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 ... ?
" 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 .. ? ...Lol
PS ... 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 why
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).
> 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.
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.
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
The rising price of oil,and the expected further increases to around $80 a barrel is certainly
going to improve their trading position and the share price.
Any further increases in oil output will add further value.
Agreed pp999 ... never ceases to amaze me how many times worms & slugs like the Gap-Toothed RRL Krook ever got allowed back in to the fray ... obviously the Policing authorities are perpetually 1 or 2 years behind the scheissterz like him ...
.. meanwhile, krooks like Gap-Tooth just carry on & perpetuate all their skams & krimo-activities with Newbie investors .. these Krooks are always 1 or 2 steps or months ahead of the authorities ... as always was with RRL.
Pirate Pete is presenting as Executive Director of Continental Coal, the company for which he failed to complete a rights issue and shareholders were not repaid, is at the Africa Downunder conference in Perth 29-31 August 2018.
Anyone going along to listen to investment advice from a director accused of theft, fraud and forgery?
Reading the latest report I am a lot more optimistic with the future. The report is professional, detailed with the numbers and feels like we are starting to grow up. Lets face it we have been a kicking teenager for a long time.
Keep up the good work Range board !!!!
the right direction.
RRL seeing increases in production,stunted unfortunately by oil storage capacity.
With the price of oil rising cash flow now looking to the positive side.
Indonesia oil forecast to flow mid 2018.
Should certainly be a more positive year for the company.
Lets hope this gets through - I'm sure the share would have tanked on the original potential liability news, so lets hope we'll see a steady rise in anticipation of the court approval.
"The agreement between the Consortium and ANH is subject to court approval in Colombia which is anticipated to be received within the next 3-6 months.
Range acknowledges the constructive approach taken by all parties during negotiations and is pleased to have reached a mutually acceptable outcome with ANH. Range has no material assets in Colombia and is now commencing the process of closing its Colombian branch office which is anticipated to be completed during 2018"
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