.

Thank you DC.

Horn up 7.30%

All depends if the presentation provides any new information not provided in his presentation in the Far East held before we received the T&T and Texas updates. If no new updates, the sp will stay low until we do get some new news.

Did anyone go to the presentation ?

Fingers crossed, it gives the SP a boost it's been a big of dog of late

From ll, thanks to pearlexporter of his view of the presentation.


Author Pearlexporter
Date posted today 00:52
Subject Presentation - How I saw it.... )
Opinion Strong BUY
Votes for this Posting Voted 13 times.

Long post to follow I fear.... )

OK, just got home now after a very intriguing afternoon / evening at the presentation... It's always something that I ummm and ahhh about whether I should go or not to presentations and usually , like tonight, I am very happy to have gone and directly connected with the powers that run the company.

Well, let's start off with the Mark, Anthony and Pete (who all delivered the presentation, allbeit in different quantities). The collective body language at the start seemed a little nervous, whether this was genuine or if they were seeking to show a little humility considering the quantity of investors present and the current SP, I don't know. I sat in the front row and just before the off I could see PL trying to count the numbers of people, I think, due to the large rows, that the X14 table defeated him and he never worked out how many he was addressing.... )

TRINIDAD

Now, every clown on the RMP BB (even the ones not in attendance) will have you think that the Presentation was all about Puntland (of course this is in their interest to emphasise). However, in reality, the largest chunk of the presentation, the dodgy PR video and the Q+As that took place after was based upon Trinidad. In PL's own words his aim of the presentation was to give RRL holders a better 'technical understanding' of our producing assets.

So, in terms of our jewel (and in my eyes future pension plan) - Trinidad, we all know that we have a 16 / 16 success rate thus far with 5 results due. The tone of the '5 due' statement implied that they also have at least hit expectations and are waiting to be signed off.

Rig 8 is, annoyingly, waiting for a spare part, but then is due to spud a 6500 well later this month. Then, HERE'S THE EXCITING PART, Rig 8 is then due to drill 5 Herrera drills back to back. That's the money and the value that 'could' see multiples of value added to our company. In fairness to PL he said repeatedly that he 'must manage expectations' in a better way. And, on par with this, he claimed that he expects by the end of 2012 results from the 1st Herrera drill and at least a spudding of the 2nd - which at least seems achievable. Actually, the Trinidad timetable on the presentation was quite impressive and will hopefully be available on the RRL website soon.

Mark, who massively impressed me actually, spoke of how the Trinidad source rock was generating much more oil than could be contained in the oil traps within our licences. And that how eventually tapping directly into the source itself could create a truly world class find. He cited a similar example in Argentina that found (I hope I remembered this correctly) 600M recoverable from directly accessing the source rock. C0188 (neighbouring Herrera in Trinidad with a higher vantage point) proves further that we have an excellent chance of success with these deeper drills and that we may have benefited from migration into our licence area.

Trinidad is a long game, effectively RRL have been picking 'the low hanging fruit' as MP stated at one point. And why not, the payback is incredibly quick and there is sh#tloads of fruit. Target by June 2013 is 62 wells completed in total. So, effectively (if you subtract the 16 + 5) that leaves us with 41 wells targeted in Trinidad alone over the next 11 months. Or in more fun terms, roughly 1 well per 8/9 days....

2013 is Range's 'Banner Year' I believe PL quoted at one point.... By June 2013 he said that 4000BOPD was the plan, then add in Herrera success and the start of the waterflood campaign and Trinidad does start looking pretty sweet. 10000BOPD = $12 Per annum. With the upside of Waterflood and deeper drills there is every chance that RRL could be generating somewhere around $80M through Trinidad alone.

Petrotrin's royalty reductions. Negotations are due imminently. Petrotrin are desperate to get figures up to their past highs and all the onshore producers have got together to work on a better overall deal for producers. These negotiations are looking at basic base fees as well as accelerated capital reduction, especially on secondary recovery targets. PL implied that as early as September this year we could gain the benefits of any changes. Actually, anothe rimportant point, the Lenigas deal in Trinidad will probably go ahead if better rates and deals can be put in place with Petrotrin.

As I say, take his figures with a pinch of salt by all means - he certainly doesn't deserve to have his words treated as gospel anymore. But I really liked the enthusiasm and energy throughout, in particular, the talk about Trinidad. It was also great to finally put a face to Walter, our German on the ground leader in Trinidad, allbeit through a rather cheesy Trinidad PR video!!! )

COLOMBIA - Re-entry still possible in 2012 for PUT-7 well. Which I didn't know was actually formerly drilled by Texaco. So, RRL are due to fund 350KM 3D seismic, but it was made very clear that this isn't just a wild shot in the dark hoping for some lucky data back. 2D seismic already has highlighed 20 or so strong targets, 3D seismic will just focus in further and produce more accurate estimates and a CPR. When pushed by a very plump man during the Q+A session at the end, PL - after exchanging a few glances with AE, said that, in his opinion, there would be at least 200-400M barrels recoverable from our two basins. Bare in mind, this was moments after he had stated that he wanted to be more responsible with managing investors expectations - he looked like he wanted to give a much bolder answer, but reeled himself in.

TEXAS - Interesting that PL stated that he believes it is worth $170M, but that RRL would most likely accept an offer of $30/40M - gas prices in US horrendously low and PL has hardly kept his plans or expectations to sell a secret. It's not great, BUT, if that $40 for example, can actively be used to do a share buyback during the consolidation process then it still has a key role to play in RRL's development. (see corporate 3 step plan for more on this). We will know in the next 6 weeks what offers we have and IF we accept. As I say, the upside of holding on to Texas is not huge unless oil and gas prices considerably rise. Let's hope we get an acceptable prize and use this money in more exciting ways (such as a strategically timed buyback). If a sale does not come, it was stressed that an up to 30 wells programme could proceed, that would not be ideal, but very profitable for RRL in terms of P1 upgrades etc.

ETCV - Frac results = 130 barrels per day, of which 100 was Frac fluid and 30 was oil. So, some hope there, but all a little hazy still, but hopes that the licence could yield 5-7 M barrels over it's lifespan.

TANGIERS - PL was asked directly and it would seem that we have no plan to extend our stake in Tangiers Petroleum. In fact, it appeared quite clear that this doesn't fit in with our longer term plan, so RRL will cash in their 5% at a later date when TPET's projects have realised more upside. We are already well in profit here, but I think that the board would prefer to use this money to move along our other projects.

PUNTLAND - Approaching 1500M as of today. End of next week should be interesting. Obviously RMP BB will have false rumors etc starting already and the usual somalian taxi drivers and swedish DIY shop workers with insider knowledge rubbish... ) TD is due by the end of the month, so with testing I would suggest the 'big' announcement (amazing or shocking) should be Mid August. Obviously horn pull the strings, but this seems to be about right given how Horn dealt with the initial drill. Nugaal is still planned for Sep - 2 sites have been 'prepared', but I am sensing a lot depends on the outcome of Shabeel-North. If it is not commercial I as not convinced anymore that we will automatically move on to Nugaal. The body language became very guarded at this point.

MP actually confirmed something that a few were debating on a different BB the other day, that Shabeel-1 was on the outer SW of the basin. He did not overly explain the logic as to why this strategy was chosen, but needless to say, he believes that we have an excellent chance of a much bigger payzone / quantity of oil. Shabeel-North is a '3 way dip closure' which is what the most successful producing wells in Yemen were.

CORPORATE 3 STEP PLAN

The 3 step plan to move RRL forwards:

1) Puntland Vehicle - Working title = Rover Resources (funny, but I can see that name actually being used). 80/90% of new entity to current RRL holders. 10% held by RRL. Market cap of new entity likely to be more than RMP as it includes Offshore. the plan is to have Rover Resources set up prior to a third Puntland drill. If this is logistically possible, I don't know.... PL says that this spin off is likely to happen regardless of if Dharoor is commercial or not. Also, PL stated categorically that the spin off vehicle will NOT be RMP - a new entity will be created.

2) Consolidate 10-1 shares, so bringing down the total to about 230M shares. PL stated that he was aware that consolidations normally equated to a loss of 20/30% in value. Thus part 3.

3) Buy back as the consolidation process occurs. Historically this has counter acted the dip after consolidating and is the perfect tool to set the company up with some stability in it's new position.

PL- I like the man. He's not overly erudite or a great speaker, but he's a decent guy and he actually won over most investors there. He's messed up with timelines and strategies etc, but I genuinely think he is the right man to move RRL forward. I can going to get behind him and give him a real chance to meet these new targets he has given RRL. This really is a very special, if incredibly frustrating, company - Long term I know my money is safe here. Trinidad will be worth over $1B at some stage, so you have a definite multi bagger here at some point.... I am keeping the faith and will reassess next June - just gradual accumulation for me now....

Excuse loads of typos etc, it's 1am and my brain is now shutting down....

)

Not sure about the share consolidation ? Not to keen on the two points below taken from the above report of the presentation. Just wonder then will Range start to issue more shares once they do this?


2) Consolidate 10-1 shares, so bringing down the total to about 230M shares. PL stated that he was aware that consolidations normally equated to a loss of 20/30% in value. Thus part 3.

3) Buy back as the consolidation process occurs. Historically this has counter acted the dip after consolidating and is the perfect tool to set the company up with some stability in it's new position.

Sounds like some big changes coming for Range investors in the form of a share
consolidation of 10 for 1 and a share buy back. Also spin off of Puntland for investors.
TT looks like the driving force for Range. All looking like a several year investment . Investors will have to make some choices to sit tight or is it time to move on ?

Please let rrl shares get to what we/I gave for them before a consolidation - never ever made any money from a dam consolidation. We will have to wait patiently and see what happens. Personally if they get to what I gave I think I would get out. Have a nice day.

oh well looks like the presentation didn't make too much of an impression !

5% rise yesterday, taken away today. You could say why the rise yesterday ? hmmmm

Every investor must have your thoughts 3m. Hoping Rmp will come up trumps and these rise and sell the lot.

DC, well my take is that investors bought on the hope that his was going to give some positive news. in the end from the good summary above he gave more reasons to sell. e,g Texas likley to go for cheaper than planned or even keep which was not in plan. Do a consolidation and say we know this will lose 20-30% of share value and then a share buy back, no timeframe for that one. In the current nervy climate, not a good confidence booster ! Putland more playing down, no positive commentry rather more on splitting out to provide less risk to the rest of assets - again show signs of negativity.

Regardless of the current climate and all of the concerns around the Euro, I did not expect this share to be at the price that it is. His strategy so far this year has made investors want to sell as if it's a deliberate ploy to reduce the SP. Investors are losing confidence and you can see that today by the volumes. I can't remember ever seeing the gap between buys and sells being so large.

Again I will have to wait like the others and get out when the SP ever gets near double figures but looks like it wont happen this year ouch !

Agree pumben, there is going to be a race to hit the sell button when the time comes.
:-)) . Not the company I invested in two years ago . Timeframe pumben, they have never heard of the word.

It looks like we are up the creek without a paddle for now - it just gets worse, so peed off but arn't we all? We know what the name of the game is and didn't take the bull by the horns when we had the opportunity. A few more grand just sitting there doing dam all. Ah! well, G & T time me thinks. May be a miracle might happen!!!!

Puntland I hope will come in, otherwise -------- . The company seems to have been
talked up by PL and investors have had enough. What did he buy into Tangiers petroleum for, yes there is a bit of profit on the sp. Investors have thought there was some kind of prospect there.

Surely all these sells must be people just breaking even or making some sort of profit? I won't think that millions are being sold at a loss. Who knows? I don't seem to know anything anymore, given up hope.

All we can hope 3m is that long term 3+ years I hope these will come right.

Not a lot of confidence in the business at the moment. Even I would be snapping these up at this price. No way now. I am at a loss as to what has gone on in this business. All I can say is very over hyped.

Lets hope PL did not over hype Puntland as not to make investors jump ship to RMP and Puntland turns out well.

Let us hope we survive 3 years and it is not a load of proverbial crap and let us see how many more millions jump ship in the forthcoming days.

Horn closed just down 1.33%