.

Dreamcatcher,

I agree, 8p to 10p is a more realistic target, from which, with further positive RNS's would then take this share to the 25p target..........12 to 18 months would be my estimate.
IMO, I think our leader "Peter" has realised he can't "bulls..t" the market; tell the truth would of been the better way forward. A gradual rise will do me. Please no more Pump and Dumps. Too much potential in Trinidad, and let’s not forget Columbia, Georgia, and there is Puntland, 18 months away IMO, but, I feel this is not a dead issue.

MM’s have had their fun/money………..Brakes off slowly!

Gradual rise please........GLA.........Gerponville18

Agree G ,If this gets to 25p I will buy everyone a drink. No shorts lol

Does that mean dc that I can only have a tonic water/slimline of course?

That will be a G and T for me Dreamcatcher........Could be a bottle!!!!!

I will stretch to that, ok you can have a G&T lol

Don't push it G. I think your all dreaming anyway. lol

Dreamcatcher:

Dreams, wishes, hopes, desires and patience.........That's the stock market for you.

I only meant a miniature bottle..........Then we can all drink the hoard of Champaign I have been collecting EN France.


Gerponville18

How long has champs got before it goes out of date. :-))

I would not worry too much about that.........I am in the Champagne region every year (just up the road).........Never have less than 100 bottles at any-one-time?

We tend to have no longer than 2 years max, and still tastes fantastic.

Come on Range.........Slowly please


Gerponville18

You sound like you celebrate in your house often. lol

Range targets 6,000 barrels of oil per day by 2014




By Darshini Shah | Thu, 24/01/2013 - 10:01






Range Resources (RRL) said that it was "looking forward to a prospective and busy 2013" as it issued an update on its Trinidad operations.

Development of the Lower Forest formation was said to be continuing, with the QUN 139 well drilling ahead at 950 feet, with a revised target depth of 1,300 feet having encountered approximately 80 feet of good-quality oil sands to 945 feet. The QUN 139 location was contiguous to producing wells QUN 119 and QUN 129, which achieved initial production rates of 129 barrels of oil per day (bopd) and 138 bopd respectively.

The QUN 140 well is expected to spud shortly, with the company awaiting receipt of necessary approvals. The well will be drilled to a target depth of approximately 1,000 feet. The QUN 140 well is contiguous and up-dip to the recently drilled QUN 138 well.

After operational delays, QUN 135 has been successfully drilled to its planned total depth of 3,500 feet, with indications that it may have penetrated a new Middle Cruse pay zone.

Range is also looking at re-entering four Lower Forest wells that have experienced co-mingling of oil and water sands.

The MD 248 well has reached 4,000 feet and will continue to drill towards its target depth of 6,500 feet to test the Lower Cruse formation.

The shallow Forest water-flood project on the Morne Diablo licence is currently being simulated and modelled, with completion estimated for mid-February followed soon thereafter by a presentation and application for approval to the regulatory authorities, with development still forecast to commence mid-2013.

With regards to the Beach Marcelle licence, Range has finalised an Environmental Impact Assessment (EIA) to be submitted to the Environmental Management Authority (EMA) in application for a Certificate of Environmental Clearance (CEC) to drill up to 40 wells and conduct the water-flood programme. It is anticipated the EMA will take between two and three months to review and grant environmental approval. Final approvals will then be sought from the regulatory authorities.

Once all permits and approvals are in place, Range will commence development, currently forecast for mid-2013, after which the company will look to commence preparations for the 40-well work programme and water flood.

The company has also applied for a separate CEC to deepen six wells in the Beach Marcelle licence (without EIA) and anticipates that a favourable response will be received soon. Following receipt of the CEC for the deepening of these six wells, Range will move one of its medium-capability rigs to the Beach Marcelle licence to commence the drilling programme. These wells are to be drilled to depths between 3,000 and 4,000 feet, targeting the prolific Gros Morne formation, with historical wells having demonstrated initial production in the range of between 150 and 300 bopd.

Royalty reduction

Finally, Range has received revised agreements that will see an initial reduction in the enhanced royalty currently being paid by the company. The revised terms will see an improvement in the netback (the sales net of royalties, production and transportation expenses) per barrel of oil produced.

The revised royalty rates at production rates of 1,000 bopd will see netbacks increase to c. $40 (£25) per barrel before tax and c. $50 per barrel before tax at 2,000 bopd - assuming $90 barrel oil and operating expenditure at similar levels. Only minor administrative items relating to market communications remain to be resolved.

"There is no doubt that it has been a challenging few months given the operational delays experienced in getting certain wells drilled in Trinidad and the softening of the company's share price," acknowledged executive director Peter Landau.

However, he stressed: "As we continue to address the supply-chain issues that resulted in those delays, it is important to remember the key positives that will continue to underpin Range's performance moving forward in the short to medium term."

He reminded investors that Trinidad was fully funded through "both existing facilities, the Texas sale and/or other reserve-based lending options that are available to the company", adding: "With Range close to finalising the GIG joint venture in Georgia, the financial and operational focus will be firmly placed on Trinidad and our target of 6,000 bopd by the second half of 2014 based on known [proved developed producing] and [proven undeveloped] reserves."

Analyst view

Analysts at broker FoxDavies stated that the update highlighted the company's focus on Trinidad. "Onshore Trinidad has been largely overlooked in favour of investment offshore, hence the increased access to the acreage, coupled with an increasingly benign fiscal framework, makes investment in Trinidad a highly attractive proposition," they commented.

"Range has specifically focused on developing the ancillary infrastructure as its plans have developed, such that the company finds itself in the enviable position of being able to execute on its programme, without the need for securing rig contracts and access to service providers.

"Given that there will be a significant number of new wells and work-overs, one of the key concerns that there would have been normally, is the availability of rigs to execute the programme; not so in Range's case."

They continued to believe there was "a significant opportunity to revitalise the existing fields, as well as exploring the prospectivity of the undrilled areas within its acreage" and as such, maintained the 'buy' recommendation with a 25p target price.

Strategic Stake in Citation Resources

STRATEGIC STAKE IN CITATION RESOURCES

Highlights

- Range increases its Latin American footprint by acquiring a strategic
stake of 19.9% in Citation Resources Limited (ASX:CTR), with
interest in two highly prospective oil and gas blocks in Guatemala;

- The strategic stake allows Range to obtain non-operating exposure to
known reserves with significant upside potential with a similar owner /
operator project to Range's Trinidad operations;

- The Guatemalan Blocks have proved plus probable reserve estimates (2P) of
2.3 MMBBL (on a gross 100% basis), with significant exploration upside
potential;

- The blocks have had significant previous exploration with the two well
appraisal drilling program currently underway with one well already
successfully completed and flow testing currently ongoing; and

- The second well will spud in February upon completion of current
flow testing program on the first well.

I think they will have to rename this company. How about 'The Grand Old Duke of York'!

The company seems to want to end up with 5 billion shares, PL is like a kid in a sweet shop - does not know when to stop. Why bother with the above, I would of thought it better to keep every penny for existing projects, but no.
HOPE THE COMPANY DOES NOT RUN DRY ON CASH.

PL can always pay the workers with shares if cash runs dry, then we will have even more. lol

even more ............. deluted you mean

Second day moving up with a very high volume again

I would have expected a higher rise by this size of trades, but most likely someone is selling on the rise

Old Park Lane Capital


http://www.directorstalk.com/wp-content/uploads/2013/01/RRL-25-01-13.pdf

And when they were down, they were down. Could they be halfway up next week? No innuendo intended! :o)