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Yes Gary, we are recovering all this oil and oil prices are high.
pps should be much higher.
b4
Yeah, Gary. Always good news. Gotta move someday.
b4
TRINIDAD UPDATE
Very nice to see some USA volume. Maybe some good news is coming!
The Texas sale should be any day. If PL doesn't waste it on a speculative project our cash value will increase a lot. I say return the value to shareholders.
b4
PL radio interview.
b4
http://www.miningmaven.com/companies/aim-mining/range-resources/range-resources-update1/
Quarterly Activities Report and Appendix 5B
http://www.asx.com.au/asxpdf/20130201/pdf/42csccsf22sf2w.pdf
Hi Guys
Just to update you on yesterdays cancellation..
2 replies from Eva and Pete.
Sounds like a difficult decision by Walter but the right one imo..
Be Lucky
TTT
Eva Reply
It was a last minute cancellation as one of our operational guys on the ground in Trinidad had a family tragedy, so Walter had to stay on site. As you might appreciate, considering the scale of our operations, we cannot afford to be short staffed and that is the priority.
As we have had update on Trinidad last week, the market has the most up to date information on Trinidad, and the presentation at the conference would have been just a recap of what has been released to the market to date. The latest presentation is available on our website.
------------------------------------------------------------
PL Reply
Pretty scary if that's what people think is a kick to the sensitive region - you know our focus is drilling wells and minimising delays - a very senior employee has a family tragedy (multiple deaths) and walter stays behind to ensure support and that key drilling operations can continue - not sure if you see that as being sorted ????
Well I can sure use some calming!!! Averaged down way more than I can afford.
b4
They should come out with some type of shareholder update to calm shareholders because they do not trust PL anymore.
Thanks gary, I hope we get a report from Range real soon.
b4
kev yorks
Re: RRL pulled out of conference last minute
Tue Jan 29, 2013 5:27 pm
After a number of requests I've just got off the phone regards the last minute cancellation. I'm not going to elaborate further as it is not company or operations related in any way shape or form, however I can appreciate why the presentation was cancelled after speaking with a member of the Range board.
Quote "it was unavoidable due to personal reasons and in no way connected to the company or operations"
RGRYY is stupid. I don't follow or buy ADRs.
b4
You are correct gary. Until Range gets more USA exposure it just won't move here.
b4
RNS OUT
Hi Guys
Happy new year .. (sorry bit late)
24 January 2013
The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000
By e-lodgement
TRINIDAD UPDATE
Range Resources Limited ("Range" or "the Company") is pleased to announce the
following update with respect to the Company's Trinidad operations with the
following highlights:
- The QUN 139 well drilling ahead at 950 ft. with a revised target depth of 1,300
ft. having encountered approximately 80 ft. of good quality oil sands to 945 ft.;
- The QUN 135 well finds more than 80 ft. of oil pay and will be deepened after
indications of a possible new pay zone near TD;
- The Morne Diablo Waterflood programme is currently being simulated / modeled,
with completion estimated in February;
- The Beach Marcelle programme is looking to commence upon receipt of the
approvals to deepen six of the existing wells targeting production of 150-300
bopd per well; and
- The Company has received the final revised farm-out agreements that will see an
initial reduction in the enhanced royalty currently being paid by the Company.
The revised rates at 1,000 bopd will see net back prices increase to circa $40 /
barrel before tax and circa $50 / barrel before tax at 2,000 bopd.
Lower Forest Development Update
Development of the Lower Forest formation continues with the QUN 139 well
drilling ahead at 950 ft. with a revised target depth of 1,300 ft. having
encountered approximately 80 ft. of good quality oil sands to 945 ft. The QUN
139 location is contiguous to producing wells QUN 119 and QUN 129 which
achieved initial production rates of 129 bopd and 138 bopd, respectively. Both
wells still flow under natural pressure, with QUN 129 having now produced for
12 months since first production.
The QUN 140 well is expected to spud shortly, with the Company awaiting receipt
of necessary approvals. The well will be drilled to a target depth of
approximately 1,000 ft. The QUN 140 well is contiguous and up-dip to the
recently drilled QUN 138 well. As previously announced, the logging of the QUN
138 well indicated 100 ft of net oil sands across a number of horizons
including a highly resistive zone between 770 and 810 ft. The Company awaits
approvals which are anticipated shortly, with the production rig ready to move
immediately onto site, perforate the well, and place it into production.
Drilling Deeper Formations
The Company is pleased to report that after operational delays, the QUN 135 has
been successfully drilled to its planned total depth of 3,500 ft., with
indications that it may have penetrated a new Middle Cruse pay zone. Following
conditioning of the well bore, logging operations were initiated and more than
80 ft. of net oil pay was identified in the Lower Forest, Upper Cruse and Middle
Cruse formations. Based on oil shows while drilling and induction logs indicating
that the well reached its planned total depth in the top of a Middle Cruse oil
zone, the 135 well will now be deepened to confirm what may represent a
previously undiscovered reservoir in the Middle Cruse section. Following
deepening of the well and evaluation of open hole logs, the Company will
determine which of the multiple oil zones present is the best candidate for
initial completion.
In addition to the wells mentioned above, the Company is looking at re-entering
four Lower Forest wells that have experienced comingling of oil and water
sands. Remedial work will be performed on these wells with a small work-over
rig, with additional perforations to be added in two of the four wells. This
work is expected to improve the performance of these wells and add further to
production.
The MD 248 well has reached 4,000 ft. and will continue to drill towards the
target depth of 6,500 ft. to test the Lower Cruse formation. Following
equipment shortages that resulted in drilling delays, additional rig components
have been procured to reduce future downtime.
The previously drilled MD 19 well encountered well-developed Lower Cruse sands.
However, they were structurally low and water-saturated at that location.
Morne Diablo Waterflood Project
The shallow Forest water flood project on the Morne Diablo license is currently
being simulated / modeled, with completion estimated for mid-February followed
soon thereafter by a presentation and application for approval to the
regulatory authorities, with development still forecast to commence mid 2013.
Beach Marcelle License
The Company has finalised the Environmental Impact Assessment (EIA) to be
submitted to the Environmental Management Authority (EMA) in application for a
Certificate of Environmental Clearance (CEC) to drill up to 40 wells and
conduct the water flood program. It is anticipated the EMA will take
approximately two to three months to review and grant environmental approval.
Final approvals will then be sought from the regulatory authorities. Once all
permits and approvals are in place, Range will commence development, currently
forecast for mid-2013, after which the Company will look to commence
preparations for the 40 well work program and water flood.
The Company has also applied for a separate CEC to deepen six wells in the
Beach Marcelle license (without EIA) and anticipates that a favourable response
will be received soon. Following receipt of the CEC for the deepening of these
six wells, the Company will move one of the medium capability rigs to the Beach
Marcelle license to commence the drilling program.
The Company has recently received approval of a CEC on the Beach Marcelle
license (without EIA) to build a bio-remediation site, to aid in waste
management of the proposed drilling program. These bio-sites are present in all
Range fields and unique in allowing Range complete on-site control of the
drilling-remediation process.
2013 Outlook
Range is looking forward to a prospective and busy 2013 across the Company's
three onshore licenses. The Company is working towards having all six of its
drilling rigs running to increase production and cash flow, as well as
resolving the operational delays that have recently been experienced by
implementing processes and procedures across the board to minimise downtime.
With a track record of early drilling success, the Company remains focused on
maintaining the continuous drilling and completion operations required for
sustainable production growth.
Development of the Lower Forest formation on the Morne Diablo license will
continue, utilising the Company's shallower capacity rigs, with an inventory of
40+ wells still to be drilled. This shallow reservoir development is currently
self-funding, with revenue from pre-existing wells and the Lower Forest wells
drilled to date more than offsetting the capital required for these shallow
wells.
As mentioned above, work will commence on the Beach Marcelle block upon receipt
of the approved CEC with respect to the deepening of six existing wells. These
wells are to be drilled to depths between 3,000 and 4,000 ft., targeting the
prolific Gros Morne formation with historical wells having demonstrated initial
production in the range of 150-300 bopd.
Once all six rigs are operational, the Company will move one of the medium
capacity rigs to the South Quarry field to commence testing and development of
the shallow targets that have been identified on the license. The initial
shallow well program will involve the drilling of up to 10 wells and,
contingent upon the success of this program, development will continue in a
similar manner as the Lower Forest development.
In addition, following completion of the MD 248 well, the Company will spud the
first of a series of wells that will test the prolific Herrera formation as a
primary exploration target, with the Forest and Cruse formations as secondary
objectives.
Revised License Agreements
The Company has received the final revised agreements that will see an initial
reduction in the enhanced royalty currently being paid by the Company. The
revised terms will see an improvement in the net back per barrel of oil
produced. The revised royalty rates at production rates of 1,000 bopd will see
net backs increase to circa $40 / barrel before tax and circa $50 / barrel
before tax at 2,000 bopd - assuming $90 barrel oil and opex at similar levels.
Only minor administrative items relating to market communications remain to be
resolved.
In addition, discussions continue with the regulatory agencies and other
farm-in operators for further performance-based drilling and production
incentives. Updates will be provided upon progress when available.
Executive Director Peter Landau commented:
"There is no doubt that it has been a challenging few months given the
operational delays experienced in getting certain wells drilled in Trinidad and
the softening of the Company's share price. As we continue to address the
supply chain issues that resulted in those delays, it is important to remember
the key positives that will continue to underpin Range's performance moving
forward in the short to medium term.
Trinidad is fully funded through both existing facilities, the Texas sale and /
or other reserve based lending options that are available to the Company. The
work program will continue assummarisedabove and further capital will be
deployed to ensure operational delays moving forward are reduced significantly
with spare plant and equipment and an increased number of specialised personnel.
The revised fiscal terms will only serve to further benefit increased production
over the coming year as production ramp up moves into full swing.
With Range close to finalising the GIG joint venture in Georgia, the financial
and operational focus will be firmly placed on Trinidad and our target of 6,000
bopd by the second half of 2014 based on known PDP and PUD Reserves."
Yours faithfully
Peter Landau
Executive Director
Here is a site that I started to go to last week, not bad.
http://worldstocks.co.uk/forum/index.php
Agreed Gary, I don't understand it at all.
b4
Hey b4,
Seeing this is really hard to believe after all of the hope that Range had.
http://investorshub.advfn.com/uimage/uploads/2013/1/22/hbid[image.jpg
What are you guys talking about over there? Seems like a long time since we had any news.
b4
I like it too. Lets keep our fingers crossed for January
Thanks gary, looks good!
b4
I will summon the Oil Gods
Well gem, if it gets to .35 it will cover all the losses in the rest of my portfolio over the last two years. I own a crapload!
b4
Just a matter of time here but Range will achieve success.
TT is hitting oil on every drill. Big money from the Texas sale coming soon. Range just picked the wrong place in Puntland.
b4
Thanks Tony for posting the link.
Merry Christmas to all and a Happy New Year.
douginil
This was quite funny today. Tom Winnifrith is shorting range at the moment...Look at the replies...And yes he owns a pizza shop in London..
http://www.advfn.com/newspaper/tom-winnifrith/13937/range-resources-i-have-some-sympathy
If they don't know, I sure don't know either.
http://www.asx.com.au/asxpdf/20121217/pdf/42bz622628n9wm.pdf
Yes Tony, it has been very confusing over here too. Very small volume and 100 percent price swings in one day.
PL expected the Texas deal to be done this Quarter.
b4
Range RNS..
Range Resources notes the unusual trading activity of its stock in recent weeks and confirms that it knows of no reason for this trading.
The Company remains focused on delivering shareholder value from its portfolio of assets and will be providing operational updates over the coming days.
Hi all
This was reported to our FSA (financial servise authority) 2 weeks
ago by a poster called Erratic Phil and also Kev Yorks from worldstocks.. I had the pleasure of meeting Phil and a few other rangers on Thursday in London for a few pints.. When you keep getting 7-1 buys to sells and the price keeps dropping somebody is doing something to manipulate the price. Hopefully some news on TT
next week..
Be Lucky
Tony
Thanks Tony, PL said the Texas deal should go through in Q4. Not much trading on my side of the pond.
b4
Hi All
Lots of optimism flying around at the moment, some big buys going through and not many sells. Price being held at 4p..
The guys watching the L2 everyday are picking up on lots of strange trades.. This is getting picked throughout most popular BBs in the UK from some well respected posters..
Pete said judge him by Xmas, so we will..
Hopefully some good news on the way..
Be Lucky
Tony
A new Range website.
http://www.rangeresources.com.au/
b4
Thanks Gary, 2015 is a long time away.
b4
HORN PETROLEUM THIRD QUARTER 2012 RESULTS
November 20, 2012 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to provide the following report on Horn Petroleum Corp.’s (“Horn”) Third Quarter 2012 results.
· During the nine months ended September 30, 2012, Horn increased its investment in intangible exploration assets by $30.0 million. The majority of the costs incurred during 2012 related to drilling the Shabeel-1 and Shabeel North-1 exploration wells in the Dharoor Valley block. The remaining expenditures are PSA related expenditures and general and administrative costs. The Company and its Partners fulfilled the initial exploration period work commitments under the Dharoor Valley and Nugaal Valley PSAs with the drilling of the Shabeel wells.
· While the Company was disappointed that the first two exploration wells in Puntland (Somalia) did not flow oil, the Company remains highly encouraged that all of the critical elements exist for oil accumulations. Horn recently completed demobilization of the drilling rig and associated equipment and both well sites have been restored to original condition.
· Horn and its partners have entered into the next exploration period in both the Dharoor Valley and Nugaal Valley PSAs which each carry a commitment to drill one exploration well in each block by October 2015.
· Efforts are now focused on making preparations for a seismic acquisition campaign in the Dharoor PSA which will include a regional seismic reconnaissance grid in the previously unexplored eastern portion of the basin as well as prospect specific seismic to delineate a drilling candidate in the western portion of the basin where an active petroleum system was confirmed by the recent drilling at the Shabeel-1 and Shabeel North-1 locations.
In Puntland (Somalia), the Company, through its 44.6% ownership interest in Horn Petroleum Corporation (“Horn”), completed Shabeel North-1, the second well of a two well exploration program. Both well sites have been restored to original condition and demobilization from Puntland has been completed. While the Company was disappointed that the first two exploration wells in Puntland did not flow oil, the Company remains highly encouraged that all of the critical elements exist for oil accumulations and based on this encouragement, the Company and its partners have entered into the next exploration period in both the Dharoor Valley and Nugaal Valley PSC’s which carry a commitment to drill one exploration well in each block by October 2015.
Thank you Tony and thanks to Kev. Something has to catch investor interest. Stuck in the mud for a long time!
Lots of poor folks without elec still and gas rationing.
b4
Hi all
Hope you are all well after the Hurricanes..
Heres something to get your teeth into.
Kev "popped over to Trinidad" then wrote this up..
http://www.worldstocks.co.uk/forum/download/file.php?id=190
TTT
There is no bid/ask today. I wonder why?
b4
Sounds very good. I don't know what it will take to get us moving up again.
b4
Nice USA volume today! Cheers.
b4
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Range Resources Website www.rangeresources.com.au/ Google www.google.com/ Bloomberg www.bloomberg.com/ Oil and Gas International oilandgasinternational.com/default.aspx
Range Resources Limited (“Range” or “the Company”) is both an ASX-listed (ASX: RRS RRSOA) and AIM-listed (AIM: RRL) exploration Company, with its principal activity directed towards finding and delineating natural resources in the oil, gas and mineral sectors in Puntland, Somalia; the Republic of Georgia and onshore Texas, USA.
Range’s main focus is in Puntland, Somalia where it holds a 20% working interest in two Production Sharing Agreements (PSAs) for the Nogal and Dharoor Blocks. These conscessions encompass two highly prospective hydrocarbon basins covering an area of 81,000sq.km or more than 20 million acres. Range Resources currently has a 100% interest in the sole and exclusive rights to all mineral and hydrocarbon exploration and development in the Somali state of Puntland which covers an area of approximately 100,000km2.
In July 2009, The Company entered into a Heads of Agreement with the private UK company Strait Oil and Gas Ltd. to acquire a 50% interest in two oil and gas blocks in the Republic of Georgia.
In September 2009, Range acquired a 25% interest in the North Chapman Ranch project in Nueces County, Texas. The operator, US-based private oil and gas company Crest Resources Inc., has already commenced drilling the first well. The project area encompasses approximately 1,280 acres in one of the most prolific oil and gas producing trends in the State of Texas.
With Range’s planned onshore drilling program in Puntland, and its progress towards developing a joint exploration strategy with the Puntland Government for offshore Puntland, the Georgia and Texas farm-in are considered by Range to be a significant step towards establishing the company as a diversified international explorer with a growing oil and gas acreage position and significant upside potential.
In September 2009, Range acquired participation interests in the North Chapman Ranch project in Nueces County, Texas from Crest Resources Inc., a US-based private oil and gas company.
This consisted of a 25% interest in the North Chapman Ranch project’s first well – Smith #1 – and 20% in all subsequent wells assuming the exercise of certain clawback provisions by joint venture partners based on the current success of the Smith #1 well. The North Chapman Ranch project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the state of Texas.
The Smith # 1 exploration well was spudded on 4 September 2009. On 12 November 2009, the well reached its target depth of 13,975 ft. (4,260m). Based on open-hole logs indicating approximately 120' (37m) of net pay thickness in three zones with no water, 4 ½" production casing was run to target depth and cemented in place. One of the three zones was perforated and after an interval of just 20' (6.2m) bottom-hole pressure was estimated to be approximately 11,650 psi. To date, Gross production for the quarter from the Smith #1 well has been approximately 73k MMcf of natural gas and 5,350 bbls of oil.
On 12 May 2010, Range announced the spudding of the Russell-Bevly Unit #1 appraisal well, the second well in the North Chapman Ranch Field project. The projected total depth of the well is 14,000 ft. (4,260m), and located approximately 1,900 ft. (570m) north-northwest of Smith #1. Well expected to equal or exceed Smith #1, and is awaiting connection to piping infrastructure by end of August 2010.
Puntland www.rangeresources.com.au/Puntland.24.0.html
Range entered into a Heads of Agreement in October 2005 to acquire a 50.1% interest in the sole and exclusive rights to all mineral and hydrocarbon exploration and development in the Somali state of Puntland. In July 2006, the Company reached an agreement to acquire the residual 49.9% interest in the rights to the exploration and development of Puntland’s natural resources. Several major oil companies obtained exploration concessions and conducted considerable exploration and drilling over large parts of the State both onshore and offshore during the late 1980’s and early 90’s. These companies included AGIP, Shell (Pecten), Conoco, Phillips and Amoco. Range has been able to obtain through Government sources previous exploration documentation relating to the hydrocarbon exploration in the Nogal Valley area in Puntland up until 1991. The documentation includes original seismic tapes, well logs and processed seismic sections identifying major targets found prior to exploration activities ceasing in Somalia. Upon review of the data it was noted that the Nogal Valley area demonstrated: Abundant oil shows; Thick, high porosity reservoirs; Many large structures; and An excellent regional seal.
Republic of Georgia www.rangeresources.com.au/Georgia.23.0.html
Range has entered into a Heads of Agreement with unlisted UK company Strait Oil and Gas Limited (“Strait”) to acquire a 50% interest in two oil and gas blocks in the Republic of Georgia, Eastern Europe. The two blocks subject to this agreement, Blocks VIa and Vlb cover a contiguous area of 7,000 sq km (approx 10% of the surface area of the Country) and were subject to significant exploration in the Soviet era. Too much good stuff to individually list here, see link for the goods.
Trinidad www.rangeresources.com.au/fileadmin/user_upload/asx/863750.pdf
Range Resources acquires 10% interest in Trinidad oil fields and local drilling company. Current production is 700 BOPD however Range believes that with a minimal work program coujld lift that to 3500 BOPD within 36 months on the known reserves. Again, too many assets to that deal to list individually, see link for all the goods.
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