.

I listened and agree that he was upbeat, as ever. We need some results on Trinidad and Texas and show that revenues are flowing in the right direction to push the SP north.

Annual report ended 30th June

http://www.asx.com.au/asxpdf/20121001/pdf/4292jc2hpc6vv1.pdf

Range Resources fully committed to Trinidad
8:53 am by Philip Whiterow The sale of Range’s Texas interests should complete this year, which will allow it to increase its exploration activity in Colombia.
Range Resources’(LON:RRL ASX:RRS) is planning an aggressive development plan for its assets in Trinidad to boost output up to 8,000 barrels per day by 2014.

Production from Trinidad has become the primary focus of Range's operational objectives, it said.

“The company's commitment to its Trinidad operations with respect to financial, drilling and human resource cannot be understated,” executive director Peter Landau said.

“The proposed changes to both existing and 'new well' fiscal terms has further incentivized Range to increase its efforts to ensure that it materially capitalizes on any proposed fiscal changes that may arise,” he added.

Range's work programme through to 30 June 2013 comprises over 40 wells in Trinidad including up to four deeper Herrera exploration targets.

Elsewhere, Landau said Range will continue to fund and drive its Puntland interests either in its current form or through a spin-out vehicle that shareholders will participate in through a capital distribution.

In Georgia, he said Range’s key priorities are to secure a strategic partner in the Tkibuli CBM project and complete the current seismic program on both blocks VIa and VIb.

“These two milestones should pave the way for the company to attract a farm in partner/s of note to assist with the exploration and development efforts in Georgia,” Landau said.

The sale of Range’s Texas interests should complete this year, which will allow it to increase its exploration activity in Colombia.

At least one well and the 3D seismic program will be completed on the Putamayo blocks in Colombia over the coming 12 months said Landau.

Not all gloom and doom then DC!

Hmmmmmm kim :-))

Would be nice if they could sort Puntland out once and for all!

Agree, has 3m missed her plane home. :-))

Maybe she has extended her hols. Wouldn't blame her!

Not with what Im seeing at the moment through the window and thats looking from outside in. lol. Pouring here

Well a big hello folks - no I didn't miss flight or extend hols. wish I had stayed another week as had 4 days of torrential rain and gails then sunshine yesterday when leaving for airport. Had a nice first week though. Got to read my book when I write it - heavens above, had an awful ordeal, with what I would suggest to be a couple of swingers who befriended me when I lost my bun bag too much to tell you but I survived it untouched so to speak. I got away from his grip - shouting my head off. Gee wiz it could only happen to me but alive to tell the tale. (My friends think it is hilarious)!!!!! It dam wasn't at the time. Shares are not a lot to come home to nor the weather. Hope you are all well.

Ah, well I can see a small patch of blue sky out of my window. Oops! It's just disappeared!

Leila Reddy, analyst at Panmure Gordon, predicted exploration spending would ease, but development spending would rise "given the company's target of 8,000 barrels per day by 2014 supported by 40 wells in Trinidad including up to four deeper Herrera exploration targets." She also stated that the year-end cash of $10.4 million suggested the company would "seek funding for its development programme".

Reddy had a 'buy' recommendation on the stock with a 10p target price.

3m!! You're back. Oh dear! That was some holiday eh?!

Good to hear you had a good time 3m, swingers sound like the two in Benidorm. :-))
She can have mine for 10p kim.

Yes Kim some holiday (disgusting) - I reported the incident and had security around my apartment for days but hey ho I did not see them again thank heavens. Respectable looking well spoken southerners in their early 60's. I hope everyone elses shares are doing better in other fields, mine don't seem to change much, must admit I haven't missed this computer nor the stress of looking at these. Lets hope 2013 will be better all round.

RNS out
Decent upgrade in Trinidad reserves

Yippee..........Maybe we will see some change in the SP this morning. Not going to hold my breath though.

At least it has woken-up this BB, I thought everyone had gone into hibernation?

I feel when this share starts to move (North), we will then see a steady upturn towards Christmas; news will only be good from now, especially Trinidad?

StockMarketWire.com
Range Resources has announce a 29% increase in Proved (P1), Probable (P2) and Possible (P3) net attributable reserves across the Company's three onshore Trinidad licenses, in which it holds a 100% working interest.

The Company engaged leading independent petroleum consultants Forrest A. Garb and Associates to complete a review of the Trinidad reserves following the first year of Range's operations in Trinidad, which has seen the Company successfully complete over 20 wells.

Range's Executive Director, Peter Landau commented, "The Company is extremely pleased with the progress made in the first year of operations and the material increases in reserves and resources that we have added to the existing reserves and resource base.

"As development continues, so too will the increase in reserves along with the reclassification of the prospective resources into reserves following discoveries on our deeper exploration targets."

25p.........Come on Range.........I wish!

Fox Davies appear to be upbeat........I'd settle for 25p, now that's for sure.


Range Resources (BUY, 25p) (RRL LN, 4.90p, -0.1%): Pushing On - Today's financing news comes at a timely juncture as it provides the Company with the funding required to maintain the current high rate of activity in Trinidad as well as forge ahead with work on its newest asset in Colombia. While the loan note will provide a draw on the cash resources in the short term, timing of the uptick in the production from the Trinidadian assets will determine how long that continues for. The financing package offsets the medium term issues associated with the existing financing structure, and buoys the wider corporate outlook. Following the reserves upgrade, we are raising our Target Price to 25p and reiterating our BUY Recommendation.
In this news:

• Range's net attributable interest in Proved, Probable and Possible Reserves (3P) increased by 5.6mm bbl (29%) to 25.2mm bbl.
• Range's PV10 valuation on Proved, Probable and Possible Reserves (3P) increased by $173mm (34%) to $680mm
• Range's net unrisked prospective resources (best estimate) increased by 30.5mm bbl (305%) to 40.5mm bbl (high estimate 81.0million barrels)
• Range enters into a $15m loan agreement with the possibility to increase it to $25mm based on production milestone (1,500 bopd)


Read more: http://www.oilvoice.com/n/FoxDavies_Daily_Monitor_Chariot_MEO_Australia_and_Range_Resources/79b5aa722732.aspx#ixzz28zCxlvdz


GLA........Gerp18

Hmmmmmm-----------

Somalia: President Farole returns to Garowe after visiting rural areas in Nugal region
17 Oct 17, 2012 - 9:47:36 PM



GAROWE, Somalia Oct 17 2012 (Garowe Online) - Puntland President Abdirahman Mohamed Farole returned to the state capital Garowe on Wednesday after touring coastal towns in Nugal region including a visit to the former pirate-hub of Eyl, Garowe Online reports.

President Farole on his four day tour visited many villages and towns in Nugal region, such as Qarhis, Hasbahale, Yombeys.

However President Farole spent the majority of his trip in Eyl, a former pirate-haven where he met with community leaders, local officials and residents.

President Farole expressed to Eyl residents that he felt a special feeling returning to the city of his birth.

The Puntland President met with residents throughout his trip and had discussions with the locals who talked about the towns achievements, challenges and needs.

Persident Farole promised to change for the better the current state of towns and villages across Puntland.

Ministers and government officials accompanied President Farole during his trip through Nugal region, including Health Minister, Information Minister, Nugal Governor, Garowe Mayor, Deputy Commissioner of Puntland Police, and presidential staff.

The coastal town of Eyl a former pirate hub had been the center of piracy during its boom until 2009.

However Puntland has conducted many counter-piracy operations and with the assistance of residents who were fundamental in ridding pirates out of their coastal villages.

LONDON - Middle East and Africa-focused oil company Genel Energy PLC is looking to spend its $1 billion of cash acquiring stakes in high-potential exploration acreage, primarily in Africa, its chief financial officer said Thursday.

"Investors are looking for a return on assets rather than the rather miserly return we get from our $1 billion in the bank," Julian Metherell told Dow Jones Newswires in a phone interview.

He said the company sees significant opportunities in North Africa and broader Africa, adding: "Our competitive advantage in Kurdistan is not going to continue to the extent it has been, but I think we have successfully capitalized on that."

Mr. Metherell said: "We continue to be highly selective, very value driven, but yes, there is more capital to deploy for the right opportunity," adding, "We are very focused on material, high quality, world-class, exploration opportunities, primarily."

The CFO noted that the ownership of assets in Africa tends to be highly fragmented and there are some small companies sitting on attractive prospective acreage who don't know how they will find funding.

"Farming in is a very attractive route to access some material opportunities for us," he said, adding: "I think we are a net beneficiary of the misery we see in the financial markets."

Farming in is the process whereby a company joins another company or joint venture participating in a block or field. The company farming in is granted a working interest in the field or block in return for cash or carrying a portion of the other partners' costs through an exploration program.