.

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.

courtesy (wirralfinance - HotCopper)


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 Range?s three field development in Trinidad. On a full discounted basis, they estimate that the value of Range?s 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 Range?s 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 value?s Range?s portfolio of Texas assets at approximately

Bring it on!!!!! It has to be good surely?

Even the gas looks fantastic.

Better than a loot loot.

Need Georgia update and Punti mob.

Up 2.3% on the ASX

good stuff
listen

http://www.youtube.com/watch?v=L5YUCygMBiE

Your crazy.lol

Good to see 15p today

http://www.youtube.com/watch?v=A_cVJQGl5n0&feature=fvwp&NR=1

Your crazy

rolling
incog

http://www.youtube.com/watch?v=XZ69nnkULns&feature=related


http://www.youtube.com/watch?v=T1Akny2e_HY&feature=related
http://www.youtube.com/watch?v=b8KlOZEgtKs

http://www.youtube.com/watch?v=2bq5cJcoMTo&feature=related

http://www.youtube.com/watch?v=BcP_EsLFXGw

lol

http://www.youtube.com/watch?v=Ms5PZ13P9nI&feature=related

YEhaaaaaaaaaaaaaaaaaaaa