.

Oh well done and good luck. I've not got them so they are sure to fly.

Just need good news about this water in the well. Do not know if the well is ruined whether there can be a claim . Lets hope not.

lol lol i am in greece having fun
roy ayres

How long are you there for

Thanks to spikeyDT on interactive investor ii



Range Resources
August 10, 2011
http://oilbarrel.com/news/range-resources-quarterly-report-has-good-news-not-only-about-its-current-exploration-drilling-in-georgia-but-also-about-production-in-trinidad-and-the-us

Quarterly Report Has Good News Not only About Its Current Exploration Drilling in Georgia But Also About Production in Trinidad and The US


ASX and AIM -Listed Range Resources has been in the news because, with its partners Georgian Strait Oil & Gas and fellow ASX and AIM-listed Red Emperor Resources it has embarked on a pioneering role in drilling onshore Georgia. The Mukhiani -1 well, the first of a two well programme is on the little explored Blocks 6a and 6b is targeting the Vani 3 prospect with 115 million barrels (mmbbls) of oil-in-place on block 6a. Range has potential exposure to 46 million barrels (mmbbls) attributable to its 40 per cent interest. Success would mark an important milestone for Range and could be company making for the smaller Red Emperor which has 23 million barrels attributable to its 20 per cent interest.
But in all the excitement it is easy to overlook the fact that Range is not a one play concern. On one side it has acreage in the autonomous country of Puntland in Somalia which is, if anything, higher risk than Georgia, but also potentially higher reward. On the other, it has diversified into low risk production in the US and elsewhere in order to underpin the higher risk Georgia and Puntland with some cash flow. It has, according to house broker Old Park Lane Capital, struck an important balance between production, development and exploration.
Along with its updates about progress in Georgia Range has come up with a quarterly report on all its activities and it has issued good news on more than one front. During the quarter which ended on June 30 2011, the company completed the acquisition of a 100 per cent ownership interest, through SOCA, of holding and subsidiary companies that have three production licences in producing onshore fields in Trinidad. The transaction also included a drilling company with nine production and drilling rigs and associated facilities. Range will utilise there of the company rigs to execute a 21 well development programme targeting an increase of production from a current level of less than 700 bopd to 1,400-1,800 bopd. Less than two months after completing the Trinidad acquisition the company is just after announcing it has successfully drilled its first development well on the Monte Diablo block. Despite the shallow nature of the drilling, open hole logs indicate the presence of approximately 145 ft of net oil pay in the Shallow Forest Formation, an established producing horizon on the block. Casing is currently being installed for production testing soon.
Old Park Lane has attributed a valuation of approximately US$152 million (NPV 10) to Ranges three field development in Trinidad. On a full discounted basis, they estimate that the value of Ranges interest in Trinidad is worth approximately US$17.30 per barrel of reserves (P3) at an oil price of US$85 a barrel after all royalties, capex, opex and tax. Assuming approximately 2,011 million shares on a fully diluted basis and an average exchange rate of US1.64: 1.00, they ascribe a valuation of 4.6p per share to the Trinidad interests.
In Texas in the US Ranges current production is derived from the Smith #1 and Russell Bevly wells. On the North Chapman Ranch where these wells are located, production during the quarter increased significantly from 120 boepd to 260 boepd net to the company as a result of successful fracture stimulation of both these wells. Since this work, gross production reached a high of 9.3 million cubic feet of gas a day (mmcfpd) and 800 bopd during the quarter. Range also has the East Texas Cotton Valley Prospect where things have not gone so well. Old Park Lane currently values Ranges portfolio of Texas assets at approximately 4.3p per fully diluted share. Although the recent news regarding operations at ETCV could be described as a modest setback for the company, ET is a comparatively modest constituent of their assessment, representing only 0.5p of its combined Texas valuation.
During the quarter Ranges joint venture partner and operator of the Puntland venture, Africa Oil announced a letter of intent with a drilling sub-contractor. Africa Oil has now announced that, through its newly created company Horn Petroleum Corp, it is in the final stages of preparation to start a two well exploration drilling campaign in Puntland. Two drilling locations have been selected in the Dharoor Valley Block and range anticipates that the first well will spud in the early part of Q4 2011. Range will be contributing to drilling costs in respect of its 20 per cent interest.
Old Park Lane says that with potential oil-in-place in excess of 18 billion barrels across Ranges acreage, Puntland represents one of the last great under- explored onshore oil provinces in the world. Consequently they retain their valuation of 12.9p per fully diluted share for Ranges interest.
During the period under review Range and its partners, operator Strait Oil & Gas and Red Emperor Resources were mobilising in readiness for the spudding of the joint ventures first highly respective well the Mukhiani-1 well on Block 6a in Georgia.
As we have reported this well as now been spudded and progress reports from the company are anticipated over the next six weeks with the result of the well likely in September. Following the completion of the Mukhiani-1 well, the drilling rig will move on to a new site to spud Ranges second exploration well as part of a two well programme.
On a fully diluted basis, OPL ascribes an adjusted valuation of 4.4p per share for Ranges Georgian assets. However, in the event of a successful drilling programme in the country, this conservatively discounted valuation would be subject to a positive review.
Adding up these valuations up gives you an overall value of 27.3p a share for the fully diluted equity. This is some way north of the current rice of 12p and the company still has A$17.4 million in cash at the bank following the completion of the Trinidad acquisition.
As for Red Emperor this is a pure exploration play in that its only assets are its stakes in Ranges exploration interests. Old Park Lane is also the broker here and says: Red Emperor provides investors with leverage into exciting exploration plays with elevated risk/reward profiles. Although the stock is a comparatively higher risk proposition that its peers our valuation of 116p indicates that here is significant upside in the current share price in the event of a successful result with the drill bit. Red Emperor gained admission to Londons AIM in June at 23p.

Lets see what tomorrow brings or so the song goes.

Its not over till the fat lady sings. Lets hope she can sing.lol

Thats the one - better than all my wasted parents tutorial fees haha!!!!

Just wonder what the effect will be of this 21 drill programme before xmas.

rmp

Yes I am in the club

DOW up 429 points, good day in prospect for tom. toot,toot.

"Yes I am in the club"...........congratulations on your pregnancy, dc. Hope it was the result of careful planning rather than a shot in the dark?

Good one HC. Good to see a sense of humour. Twins Harry. lol

RRL up 7.89% on the ASX

http://www.asx.com.au/asxpdf/20110810/pdf/4209xbnhz1dctk.pdf

Did notice Anthony Eastman mentions the distressing sp for shareholders. I do not think it will be for long.

You have to go right to the end for the best bit, "Range has a 12-month
exploration and development plan which it will complete irrespective of market
conditions. The Board believes that the plan will see Range fulfil its
exponential growth agenda for the benefit of all shareholders."

Nice and steady .

That is the bit I like as well mikegr. A very good report.