Range Resources (AIM:RRL)

Range Resources is an exploration company with its principal activity directed towards finding and delineating natural resources in the oil, gas and mineral sectors in Puntland, Somalia. Puntland is believed to have all the geological requirements to become a commercial oil-producing region. Range has two Production Sharing Agreements (PSAs) for the Nogal and Darin Blocks, two particularly promising basins.

Undiscovered oil-in-place resources in the Nogal block are estimated at net 860mmbbl. A successful project in this Near Shore zone would mean that new reserves could be rapidly placed on production, largely from shore based facilities.


Fox-Davies Capital recently initiated coverage with a price target of 50p.

Bevly update:
TEXAS UPDATE - RUSSELL BEVLY COMMENCES PRODUCTION

Range Resources Limited ("Range" or "the Company") would like to announce that
production and sales have commenced from the Company's second well at North
Chapman Ranch, the Russell Bevly Unit #1. Less than seven weeks after
production casing was set in the well and the drilling rig released, the
Russell Bevly was turned to sales at approximately 1,000 Mcf of natural gas and
90 bbl of oil per day with approximately 8,000 psi flowing tubing pressure on a
6/64" choke from just one of four identified pay zones. The first zone placed
in production represents just 11 ft. of perforated Howell Hight formation
within total net pay thickness of approximately 130 feet.

It is anticipated that, similar to the Company's first well (Smith #1), the
well will flow naturally for a number of months before it is shut in and a
completion rig moved into place. Once the completion rig is in place, the well
will be fracture stimulated and additional pay zones added to boost rate.
Hydraulically fracturing the reservoirs creates additional permeability paths
from the reservoir to the well bore, increasing production rates from the
various pay zones, which in turn accelerates payout while improving reserve
recovery and overall economics.

The Company will continue to provide further updates on the progress of its
portfolio of assets.

It appears to me that Range Resources are primarily exploring in the USA.
It seems they only have a small interest in Puntland Somalia.
Here is something I read on the Toronto Venture Exchange about another Company.

"The way that I see it is that there will be no drilling in Puntland until there is a period of calm there. Sure the Puntland Government is the most stable in the country, but relative to what.

Problems, problems problems here. Originally there was no interest in Kenya or Ethiopia or not substantialy anyway. It was only when Somaila heated up too much for AOI and anyone else for that matter that Kenya and Ethiopia got some action.

There may be a lot of oil in Puntland and probably there is a lot of oil there, but w/o some semblance of security, there is a distinct problem.

For my bet, the Ethiopia play looks better, but even there, there is problems b/c the Somalis in the Ogaden region of Ethiopia can and have caused problems, most notably, they killed some Chinese oilfield personnel a few years ago on a rig. It will take a master deal maker for Africa Oil to get enough time to produce oil in that region.

The Lundins are very good at what they do, but Somalia is the real test of fire for them"

Invest by all means , but it is mainly USA Southern States based I understand.

Any comments

I am thinking seriously about building a position here over the next 2/3 weeks.

10 shares for a bit of a laugh is that?
or will you go for broke and buy 100?

For a 63 year old you are sometimes a very naughty boy..lol.

64 now, so will you still love me?

depends on what sort of position mitzy was thinking of.,.

in 5 years time just possibly may not be interested any more ... btw, never got your e-mail

sent two, maybe in your junk mail...... marked emu??

nope .... try to my office address; you have that but check you have the fullstop between the initial and the first letter of my surname (office addy) as without that, it just disappears into the ether .... i got the one about your disappointment with h'gate, so i wonder what happened subsequently

sp down a little today yet trade buy's double sells with a 1mil buy last thing..

On the move UP

Indicators at oversold, MACD is getting ready for divergence

3 month

News are expected........

Texas reserve report this week,

Georgia seismic and drill programe next week!

Due to the good cashflow, the price does not reflect the good EPS and undervalued PE of 2.9

Most likely due to drilling in risky areas, Georgia and Somalia, but the cash flow comes from Texas safe enough

That Atuk thread very quiet now rsi ?

Buy..buy..buy.

The B@stard " ravey" aka "SPINSTER " aka " CAT Lady" is on the prowling again with the STALKING business not RRL business

Get somebody else to F#ck you, I do not like urine smelly old ladies (1)

(1) Nothing againts old ladies

hmmm you certain have some disturbing thoughts swirling around your head !

Volume is going to be good today as there is as much volume as last friday on only 3 hours trading and more positive on a rising day.

Charting: another push and share price over the 20 days moving average, more positive signals

I am positive Master.