.

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 :-))

I thought that gibby about the fund raising annoucement, could of been a blue day without that. Had a look 18% odd down in Oz last night.

it probably was dc - good to see the recovery from the lows here - thought that was a tad over done

Caught a lot of traders out. I thought we would rise on waiting for the last rns.

News of a deeply discounted share placing dragged Range Resources down 2.5p to 10.75p. The company placed 18.3m shares at 11.5p. Drilling has started on the first well in its oil exploration project in the Dharoor Valley in Somalia. Apparently it is the first drilling in the country for 20 years. Broker Fox Davies Capital’s target price is 27p.


Read more: http://www.thisismoney.co.uk/money/markets/article-2087920/MARKET-REPORT-Punters-outsourcing-group-Mouchel.html#ixzz1jqhnDZLR

Sorry for being late, Range up 3.23% on the ASX

cheers - flat'ish day here perhaps

Thanks to

Pearlexporter





The reality is simple, we will never be in a position of actually getting the oil to the market ourselves from Puntland. We will 'hopefully' find oil, prove up the find and then sell to the highest bidder, that is the strategy that PL has consistently repeated. 'If' the three wells are a success (2 in Dharoor and 1 in Nugaal) then it is very possible that RRL will have sold their onshore stake in Puntland by the end of the year. What price? Depends on the quantities, markets and number of purchasers we have competing for it. I don't think we will have to look for buyers though if we hit big in any of these first 3 drills, they will banging at the door...

So, again asuming we find what we desire and our Puntland onshore stake is sold, expect a monster dividend and more funds to be invested into developing our Georgia, Trinidad and most likely, by then, Colombia licences too. I also really think we will have a larger chunk of Tangiers by then too.

So, by the end of 2012 hypothetically - we may well have sold off Texas too. Plus, the daily flowrates and revenue from Trinidad will be multiples of current levels by then too, so we could seriously be in a VERY strong cash position. Now, we have all seen what PL can do with a few million $, I would love to see what he can do with a few hundred million $....

One certainty, there's going to be a lot of drama this year in RRL. This stock is certainly not for the faint hearted.