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Hi B4
Not happy about Texas to be honest..
Its not exactly finalised with more dilution thrown in..
Range spiked 28% then closed flat on the day..It just shows a good RNS without added extras and we should move on from here..
Pete does like to throw a curve ball now and again. Lots of long termers getting tired of his games and are moving on..
Its getting traded more than ever now. Guys buying on the dips and taking 10% here and there. Risky but Pete keeps telling people in emails if you don't like it sell, and they are..
Need Texas finalised and BOPD updates this month to get us moving again..
Good Luck
TTT
CITATION TRADING HALT... Could be interesting
http://www.asx.com.au/asxpdf/20130221/pdf/42d54lt4rr9wwn.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 ????
Closed up 13.8% today...
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
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
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
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
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
Hi guys 2 dusters..
T and T it is then, we need Rig 8 to come on line and also sale of Texas to boost SP...
We will get our butts kicked tomorrow so not worth looking at SP.
Good Luck
Tony
Dougi
It is mate we call it gibberish..
Not much happening over here at the moment punty still drilling.
Some possible dates for news flow..T n T
Rig 6 is due to start working at Beach Marcelle this month (august)
Rig 7 is due to start working in October
Rig 8 is due to start on the 6500ft well this month (august)
Rig 8 Herrera is due to spud September - October
Fingers Crossed..
Right gotta get back to my Olympic Training...(beer drinking)
Tony
Apologies for my bad spelling of Quarterlies... doh
Latest RNS confirms rumour...
http://www.rangeresources.com.au/fileadmin/user_upload/asx/RRS27072012.pdf
Anthony Eastman Interview..
http://www.iii.co.uk/articles/44749/view-top-range-resources
Hi from Olympic London
Latest is we will be drilling down to approx 3600m..
Is it because we like water? Not sure will wait for RNS to confirm.
be lucky
Tony
Sorry guys Water...
AFRICA OIL PROVIDES SHABEEL NORTH DRILLING UPDATE
July 23, 2012 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) provides the following update on the Shabeel North well in Puntland, Somalia which is being drilled by operator Horn Petroleum Corp. (“Horn”). Africa Oil holds an approximate 45% equity interest in Horn.
An open hole Drill Stem Test (DST) was conducted over a 50 metre gross interval which contained several sands in the upper portion of the primary Jesomma Formation which had oil shows. The test recovered fresh water (1200 ppm Cl-) without any traces of oil. The current plan is to drill ahead to the originally planned depth of approximately 2400 metres which will penetrate the remaining section of Jesomma sands at which point the entire section will be evaluated by electrical logging to determine if further testing is warranted.
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali as well as Puntland (Somalia) through its45% equity interest in Horn Petroleum Corporation. Africa Oil's East African holdings are in within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 300,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Albert Graben oil discovery in neighbouring Uganda. Similar to the Albert Graben play model, Africa Oil's concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".
ON BEHALF OF THE BOARD
“Keith C. Hill”
President and CEO
7% up today..
RNS monday/tuesday test results..
POST BELOW FROM WORLDSTOCKS...
Test has been delayed a little due to mud circulation issues yesterday. The schedule is to do a revised 12 hour run today now - but there is confidence of moveable oil.
Fingers crossed..
Have a good weekend guys...
TTT
Crazy Day Here
Down 8% finished 11% up..
The news was being leaked on the BBs over here so possibly a RNS
rushed out earlier than planned..
The next couple of days should be interesting..
Tony
Taking over Range is part of my plan for world domination....
Q and A
From July 4th...
PL 4th July Video..
PL interview July 4th.. Audio Only..
http://www.miningmaven.com/k2/companies/range-resources/range-resources-july-update-interview-with-md-pete-landau/
No worries..
Kev is a top guy who posts well researched info for idiots like me
to understand..
Tony
New Leaf By Kev...
Here you go I may as well make myself a nice big target for the vocal few to shoot at again personal opinion only coupled with extensive research and chats with members of the BOD. Not all pleasant as for a number of months I've been unhappy with certain aspects and campaigning for change as have others behind the scenes.
There was no point doing this in rants on here or other boards much better giving these guys a shareholder perspective in a non confrontational manner. A list of items raised below not all my own some forwarded to me in many emails.
Range Re-Orientated
Well the company are now trying a new tack after listening to complaints so how long before you all complain about this one.
Number one complaint was too much communication with investors via the "Ipad RNS" well I'm sure now you should of seen a decrease in communication from Pete via email..........the company have listened and acted so don't now moan about lack of communication or not answering emails.
Number two complaint Petrotrin delays where bullshit it was the company manipulating news flow.............I MYSELF THOUGHT THIS INITIALLY. Right believe or not it’s up to you guys I was copied in on certain emails that proved to my satisfaction news flow delays in Trinidad are in fact due to Petrotrin with the last RNS only being cleared for release a matter of hours before it was released (sorry I can't copy these as I was shown on condition of it staying confidential)
Number three complaint multiple news items in a single RNS I myself have complained about this many times, all being well they will listen they have with other points raised................let’s hope so though no commitment given!
Number four complaint the share price is manipulated up and down for placings etc.............visually it appears so at times and it is AIM after all. However this is not to say it’s the BOD doing the manipulation if it is happening......What’s equally possible or probably more likely is its Socius or the guys doing the placing involved not the BOD if it’s happening. There are also posters on the boards a few of which are about at the minute that have agenda’s looking to further damage sentiment for lower entry points..................think about this if Puntland news was bad would they be doing this!
Number five too many shares in issue they've listened and come up with a plan let’s give them a chance to implement this prior to knocking it. Personally I think it will work, the mere fact that funds will be set aside for buyback simultaneously will probably mean they will not be required, as its nullifying a possible play for the shorters/traders (they won't trade/short if they know the SP will be supported)
Number six share price crap Trinidad/Texas not being valued. Well they're addressing that one splitting the stable. Don't worry you'll still have all the runners in your portfolio just in two different stables..........ignore the crap about only seeing 20% of the new Co as a RRL shareholder majority holdings will go in specie to existing holders with the company retaining some direct holding possibly 10-15%. There will likely be a rights issue for operating cash but again no line your pockets Mr HNW or Institution but a rights issue open to existing holders YOU GUYS!
Number seven the company doesn't have a F'ing clue about Oil being laywers/accountants. That’s why they employ people that do Mark P, Walter the company that will be running Georgian operations etc..........yes they've made operational mistakes in the past Georgia a prime example but are learning from this and have held their hands up for mistakes. To quote the company both “operational and technical mistakes were made in Georgia” and so long as they're learnt from them it’s part of the cycle to a mid tier producer.
Number eight Pete always over ambitious giving bullshit timelines and targets. Again they’ve listened to us..................................................look at this drill plan you say they won’t manage it http://screencast.com/t/FC1Yy8rHh there allowing a full month per shallow drill these wells are often coming in within two weeks. You want a new conservative Pete you’ve got it underplaying and if you give them time over performing. Another example he’s only working on 500bopd with the Hererra’s yet many wells in the country coming in with stabilised rates 100% above this or more, I think the lowest one I’ve seen is approx 600bopd stabilized. Likewise giving low conservative recoverable figures for the Hererra’s.
Right that’s the shit sentiment stuff out of the way good stuff now.
Texas cost peanuts and will be worth a plantation true not worth $300mill but it was never going to be, that being a reserves value not a on market value and if only sold for $40mill how many of you guys would complain at that sort of percentage profit in your portfolio.
ECV was looking dodgy once upon a time but we look to be on a winner here now also.
Georgia not the massive first drill we wanted but it’ll be another Texas given a couple of years.
Puntland not the massive 3billion OIP YET some dreamers where bullshitting you about it’s only ever been about a single producing horizon except from a CPR here http://screencast.com/t/4sSsgRanbU
And for whatever reason we’d need to ask K Hill the answer we seem to be drilling in field appraisal mode not going for big numbers first so the fact we have OIP on the first drill is excellent news as per Yemen massive thick payzones are not the norm and 12m more than enough for multi million barrel fields when you think in three dimensions! A bit rough and ready but Shab 1, Shab N and Darin 1 are drawn onto this shot showing there location in the basin and show the wells starting on the extremities of the basin and working in. http://screencast.com/t/4HGSmkxQonW not marked on here but the kitchen thought to be in the centre of the basin.
Trinidad every single Range well has struck 100% record not a lot to say there really and how many companies could say this. Yes they screwed up on initial timeframes but have gone ultra conservative now and personally I can see them far exceeding their targets look at the latest Ministry release for a indication of how the drills are ramping up http://screencast.com/t/csxwkuGCZV http://screencast.com/t/vRQyXPu0 but don’t expect to see headline figures coming through yet. All BOPD figures are retrospective, after drilling wells need putting into production then testing for both initial and stabilised flow rates prior to going to Petrotrin for another bout of delays. Six rigs drilling plus deeper targets if the get rich quick guys can hold on a while longer they’ll see true value start to emerge here.
Not worked into any of my thoughts above and what many don't seem to of picked up on in the presentation is the new target horizons being found on a seemingly monthly basis and what this adds to the company value once the new reserves estimates are calculated............you all want no dilution so it means debt and its these reserves the debt it secured on so all very very good news for the company and us. Range have gone through there dilution phase of growth and are entering the cash growth phase, Pete's right in this if you can't see this or wait sell up. I personally see very little dilution if any from here on in with cash from the Trinidad production funding the companies growth and eventually dividends on a regular basis to us............do the maths its all in the presentation current new wells are averaging 60bopd but many including the latest to come online substantially more than this (again due to the nature of the operation it'll maybe be weeks before you see this) and that's before we enter the well deepening program (something else not commented on) and five back to back Hererra's with drill times of approx 45 days per well.
Next year I'm expecting the UC into the mix as well once cash reserves and more importantly Hererra drilling experience for the crews have been gained.
Right there you go hopefully that mean some of the crap being posted of late may at least be put into context with a more positive slant. Yes the BOD have had their screw up’s and successes and have now held their hands up to these. You wanted change they listened so give them time to show it..................some of the projects I’ve left out of this as they deserve dealing with in there own right at another time.
I’m not a blind holder in Range and will ask tough questions of the BOD as and when required (they could testify to this) but when reappraising my investment something I’ve done a few times recently I come back to the following questions and answers.
Do I personally trust the BOD............Yes
Where else will I find a more diverse company with the upside.......someone tell me if they know one
Do I think I’ll get the rate of return I want over the next few years......................Yes
(its not a get rich quick scheme though)
Can I sleep at night happy with my investment..........................Yes
Do I want to be in a binary play like USOP/Horn...........................for Me no
(I want diversity even if it means lower but safer gains)
Right after all that bullshit go out and do your own research because you can blame no one but yourself for your investment decisions. Ignore my thoughts because the buck stops with you and my thoughts are posted purely for my own benefit and to maybe give direction to your own research.
Kev
Some more info the conference...
This one is fro cheeky chappie...
I have a bit of time now between changing trains going home.
My feeling is that PL was and has been seriously rattled by firstly the reactions of the shareholders and the copious amounts of ever increasingy abusive emails he has received. He started off the meeting essentially wanting to address shareholder discomfort and also with the realisation that more needs to be done to enhance shareholder value. Secondly, he also gave he impression that he was very pissed off with the amount of trading (CFD's and spread betting) that is currently occurring and this is starting to shape the forward corporate structure.
Highlights are a very comprehensive talk by Eastman. Trinidad, in case anyone has not realised it is the jewel in the crown. Much more to come, and now that have made assurances that the teething problems over the past 12 months had not been factored into the timescales and PL admitted that her most certainly had not managed expectations. The assurance is that everything seems to be progressing smoothly now, and the future drilling programme should now run to schedule. personal opinion is that PL will not over egg the custard any more - lessons have been learnt.
Georgia - this is now a 3 year proposal. The tie in with GIG has meant that they are now converting 2 power stations to natural gas from coal, as coal is becoming an issue in mining dur to increasing levels of methane encountered. This bodes well for RRL as they will have an immediate and lucrative market. However, don't count the wonga yet, this will take time, but when on line it's a good one.
Colombia - just under 8m barrels ready to go, and this will help fund the remainder of the play there, and by all accounts it is a good one.
Texas - this needs to be sold in order to fund an open market share buy back. The buy back is going to help by reducing the shares in issue by about 10% but this is just my back of the envelope maths. However. Far as PL is concerned, anything to reduce the liquidity of shares and cease trading is a good thing, and I agree with him. If Texas is not sold, then the open market share buy back will become an issue, but Texas may be sold within about 3 months. Offers expected in the next 6 weeks or so. He will take about 40-50m US$.
There will certainly be a certain amount of new debt undertaken, but this will be sought to allow a payback starting only after 18 months of no payments, by which time Trinidad will have ramped up production Ironer to make this payback a simple excessive.
Puntland - the aim is to have this and offshore spun out into another company in whic holding shareholders will get an in specie stake in the new company. It will then be up to the shareholders to see if they want to hold or to sell. However the main reason for this is thatPL and the bOard see that the only way to progress in the USA is for the shackles of Somalia to be divorced from the RRL portfolio as the USA chaps prefer the Trinidad and Colombia plays. I spoke to Eastman after and he seemed to be very buoyant about Puntland.
Stock mailer - total cock up. Not going out and they are looking at other methods of reaching out to the USA market. My feeling is that this will not happen until after Puntland h been hived off into the new company.
I have to go now, but if you want my overriding opinion on tonight - IF YOU WANT TO SEE A SUBSTANTIAL RETURN, THEN YOU NEED TO BE IN THIS SHARE FOR ABOUT 3 YEARS.
I am going to be there and if anything this has now confirmed and realigned my timelines. Sure the price should be higher, but it is not going to happen overnight to the levels banded about in the past until the corporate side of things has been sorted.
Anyhow, have to go now as next train is coming. I hope that this helped. I will try to answer any questions if anyone has some.
All the best
Cheekie chappie
Happy 4th Guys...
Whatever that means...
A quick summary by joste who was at the presentation in London tonight..
Here goes:
Puntland
Shab-n 80% chance commercial find
Two sites already prepped for 3rd & 4th drills.
Offshore 3 year programme requiring 3d
Trinidad
16 wells drilled and successful, 5 drills being completed
Rig 8 pudding this month
Beach marvelled 12million barallels without secondary recovery
Looking to add another 120 staff by year end
Beach is saturated and over spilling oil in areas
Qun117, 121 & 128 found add
itional payzones
Project just keeps getting bigger
Hearers there just don't know how big.
Rig 7 pudding October rig 8 mid August
62 well program for 2013
2500 barallels by year end
60-70% reduction on royalties for sec recovery
15-50% reduction on new drills(?)
Colombia
3d program, 2-3billion barallels, virtually zero chance of not having
drill targets
More to follow..
Tony
Thanks Dougi..
Will update you all next week on the london 4th July meeting
with PL..
Dont forget that date guys.
Recent Q n A with PL..
Im not sure of the whereabouts..
Rumour TT RNS 2moro...
The guy normally pretty good with info..
Not much happening over here, just some sightings of a big yellow disc in the sky, some people call it "The Sun"..
GLA
Tony
b4
Down 3% over here.. Range are having a presentation over here on the 4th July..A few of the guys n gals will be going along so i will keep you posted..
Keep that date in your diary in case you forget...4th JULY
Sorry this link works better..
http://www.geoglobal.com/Theme/Geoglobal/files/doc_presentations/20100915_AGMPresentation.pdf
THANKS TO SANDY ON WORLD STOCKS..COLOMBIA..
Anyone seen this from Geoglobal? http://www.geoglobal.com/Theme/Geogloba ... tation.pdf
Colombia info starts slide 41, giving info on some prospects in PUT6 & 7 showing the "vintage 2D seismic data" as PL calls it.
From today's RNS we know existing leads number 6 mapped in PUT-6 and 15 mapped in PUT-7. Now note last slide 61 which shows estimate OIP for EACH prospect of roughly 300Mbbls -very finger-in-the-air stuff but if you estimate half of these 21 leads will be refined into robust prospects after 3D mapping, and assume 300Mbbls for each..... could easily work out at 3 Billion barrels comes from.
All very unscientific of course :
Greg Bandy Interview..
Not sure if you have seen this guys... Looking Good..
http://www.miningmaven.com/k2/companies/red-emperor-resources/red-emperor-resources-qa-with-md-greg-bandy/
AIM down 9% today..
It was kinda expected after a couple of big rises last week some gains yesterday. The consensus over here is TT update this week.
Good Luck Tony