.

The markets are some of the blame as well as Range management. Seem very much to be pushing TT, hope Puntland performs.

Horn still sitting + 12%. Could be an interesting day tomorrow, with perhaps an RNS.

DC I agree, the more I read it. the more is becomes clear thatthey are not very confident with Putland. You can feel tha passion when talking about Trinidad but Putland well if it happens great if not don't worry. I would say it is probably the first company that has watered down (execuse the pun) their RNS each time they talk about it. This was supposed to be the game changer, now i think they wantto spin it off, hoping that someone will come in and buy the asset who are willing to take the risk ! After reading this one, I really have little hope of success. Other companies like GKP and Heritage oil, when they were looking for oil in new areas, the SP built up as it got closer the TD. Here the SP goes the opposite.

My opinion only

Still wondering whether to get some more at these prices to bring the spread down!! Or do I hold at 11p and keep to the biscuit tin theory?? Do not like the consolidation idea no matter what, nor the split in the companys assets. DC I wonder where Gibby is, I know I have mentioned this before but beginning to get concerned as the name has been around for years? I couldn't imagine gibby being under another ficticious name without yeeeeeeeeeehaaarrrrrrring!!!

pumben, agree. Good to see your opinion. You may laugh but I hope Africa oil/ Horn are
not the future buyers. Hmmm

3 monkies , I would think he is looking in. :-))

Hope gibby is looking in from the living aspect and not from heaven. Just hope he is in peckam and not strangeways and where ever, I hope he has access to a computer and says "cheers" to remembering his annoyance to us with y tube etc. Good night all.

News in Oz last night; they have revised the depth of drill to 3,400 meters.

DEEPENING OF SHABEEL NORTH WELL
Range Resources Limited ("Range" or the "Company") provides the following update on the Shabeel North well currently being drilled in Puntland, Somalia by the Company's Joint Venture Operator, Horn Petroleum Corp. (TSXV: HRN).

Further to the recent announcement on the testing of the upper Jesomma sand reservoir which yielded fresh water, the well continued drilling through the entire Jesomma reservoir section and had reached a depth of 2,200 meters. The section contained several additional sands with oil and gas shows and a full set of electrical logs was run to determine if these sands contained potential oil zones which would warrant further testing. The analysis of these logs indicate that the most prospective looking zone in the well was the upper Jesomma sand interval that had already been confirmed by testing to contain fresh water and thus no further testing could be justified.

Based on the positive evidence of oil shows and the presence of good quality reservoir in the Jesomma, the partnership has decided to deepen the well in order to evaluate the potential of the Lower Cretaceous and Jurassic sections. The current revised total depth will be approximately 3,400 meters and is expected to take an additional 15 to 20 days to reach that depth. The Jurassic section in the nearby Shabeel well had thin reservoir sands with oil and gas shows, but this section was determined to be not thick enough to warrant testing. These sands are expected to thicken basinward towards Shabeel North. There was also evidence that there may have been faulting in the Shabeel well which could have cut out a significant portion of the basal reservoir section, which is not expected in Shabeel North.

Horn Petroleum President and CEO David Grellman stated "While we are obviously disappointed that the Jesomma sands tested wet, the overall results of the two wells drilled during this campaign are quite encouraging in the long term prospects for oil potential of the basin. We have confirmed a working petroleum system, good quality reservoirs and thick impermeable sealing rocks. The two Jesomma structures drilled to date appear, subject to final petrophysical analysis, to have issues with the integrity of the trapping mechanism. We are still hopeful that the lower zones in the Shabeel North well may have favourable trapping geometries against the deeper thick carbonate and anhydrite sections seen in the original Shabeel well."

Must be worth the extra cost of drilling on, must be a chance.

ASX put on 5% with the Puntland update

couldn't deliver the Olympic effect ! RNS gives no real confidence, the wording is no different from the others. I understand that the drilling is a risk but considering the time they have been in here in Putland their analysis should have been much better in my opinion.

At back of mind, the number of delays and mistakes you can't get away from thinking could it be a deliberate delay waiting for the political environment to settle - but that is me that dreaming !

Agree pumben, as long as RRL/RMP do not run out of cash. How they go to the markets with these sps I do not know. Unless this is being played like you say.

DC, Last chance saloon comes to mind. Only another 15-20 days before they put us out of our misery ! All within 1 week from hope to hanging by the thinnest thread. Apart from their first rns that drilling has started, all of their follow up rns on this subject have been to highlight failures. So I ask myself what have they done differently or analysed to give us confidence that they will have success at the new TD ! Nothing from I can read from the rns.

Again I agree with you, looking at the cash that thye reported in the interview with the MD, there is little money in reserve. Not sure what the additional costs would be anyway and with Columbia also needing money in parallel, a big concern. Christ gave £5 million away for a runway which is unlikely to be used by RRL anyway !

How will they raise any money with the current SP !. They only managed to get additional funding at 12p when the SP was 18p just when the Putland drilling had started !

pumben, PL might use the runway for a quick getaway in his private jet if he is over there at the time of news. :-)). There are just so many theories, drilling into fault lines,
hanging the drill out, Africa oil screwing us , etc, etc, .
One thing for sure if this carries on falling for a week or so before the next news and if its not good news, we are going to go on a life support machine. (we - the company). As this could become a 1p - 2p sp. Puntland is sucking the life out the company, like a leech.

They will have to raise money on the TT assets or even future TT assets. Perhaps spending cash before its in their hands. Puntland must come in.

Selling on the rns news seems to have settled for now

I've read it again, the word "hopefully" by the Horn management does not give me any inspiration that they are going to succeed !

Again my opionion

OilVoice Morning Movers - Red Emperor Resources, Range Resources and Chariot Oil & Gas
Friday, July 27, 2012
Red Emperor Resources (LON:RMP) and Range Resources (LON:RRL) announced this morning that "no further testing could be justified" on the Upper Jesomma sand interval in the Shabeel North well in Puntland.

Horn Petroleum President and CEO David Grellman stated "While we are obviously disappointed that the Jesomma sands tested wet, the overall results of the two wells drilled during this campaign are quite encouraging in the long term prospects for oil potential of the basin. We have confirmed a working petroleum system, good quality reservoirs and thick impermeable sealing rocks. The two Jesomma structures drilled to date appear, subject to final petrophysical analysis, to have issues with the integrity of the trapping mechanism. We are still hopeful that the lower zones in the Shabeel North well may have favourable trapping geometries against the deeper thick carbonate and anhydrite sections seen in the original Shabeel well."

Red Emperor Resources are currently trading at 9.52 pence a share, down 13.45% on opening.

Range Resources are currently trading at 5.19 pence a share, down 2.99% on opening.

Chariot Oil & Gas (LON:CHAR) announced today that drilling operations are under way on the Nimrod prospect offshore Namibia.

Paul Welch, CEO of Chariot, said: "We are very pleased to announce the spud of our second well in our 4-5 well drilling programme which will run through to the end of 2013. Nimrod is the biggest prospect in our inventory and any success would be transformational for both Chariot and Namibia. We look forward to being able to update the market with the well results in due course."

Broker FoxDavies said: 'The short-medium term outlook for shareholders is bolstered by the impressive preliminary resource estimate for the prospect of 4.9bn barrels of oil. The medium to longer term outlook is buoyed by the aggressive drilling programme for its Namibian assets.'

Chariot Oil & Gas are currently trading at 117.85 pence a share, up 4.06% on opening.



Read more: http://www.oilvoice.com/n/OilVoice_Morning_Movers_Red_Emperor_Resources_Range_Resources_and_Chariot_Oil_Gas/26cb47bd948c.aspx#ixzz21osWoSYL

Horn down 2.44%

hmm... I would have expected a greater drop but then again, it's dropped 50% + already