.

roll on tt rns and other news

Thought we'd have had an update on T&T by now?, But all news from the wells have to go through state run Petrotrin, so its anyones guess??...

Sorry, late on duty today! Range unchanged yet again on ASX, volume only 250,460.

Cheers. DC will be proud of you keeping up his good work - free of charge!!!

:o)

cheers kim - i hope you have a good reason for being late!! lol
only joking of course - thanks for that - and yes dc will be proud
have a good day
blue here again and rmp flying
news getting nearer daily - i would not wanna be outta rrl or rmp over the weekend
:-))))))))

On a volume of just 545000 RRL finished level again on the ASX. I will now hand the reigns back to DC as it is my turn to go on holiday! I hope your week goes well.

Trinidad and Georgia Drilling Update

Hope you have a great holiday Kim and thanks for your early morning reports.

Thanks 3M!

cheers kim - have a very good holiday

Welcome back DC and hope you had a good holiday and a rest from this lot. Unfortunately as you can see no great guns!!! On the contrary quite the opposite. Just another waiting game.

Great to be back 3 monkies. Then the waiting game we will play.I thought it would be worse with the likes of greece etc. The 20 or so barrels at TT is a start.

Well done to kimoldfield.

http://www.somaliareport.com/

City analysts cheer Range Resources' progress
Mon 2:40 pm by Giles Gwinnett Moreover, the company said a second step-out well had also been completed on Morne Diablo and the results indicated extremely attractive resistivity oil sands across 215 feet City analysts hailed the progress and potential of Range Resources (LON:RRL, ASX:RRS) today as the firm revealed it had successfully completed the first two wells of its 21 well programme in Trinidad.

Barney Gray at Old Park Lane Capital rated the company's shares a "buy" targeting a price of 27 pence, while FoxDavies analyst Shahin Amini also gave the stock a "buy" recommendation targeting a price of 24 pence.

The company's shares are currently trading at 12 pence each.

Range said it was "extremely pleased" after the first well on the Morne Diablo block in Trinidad hit a higher than expected net pay zone.

This well, a replacement to an old one, is now producing high quality oil at a test rate of 20 barrels per day and higher rates could be achieved depending on pump selection, said the firm.

Moreover, the company said a second step-out well had also been completed on Morne Diablo and the results indicated extremely attractive resistivity oil sands across 215 feet.

Plans for this well's completion have been lodged for approval with Trinidad authorities and the aim is to have it producing within the week.

"Range has successfully completed the first two wells of a 21 well programme on the Morne Diablo Block in Trinidad.

"The first well delivered a higher than expected net pay and the second is anticipated to go on production within a week. With a third well expected to commence imminently, we believe that Range is making good progress to its target output of 1,400 1,800 bopd from this initial programme, said analyst Gray, at Old Park Lane Capital.

Range is focused on finding hydrocarbons in Puntland, Somalia, the Republic of Georgia, onshore Texas, USA and Trinidad.

In Georgia, the firm said drilling had restarted at the Mukhiani well after a blowout preventer was installed and it was now at 1,339 metres. Total depth of 3,500 metres is expected later this month.

The firm also told investors today that it had extended its equity line of credit facility for an extra 30 million with First Columbus/Duchess.

Range said it was fully funded for its exploration activities with existing cash and around 15 million due from the exercise of `in-the-money' options due to expire before the end of 2011.

Thus, in the event of a discovery on any of Ranges exploration wells being drilled in the coming months, the firm will have immediate access to funds for any appraisal operations if necessary.

In a note, Gray added: "... with an aggressive drilling programme focusing on four fronts, the likelihood of a discovery and further appraisal work implies the need for additional funds."

Meanwhile, analyst Amini, at broker FoxDavies, commented: "Range has an extensive drilling programme underway with four high impact wells expected to be drilled by the end of this year.

"These wells will test exploration plays with an aggregate potential of 1 billion barrels of un-risked resources net to the company. The companys exploration risk profile is balanced by a portfolio of producing and development assets onshore USA and Trinidad."

The analyst added that the broker's core net asset value NAV estimate (producing and development assets) is 8.4p per share and its risked NAV (including risked exploration NAV) is 23.8p per share and near term drilling activities in Georgia and Trinidad had the potential to unlock resources with an un-risked upside of 48p per share or about four times the current share price.

"We believe that the recent moves into onshore USA and Trinidad are positive developments in diversifying the asset base, presenting investors with a more balanced portfolio that now includes production and near-term development opportunities," added the FoxDavies note.

RRL held on the ASX

RRL held on the ASX

Thanks to miracle boy on interative investor ii


All these conspiracy theories about MM's playing with our share price and large shareholders pumping up the price on false information to make a profit is just daft.

Fact of the matter is there are too many shares in issue to sustain a decent rise in SP based on the information we currently have. To even move the shareprice 1p the valuation needs to go up by 18 Million.....This is not going to move unless we get monster rates from Trinidad and a really cracking CPR with UC targets, discover in either Georgia or Puntland or we get taken over.

Compare that to RMP>>> For RMP to move 1p their valuation only needs to rise by 1.5 Mill (less than 10x RRL) So as we get closer to TD in Georgia and as we spud Puntland expect some big rises in RMP but not so much Range.

IMO the next big price mover for Range will be the TT CPR including UC targets. This is information the market is unaware of so could cause a surprise! The value of Trinidad though will take a while to be evident in the SP because its going to take a while to get to full production. Based on this are we better to be in RMP for G and P and then come back to Range to realise the value of TT??

Range has a Trump card though and that is Puntland offshore! If you believe the talk on RUM this could also surprise the market.......

Hindsight is a wonderful thing!