been an easy time since selling having initially made a few 'bad calls whilst finding my trading feet again. The upside has been that I escaped with £1800 and my pf now stands at £2400 so pleased with that. The 2 keys points that have served me well is to split my pf into min 6 plays and also take some profit on any rises. Gone are the days of watching a share rise 25% or more only to do nothing and see it melt away lol.
Can't tell you how focused I am now when investing but obviously mistakes are inevitable.
Being free of the rrl incompetence shackles has been totally liberating and I'm really enjoying the markets now. My confidence is slowly returning also which is good.
What can I say about the future here other than I hope it comes good for all of you. It might just do that who knows? All I new was that rrl was destroying me in many ways and finally decided it was time to fight for my survival.
Atb to you and if you guys don't mind I'll drop by from time to time to say hello. Stay well.
Wasting you time asking Howard. You will get no or little response. Same questions have been asked of him before and we only ever hear the same record played.
Nothing to lose Howard? In your case its well over £30,000 i believe. Thats the harsh facts and the truth is no one is going to get back their huge losses, me included. Ridiculously i still cannot sell as my shares have still disappeared from my portfolio.
Can you believe some are still buying more to bring their average down!!
(or are being paid to post this)
This is a genuine question, not a suggestion.
How are Range able to continue to trade when they look to be insolvent?
Their production does not appear to cover the interest on their debts, payable at 6-8%.
They will need to borrow a lot of money to drill any deeper - Who is going to lend them anything when the will be at the back of a queue that is between $80M and $60M long and the latest gamble has a very limited chance of success. It seems that my teeny-weeny company, with no debt and a far better record regarding losses, could get a better deal from lenders , despite the fact that I know nothing about oil and my knowledge of T&T is based on being on holiday there.
How have they managed to have $200M to lose over the last few years? Who has "written off" the remaining $120M after the present debt of $80M has been deducted ?
Would I be correct in suggesting that some shareholders knew/ know more about this company's prospects than others, and might have acted accordingly?
Hi Howard, apart from just hope, why do you think they will come good, from my point of view, 99%+ drop in share price, 80m dept, over 200m losses on the p&l in half a decade, have advocated 1000bpd and missed that target for years, will never be able to pay back the 80m without refinancing, 7.6b shares now in issue, historical misinformation or lack of information, it's an AIM investment, directors continuing to be well remunerated regardless of forward, backwards or stagnent progress.
You say time will tell is selling was a good move out of suspension, of course it was a good move, he has saved himself a 50% drop, whether he missed a pump and dump in the future is another question.
Apart from optimism, why do you think this will come good? This is a question for Howard, I'm genuinely interested. I've been here for years, sold out years ago, continue to look for an entry point, and now the only entry I see is a 100% gamble.
Seems that the sp is going from bad to worse, and had thought that Shareshopper made a big mistake in selling up, BUT currently looks as if he made a good call, BUT time will tell.
However, although feeling 100% bombed out with the current sp I am in until the end which reluctantly I ambegínning to think is perhaps this year, BUT I will be holding FIRM until the end, ie "Do or Die" BUT still think we will come good eventually??
Nothing to lose from here, so HOLD until we make good, BUT that´s just imop so make your own call/decision?
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