Sharesmagazine
 Home   Log In   Register   Our Services   My Account   Contact   Help 
 Stockwatch   Level 2   Portfolio   Charts   Share Price   Awards   Market Scan   Videos   Broker Notes   Director Deals   Traders' Room 
 Funds   Trades   Terminal   Alerts   Heatmaps   News   Indices   Forward Diary   Forex Prices   Shares Magazine   Investors' Room 
 CFDs   Shares   SIPPs   ISAs   Forex   ETFs   Comparison Tables   Spread Betting 
You are NOT currently logged in
Register now or login to post to this thread.

Range Resources Ltd (RRL)     

dreamcatcher - 19 Feb 2013 19:28




Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) Trinidad-focused independent E&P company, with a 100% interest in three onshore production licenses, namely Beach Marcelle, South Quarry and Morne Diablo, as well as additional highly prospective exploration acreage on Guayaguayare license (farm in) and newly awarded St Mary’s licence.The Company is focused on growing its production through waterflood projects, combined with extensive shallow onshore development drilling programme.

The Company has independently assessed Proved reserves (2P) in place of 22.1 MMBO.

Range has further interests in Guatemala; Puntland, Somalia; Colombia; and Georgia.


http://www.rangeresources.co.uk/about.asp

Free counters!

Chart.aspx?Provider=EODIntra&Code=RRL&SiChart.aspx?Provider=EODIntra&Code=RRL&SiChart.aspx?Provider=EODIntra&Code=RRL&Si

dreamcatcher - 17 Apr 2013 17:01 - 48 of 424

Either be 2p on the next rns or erhhh ?

3 monkies - 17 Apr 2013 17:07 - 49 of 424

Hope it is not By Bys forever.....

dreamcatcher - 17 Apr 2013 17:13 - 50 of 424

Well lets just hope its for the best. Range looks to me to have no expertise in getting the oil out the ground. So may be we will get someone on board that does. A lot of rumours out there at the moment.

dreamcatcher - 17 Apr 2013 17:14 - 51 of 424

I do smell a share consolidation and a placing,may be wrong.

3 monkies - 17 Apr 2013 17:21 - 52 of 424

Dirty word to me, share consolidation as you know, however if that what it takes we shall have to take it on the chin.............

dreamcatcher - 17 Apr 2013 18:13 - 53 of 424

Just hope Fox Davies were aware of the latest news when they gave out the 25p future forecast ?

dreamcatcher - 21 Apr 2013 20:51 - 54 of 424

A very tight ship, with no leaks. Read all the boards and no one has a incline of what's going on. Looks like another day in suspension tomorrow .

dreamcatcher - 23 Apr 2013 20:22 - 55 of 424

Been in suspension since the 15th, Lets hope for a RNS on the ASX tonight.

3 monkies - 23 Apr 2013 21:09 - 56 of 424

I am as much a mushroom in the dark as everyone else dc. Not funny.

dreamcatcher - 23 Apr 2013 21:18 - 57 of 424

Will be good to be a mushroom in the light of news 3m.

dreamcatcher - 24 Apr 2013 06:05 - 58 of 424


Merger with International Petroleum RNS

http://www.asx.com.au/asxpdf/20130424/pdf/42ffnkf7g2kbs3.pdf

skinny - 24 Apr 2013 07:34 - 59 of 424

Restoration - Range Resources Limited

The trading on AIM for the under-mentioned securities was temporarily suspended. The suspension is lifted from 24/04//2013 7:30am, an announcement having been made.

Ordinary shares of No Par Value, fully paid (DI) (B28QX48)(AU000000RRS3)

If you have any queries relating to the above, please contact the company's nominated adviser on +61 (0) 9480 2500.

Range Proposes to Undertake Strategic Merger

RANGE RESOURCES PROPOSES TO UNDERTAKE STRATEGIC MERGER WITH
INTERNATIONAL PETROLEUM

HARRYCAT - 24 Apr 2013 08:22 - 60 of 424

I see that Frank Timis is a shareholder! Not sure if that's good or bad.
"An acceptable Relationship Agreement being entered into with Mr Frank Timis, a director and the major shareholder in International Petroleum, with a current 37.7pc shareholding via Safeguard Management Limited. As a result of the proposed merger, Mr Timis would ordinarily end up with a shareholding of approximately 14% in the enlarged Range."

However, this doesn't seem such a bad deal for RRL which was going nowhere recently, though the 3:2 ratio could have been better. "The merger would be undertaken by way of Range acquiring all the issued capital of International Petroleum." I see pretty much every other b/b is now talking about a share consolidation with the shares in issue being so high, assuming the merger goes ahead. One good thing seems to be that Peter Landau is going to be pushed into the background if the merger continues. Most seem pretty unanimous in their criticism of PL's inability to move RRL in any constructive move forward and the continual erosion of the share price.

dreamcatcher - 24 Apr 2013 15:07 - 61 of 424

Good views Harry.

dreamcatcher - 24 Apr 2013 15:18 - 62 of 424

Looks like the market likes the deal, not.

dreamcatcher - 24 Apr 2013 17:50 - 63 of 424


Range slumps on International Petroleum merger




By Darshini Shah | Wed, 24/04/2013 - 09:26






Shares in Range Resources (RRL) plunged almost 20% on Wednesday, before recovering to an 11% drop, as it proposed a merger with International Petroleum on a ratio of three Range ordinary shares for every two International Petroleum ordinary shares, valuing International Petroleum at approximately AU$105 million (£71 million).

International Petroleum holds "highly prospective" assets in Russia, Kazakhstan, and Niger with total proved, probable and possible (3P) reserves of 233 million barrels (mmbbls) of oil and best estimate prospective resources of 761 mmbbls of oil and 157 billion cubic feet (bcf) of gas.

It is hoped that the merger will create an Australian Securities Exchange and AIM-listed oil and gas company "with a strong production growth profile from the ongoing development of its significant reserves and resources base". The key near-term focus of the merged entity would be the expansion and development of projects in Trinidad, Russia and onshore Africa.

The entity would hold estimated proved (1P), proved and probable (2P) and 3P reserves of 23.6 mmbbls, 100 mmbbls and 264 mmbbls of oil respectively, and best-estimate prospective resources of 802 mmbbls of oil and 156 bcf of gas.

Combined current production for the entity would be approximately 1,000 barrels of oil equivalent per day (boepd), with a target of increasing production to 10,000 boepd from conventional operations and an additional 3,000 boepd from unconventional operations by the end of 2015.

In Trinidad, Range Resources holds 100% in three onshore production licences, with independently assessed 1P reserves in place of 17.5 mmbls, 3P reserves of 25.2 mmbls and an additional 40.5 mmbls of unrisked best-estimate prospective resources. Current production across the fields stands at c. 800 bopd, with a number of activities currently underway aimed at increasing conventional production to 6,000 bopd in 2015 along with 3,000 bopd from the company's waterflood projects.

In Russia, International Petroleum holds interests in five projects: the Kransnoleninsky Project (75%), Yuzhno-Sardakovsky Project (100%), Zapadno-Novomolodezhny Project (100%), Yanchinsky Project (100%) and Druzhny Project (75%). From August to December 2012, International Petroleum produced 25,000 barrels of oil from well number 52 at the Zapadno-Novomolodezhny Project at an average flow rate of 197 bopd, which is projected to increase to 300 bopd with a planned pump upgrade this quarter.

Following the planned completion of a 16-kilometre pipeline during the fourth quarter of 2013 and the first quarter of 2014, an additional 10 wells have been proposed, which are projected to increase production by a further 4,000 bopd. An additional 20 well targets have been mapped, providing excellent potential to further increase production.

In December 2012, International Petroleum was awarded production-sharing contracts (PSCs) over four highly prospective licences in south-east Niger: Manga 1, Manga 2, Aborak and Ténéré Ouest, covering a combined area of over 70,000 square kilometres. The blocks are located in the West African Rift Subsystem, which is a component of the Western Central African Rift System and include parts of the Termit and N'Dgel Edgi rift basins. Recently increased activities by a range of international organisations have highlighted the significant untapped potential of this vastly underexplored region.

"Range Resources and International Petroleum have excellent project and management synergies, with advanced oil and gas projects across eastern Europe, Trinidad, central Asia, Latin America and Africa," commented Peter Landau, executive director of Range Resources.

"The merged entity will have solid oil and gas production that is targeted to increase substantially, backed by a considerable reserve and resource base.

"International Petroleum's production assets in Russia will complement our own core Trinidad assets in building a very significant production base to grow from. International Petroleum's recently acquired assets in the African nation of Niger will also be a strong exploration upside fit with our own portfolio of large potential onshore projects."

The company will be looking to appoint Chris Hopkinson as a managing director of the merged entity. Hopkinson is currently chief executive of International Petroleum and has over 23 years' experience in the oil and gas industry, including senior management positions with BG Group (BG.), TNK-BP, Yukos, Imperial Energy Corporation and Lukoil.

"Hopkinson has immense technical and operational experience which will drive the merged company's production growth in the short and medium term," Landau stated.

Range has received commitments to an AU$20 million placement to major funds and institutions and agreed to provide $15 million (£10 million) to International Petroleum by way of a secured loan over International Petroleum's Russian assets.

Landau added: "The merger will build a stronger, more robust company with greater financial and technical resources, with a particular focus on applying its onshore exploration and development expertise to growing production from its pipeline of projects. We will be able to share people and technical resources in order to maximise returns for our shareholders."

He concluded: "We feel confident that our respective shareholders will be excited by the value-creating opportunities that will be generated through this transaction."

Investor view

"Range got a stonking [good] deal here," stressed Interactive Investor discussion board user 'robjobscotland', explaining: "Combined bopd next year circa 10,000 barrels, institutions in on the act [and] the ramp up in production from the deal is very attractive indeed."

However, 'Symore Bottoms' questioned: "Do you not think that International Petroleum is overvalued at AU$105 million for a company producing just 190-odd barrels a day?"

The user added: "The other stuff about increasing production is conjecture. Plus I thought Range Resources already had enough of those wildcats on its plate with Puntland, Guatemala and Georgia, so why add Niger to the basket?

"International Petroleum also getting a good deal on the loan at 8% as they could never raise this finance themselves. All in all a cracking deal for International Petroleum, while Range Resources does all the 'leg work'.

"The only positive I guess is that Range will get a better chief executive."

'Fin8108' appeared exasperated at the news: "Every deal has been good for the medium/long term yet here we are, years down the line, 4p and still good for medium/long term. The goal posts keep moving the targets keep changing, the shares keep growing but the one thing that never ever changes is targets never get hit. So being excited about bopd in 2015 is crazy."

The user told fellow private investors: "In December last year, you were all excited about the first quarter of 2013, spouting double figures and well over 2,500 bopd. You all need to realise that tomorrow never comes will Range Resources. It never has and it never will."

But 'Shareshopper1' was of the view that the institutional investors knew that something big was due. "Why else would they underwrite this placing? And why else has news been held back for so long?" he asked.

"Exit the frightened, over leveraged and ill informed... long termers and those with vision, come back in a month or two and see where we are and what news has been released... exciting times ahead!"

dreamcatcher - 25 Apr 2013 08:59 - 64 of 424

Just shy of another 6% fall

dreamcatcher - 25 Apr 2013 09:02 - 65 of 424

Been waiting now 6 Months for the last TT drill (I think it was MD 248, so long ago cannot remember) I think it was a 6 week drill. Looks like major problems.

skinny - 25 Apr 2013 09:07 - 66 of 424

I've long had my money + profit from these.

What have have left, whilst being free, are now worth less than £1k.

dreamcatcher - 25 Apr 2013 09:11 - 67 of 424

Perhaps PL will buy a jam factory next, perhaps that's for tomorrow.
Register now or login to post to this thread.