.

profit taking seems to be slowing now

There will be an rns with your holdings soon gibby. :-)

Looks like management got the tactics a little screwed for a while with the trading halt and then back so fast. A bit like our cricket team this morning 60 odd for 5.

Suspect we will get a recovery tho.

..........both.

For what its worth - Panmure Gordon have reiterated their TP of 13.80p

I bet they are at the sale this morning

Fox Davies Capital note:
Range Resources (LON:RRL) (BUY, 27p) together with its joint venture partners, Horn Petroleum Corporation (TSX: HRN) and Red Emperor Resources (LON: RMP), today announced the spudding of the Shabeel-1 well on the Dharoor Block in Puntland, Somalia. Horn Petroleum, the well operator, is currently preparing to drill ahead to a total planned maximum depth of 3,800 metres. Drilling operations have also commenced on the Shabeel North-1 well with the setting of the 30 inch surface casing and the drilling of a 50 meter pilot hole. The Sakson 501 rig will be used to drill both wells which are expected to take approximately 90 days each for drilling and evaluation. These two wells satisfy the first exploration period minimum work obligations of the Production Sharing Contracts for both the Dharoor and Nugaal Blocks. They are the first oil exploration wells to be drilled in over 20 years in the country.
The Shabeel and Shabeel North prospects are located on a Jurassic aged rift system which is part of the same system that has proven to be highly productive in the Masila and Shabwa Basins in Yemen that contain an estimated 6 billion barrels of oil. Both prospects are very large fault block prospects with internal estimates of Prospective Resources of over 300 million barrels of oil (mean 100% basis), with Range’s 20% attributable interest being over 60 million barrels. Source rocks are expected to be rich Jurassic Kimmeridgian shales in the deep portion of the rift immediately down dip from the Shabeel prospects. Reservoirs are expected to be sandstones and carbonates of the Lower Cretaceous and Jurassic systems analogous to Yemen.
Online news service — http://allpuntland.com/

Range and Red Emperor lower despite "monumental" spudding

broker Panmure Gordon said the longer-term exploration upside of Range’s portfolio is illustrated by the un-risked NAV of 92p/share attributed to its interests in the Herrera Formation in Caribbean and the wider Georgian and Puntland acreage.



http://www.proactiveinvestors.co.uk/companies/news/37893

Early Bath (auction) -20.8%.

Not surprised. Huge volume of +114m traded so far.

Should have traded at 13p.......oh well.,.

unlucky baler - but it will be back

reckon many moved to mchl, ldp and a few others temporarily

gla

FoxDavies views from the trading floor -
Tuesday, January 17, 2012
We have been highlighting Range Resources and Red Emperor Resources over the last few trading sessions, as traders rallied both stocks aggressively ahead of the spudding of Puntland in Somalia. Both stocks have enjoyed a near 100% rally over the last few months ahead of this anticipated news, and today the news investors have been eagerly awaiting hit the wires. The announcement highlighted the Spudding of the Shabeel-1 well, the first of two planned landmark exploration wells, in the Dharoor Valley, Puntland, Somalia, The first oil exploration well to be drilled in over 20 years in Puntland targeting Prospective Resources of over 300 million barrels of oil (mean 100% basis) Initial operations also commenced on the Shabeel North-1 well (second exploration well) Drilling is expected to take approximately 90 days. Both stocks retraced approximately 15% in trading, as investors took the news as a chance to take profits from a fantastic run. Even after this short spell of profit taking, both stocks are still up approximately 65% from the lows seen in mid-December.

wonder how the asx will end?

Before opening tonight, on the ASX they are sitting at 0.190 = 13 pence

Without news could be a large fall, like us

With news , a rise and we play catch up in the morning.

RRL's home page still shows the 17th Jan end of trade price at 0.190, no change.
I thought the suspension of trade had been lifted, oh well.

indeed - i guess it was the fund raising announcement at 10.75 that did most damage yesterday then - it will recover gl

Hotting up again added some more this morning. Accumulating them as brokers say.

In auction.

good stuff gf - me too - buy on any weakness - what a day :-))