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A little light reading!

(RRL) slipped 8% as it announced that it would commence operations to spud the MD248 well in Trinidad.

The company now has four drilling rigs in operation on the Morne Diablo Block, which is targeting multiple horizons - the Lower Forest formation at approximately 1,000 feet, the Upper Cruse formation at about 2,000 feet and the Middle and Lower Cruse formations at approximately 4,000 feet and 6,500 feet respectively.

The rigs include Rig 8, Range's largest drilling rig. The rig is capable of drilling to approximately 11,000 feet, a depth believed to be sufficient to test the "highly prospective" Herrera exploration targets.

Upon completion of the MD248 well, which is expected to take between six and eight weeks, Rig 8 is scheduled to move on to drill the first of a series of wells targeting the deeper Herrera formation.

"The Herrera test well will be an important step forward in Range's Trinidad drilling campaign, as it is expected to yield critical stratigraphic control at the Herrera level," the company stated. "This in turn will help to calibrate the broader Herrera exploration programme."

The company confirmed it was in the process of finalising the application for the location as part of the its Herrera exploration programme, pointing out that once lodged, approval for the application could take four to six weeks. However, it cautioned investors that the six- to eight-week timeframe "is likely to be subject to change".

Still, in anticipation of the well's approval, the company pointed out that construction of the location would commence "in the next one to two weeks" with the land having already been cleared.

"We are confident that as the drilling programme progresses, Rig 8 will encounter new reservoirs in both the known field plays and deeper objectives," said executive director Peter Landau. "Given the existing infrastructure, any new reserves would be expected to be translated into additional production and cash flow in a very short time."

Investor views

The stock was one of the most-heavily sold among the users of Interactive Investor on Thursday.

"It's early days, but if Range can finish UP or even FLAT on the day today, it'll be the first time for over six months (as far as I can remember) that this will have happened on a day when positive news was released," pointed out user 'trigg1' on the Range discussion board.

He added: "That will be an incredibly bullish sign and will be very important in breaking the 'sell the news' cycle which has long been associated with Range."

User 'Bistable' hoped for another positive imminent statement: "For me, the obvious omission is an upgrade to the last published production rate and I am hoping this will be the subject of an imminent RNS.

"Also expecting another RNS covering the Texas status but it is good to focus on one thing at a time. This is a good progress report - hope it is not a precursor for bad Texas news."

I found this right up from a fellow investor on another thread......Good analogy!

I've looked at the plan released in July. Rig 8 is 8 weeks behind schedule. It’s possible, but I think we'll be lucky to COMPLETE a Herrera this year. Most likely a few weeks into Jan.
Then there's rig 6 which was supposed to be 'deepening existing wells' starting 4 weeks ago. What stage is that rig at?
Rig 7 is supposed to be on line in sept. Again, where are we with that one?
I agree that this RNS is good news but it’s not that good.

The 3 existing rigs, if on time, should have finished up to QN 136 and be drilling or spudding 137, 138 and 139. This is quite possibly on target and if so we're already over 1250bopd and waiting for the figures to be certified.
However. If the Herrera doesn't complete this calendar year and we get no new production out of rigs 6 and 7 I suspect we'll end the year on about 1800 bopd. I personally find this acceptable but I bet it will be taken badly.
The 4000 bopd target for Jun 2013 is still easily achievable.

Should spell "Write up" not right up.......Bad day at the office!

hmmmm . There has been some sort of problems out there, that we have not been told about. I know the rigs were in a poor state on purchase.

Horn down another 3%

What an awful day, pleased you took some profits out of rmp dc.

Only have a small amount with rmp.

Flipping Heck.........Range will buy Horn if they plummet much further?

I bet its at the stage of bail out for what you can get. Without news can only head south

Horn 5.36% down

Wow Horn up 7.69%

Have you seen the news on Costa del Sol? My friends home escaped the fire thankfully - complete devastation, would be before I go. Is someone trying to tell me something, book for wrong year - correct it at a cost and then this. Holy Moses should I be going I ask myself!!!!!!!! Range crap amongst everything else ooohhhh!!!!
Could be worse - I could have been there, my friends could have been homeless/injured - always look on the bright side of life or so they say. Have a good weekend all.

Horn ended up 9.62%

I would not think by the time my friend flies back from Madrid to Malaga that his horn will end up 9.62%. As Horn Petroleum is zitch anyway these days then I also feel it is a lost cause. We used to have a decent chat on this site and now even that it is deminished.

http://www.theel1tetrader.blogspot.co.uk/2012/09/range-resources.html

At the worst 3m the travel company will give you an offer of a different resort. Same
thing happened to me with Mexico cancun. The place was blown to the ground with a hurrican, offered Florida instead.

A blinking good read..........I think I will read again.........This is Range, is it?

The company is pleased to announce that next Investor Q&A is proposed for Friday 14th September.

I am reading (Elsewhere), that "Rig 8" has spudded?

Will there be some better news on the horizon!

perhaps it'll find potatoes which i understand would be a great step forward