.

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.

Some questions sent to Peter L and answers, thanks to eedway - I e-mailed Pl earlier with a few questions, he has just replied and perhaps some info worth sharing.
------------------------------------------------------------------------------------------------------------------------------------------------------
Thanks paul see below

Sent from my iPad

On 20/01/2012, at 12:45 AM,


Hi Peter, great news about Puntland spudding..........lets hope we hit a monster strike !!

Just a few quickies if you could spare the time once again,


Whats happening with Smith2 ? No news since flow testing was underway on the 9th Dec ? Hard to assume its not going so good.

Not at all - already a success - goes straight to fraccing



When are we likely to find out if Albrecht is flowing or not ?

Still to hit td and target zones - currently running casing - next week if all stays on track



Do we have a Herrera spud date yet ?


Few options still being evaluated


How did the meeting go with the minister in Trinidad (you mentioned below). It would appear the newsflow situation has not changed.


Meeting them again end of jan - too hard for us re news flow


Even though we havent heard anything, can i assume the 300 staff are drilling like mad and we will hit the revised target date of 21 wells by the end of quarter 1 ?

Yep


What level of BOPD do we need to currently breakeven in Trinidad ?


Not really a break even play - we could stop all development and it would make good money - all about how big a development program you want - currently looking at 60 wells plus beach water flood for 2012


Many thanks in advance and i sincerely hope you can find time to respond,

Kind regards

Paul.

UP 3.23% on the ASX - 0.160$ = 11 pence

Several e mails about to investors from PL, thanks to Great room


Especially regards to Colombia, appears to confirm there will be no dilution and appears to confirm the deal WILL be done.

Hi Pete,

Firstly I'd like to congratulate you and all your colleagues for spudding Shabeel-1, this alone is a monumental achievement and I feel proud by proxy to be involved as a shareholder.

I would be very grateful if you could address a couple of questions which have arisen regarding some of our other projects.

1.) What would you say to those shareholders who would be disappointed if Range took an interest in additional projects at a time when we have numerous large scale projects already. Notably, many are concerned that further dilution will undermine their investment. This is in reference to speculation that we may be raising funds for acreage in Colombia in the coming months.

Agree - that's why we have held back - have had a few good debt offers coming in given Trinidad and texas so there won't be any meaningful dilution to do Colombia


2.) The Smith well was being flow tested in early December, is there any reason to be concerned at the long absence of news on this matter?

Not at all - smith is a success that goes straight to fraccing given producing zones have been proven and of similar size to #1 and Bevly


3.) Similarly, with Kursebi expected to have spudded early January at the latest, is there any cause for concern here? I am lead to believe there were issues with the drilling crew and they had to be replaced.

End of jan , early feb for spudding - drilling contractor fine - did reassess project mgt given difficulties with first well and make sure second well is done better and that It as undergone an even more rigorous technical review from some fresh eyes


4.) In the recent RNS regarding Puntland, there was no mention of planned regular updates. I understand this in Horn's project, but would you expect regular drilling updates throughout the drill?

Yep but not for first 30 days

Kind regards,

http://www.bbc.co.uk/iplayer/bigscreen/tv/episode/b019jsr8/
8 mins into news there is a nice interview with Keith Hill

Thanks to potts on ADVFN via RUM

2bn recoverable fro Dahoor basin!!.......

http://www.rangeresources.com.au/fileadmin/user_upload/research_Reports/RRL_17_01_12.pdf

A very brown PL on Aljazeera tv from INT11


http://www.youtube.com/watch?v=-HTzlH7EGE8&feature=plcp&context=C3c0e9b7UDOEgsToPDskLPqoEiFrKNj8VeptWjZ5q9

From Brokerman Dan.....

http://brokermandaniel.com/2012/01/21/range-resources-eyes-on-for-monday/

Very interesting goldfinger. I think Range is getting the publicity now.


Like it -

The oil in place in Puntland is estimated at 19 billion barrels. Yes you’ve read that correctly. With what the interviewer describes as a potential $1.9 trillion dollar revenue stream. Of course not all the 19 billion barrels will be recoverable while Range do have partners and have to pay taxes etc But still the figures are jaw-dropping.

19 billion barrels.. wow.

Well name Shabeel, at a guess drilling about 55mtrs a day.
Drilling for 3 target zones. WE have a c.o.s of 25% on the first two and 20.7% on the third.

1st target zone - formation name - Jesomma Sandstone - 3,300ft

2nd -Early Cretaceous - Qishn Sandstone - 6,900ft

3rd - Jurassic - - 8,200 ft.


Would be great to hit the first pay zone to keep the market positive for the two deeper zones.

waiting for the offshore Puntland announcement with the 20% free carry.

Find a couple of oily penguins and these could go ballistic.

PL does state that there could be indications of HC's quite early in the drill?..

Morning grannyboy, good news.