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Interview mit Anthony Eastman auf Stockopedia:

Range Resources' executive director, Anthony Eastman, speaks to Stockopedia News about the Oil & Gas Group
Follow Tuesday, Jul 13 2010 by Stockopedia Features 0 comments 382 views

Anthony Eastman, Executive Director, Range Resources
Anthony Eastman seems slightly taken aback by the huge volumes of shares changing hands between investors in his company. For the executive director of AIM and ASX listed oil and gas group Range Resources (LON:RRL) (ASX:RRS), trading in London since the start of 2010 has been phenomenal. The dramatic rise in investor interest was sparked by a remarkable six months last year when Range once exposed to just a single, albeit exciting, exploration play in the Puntland region of Somalia got its hands on acreage in the safer haven of Texas, US. By the turn of the year, that interest had turned into a 25% stake in a production well and there was more to follow.

For Eastman, and Ranges chief executive Peter Landau, spreading risk and diversifying operations have been top priorities alongside efforts to get drilling underway in Puntland. In Texas, the company now holds stakes in the Smith #1 and Russell Bevly wells on the North Chapman Ranch and in June acquired a 13.56% stake in the East Texas Cotton Valley prospect. A recent independent valuation of North Chapman by Lonquist & Co estimated that total gross commercially recoverable reserves stood at 215 billion cubic feet (bcf) of natural gas (with 45bcf attributable to Range); 15.9m barrels of oil (3.3m barrels attributable to Range) and 15.5m barrels of natural gas liquids (3.2m barrels attributable to Range). A similar valuation of the East Texas Cotton Valley prospect estimates that total gross commercially recoverable reserves stand at 5.4m barrels of oil, with 0.7m barrels attributable to Range. Multi-well development programmes are currently being planned for both projects. Elsewhere, the company also holds interests in the Caucasus state of Georgia, where seismic surveying was recently completed and possible well locations are currently being identified.

This week, Range made its latest acquisition, with a deal to take a 10% stake in companies that hold licences over production fields onshore Trinidad. The company described the move as the last of its pre Puntland drilling strategic plays and reckons it can take daily production there from 700 barrels of oil to 3,500 barrels over the next three years.

Anthony Eastman spoke to Stockopedia News about Ranges plans in Puntland, Texas, Georgia and Trinidad and why he thinks the companys strategy has won over investors.

Before we talk about Range Resources, can you tell us about yourself and your background?

Well Im a chartered accountant by background; I joined Ernst & Young Australia in May 2002 and later transferred to Aberdeen in Scotland for two years. From there I moved down to an oil and gas company in London, CalEnergy Gas, which was a subsidiary of the Berkshire Hathaway conglomerate and they relocated me back to Perth back in 2006. Just over two years ago, I started working with Peter Landau and his consulting company OKAP Ventures, which provides corporate compliance, capital raising and non-operational advice to a number of listed companies, with Range being one of them.

Puntland has always been the main focus for Range. How did that come about? Range has been around for quite some time, it did have some nickel tenements in Western Australia some years ago. Back in 2004, the Tsunami that hit Indonesia also caused some damage over on the eastern coast of Somalia. There were some charity groups in Western Australia who went over and did some aid work on the coast over there and they got chatting to the government, which said we really want foreign investment to try and realise some value in our natural resources. They came back to Australia and said were looking for a vehicle to put something into and Range Resources was there, which was when Peter Landau got involved. He secured the onshore/offshore mineral and hydrocarbon rights to Puntland back in 2005. Subsequent to that he looked to attract a joint venture partner to come in on the onshore, which is where Africa Oil (TSX:AOI) stepped in and they took 80% of the two onshore licences. We had all the mineral rights onshore but the bigger picture was the hydrocarbons, so we relinquished them back to the government. Africa Oil, the operator, has been trying to get the first well drilled onshore Puntland in 16 years. Back in January 2009 there was a change in the government in Puntland and whereas in a Western country all the agreements you have with the government survive changes, in Puntland we had to go and renegotiate the PSA (production sharing agreement). Those negotiations concluded successfully in December but it put all operations back about a year. Since then, Africa Oil have gone full steam ahead to try and get the drill rig on site by the end of the year.

Are those drilling plans still on track?

Yes, at this stage, but it is never 100% certain given where were operating. If it was that easy I think it would have been done quite a while ago by other people. But Africa Oil (CVE:AOI)and the management theyve got onboard there have been very successful in other areas. They took Tanganyika Oil Company, which was in Egypt and Syria, from a size similar to what Africa Oil is now and sold it to Sinopec for $1.5bn. They hope to replicate that model with Africa Oil and wed like to piggyback on their expertise.

They farmed out some of their interest to Lion Energy (TSX:LIO) last year, and also another bit to an Australian listed entity, Red Emperor Resources (ASX:RMP), which only occurred about a month ago. So that has given the green light for Africa Oil to get all the tender documents to drilling companies and get them signed up and look to mobilise in the coming months. Well target to spud around November.

If that all goes ahead how do you see the work programme progressing?

Well theyre looking to do one well on the Dharoor block and they have already identified a potential target of over 300m barrels. At the moment the plan is to get one well drilled and see how it goes and go from there. Theyre hoping to do another well either in Dharoor soon thereafter or in the Nugaal Valley, but the priority at the moment is just to get that first well drilled.

What is your feeling on political and social stability in Puntland and how that might influence things?

We have got a very good relationship with the government, which we had to build following the change in government. It did take some time but weve got a very good and constructive relationship with the current government. They have played their part in renegotiating the PSA and, as Africa Oil are more on the ground in the country at the moment as they prepare the logistics, so far things have been going okay, albeit a little bit slower than expected but no major problems at all.

Overall, how do you rate the importance of these licences to Range? There is a feeling that this could be the real company maker...

Absolutely, if you put Yemen and the Horn of Africa together there are three valleys that I think host 6bn barrels of recoverable reserves there, and these valleys extend across the gulf into Somalia, two onshore and one offshore. So no-one has questioned the geology and the geo-physic potential onshore, its always been the execution risk of being able to successfully negotiate with the government and get in there and drill. The actual land is very flat and easily accessible, youre not over in the Nigeria delta or Angolan jungles logistically, geographically and geologically it is quite easy. But you are looking at tens and hundreds of millions of barrel targets.

Late last year, Africa Oil had an independent report and risk profile on the potential of both Dharoor and Nugaal and if you extrapolate those numbers to Ranges interest, it is between 80m and 90m barrels, and that is on a risked basis. Whilst that is potential oil in place and is heavily caveated, it shows the potential significance of what the joint venture is targeting there.

Has there been any development in negotiations over the offshore rights in Puntland?

We presented some seismic results to government this time last year and showed them the potential of the offshore there. At the moment the priority is to get the drilling on the onshore done. Once that is underway then you go to the government and say look, this is all up and running, lets look at doing something with the offshore. What we would like to do, and if the government are willing, would be to hold their hands so to speak in setting up an offshore licensing round so it would attract other foreign companies. At the moment the priority is to ensure Africa Oil get in there and drill onshore, after which we would then look to try and realise some of the potential on the offshore.

Turning to Texas, you have had a flow of good news down there in recent months.

Our first acquisition over there was an interest in the North Chapman Ranch project and that was purely an opportunistic deal. Our consultant, Mark Patterson at Texas Energy Advisors, had a particular interest in a well that was drilling in North Texas which had got close to target depth and suffered a bottom hole blow out. Subsequently one of the partners said hey look, weve run out of money, we cant go any further. So Mark Patterson called Pete and said look, Ive got this fantastic opportunity, you need to act on it within a week, theyve already started drilling the second hole, would Range be interested in taking a 25% interest? Mark said as far as the de-risked can go it is as de-risked as I can get you, youve only however many hundreds of metres away from that first hole, youve had a bottom hole blow out, the operators have learnt lessons from that hole. So in September last year we announced a 25% interest in that first well which came up with a commercial discovery in December and we produced first sales there in February.

Up to June the sales had not been huge because the well has only been flowing at a natural pressure but during the last couple of weeks they shut the well in and fracture stimulated it and are slowly building the pressure to hopefully increase the flow rate. Were planning on getting results of those out reasonably soon which will see some more meaningful sales out of there. Subsequent to the Smith well, the operator there said look, depending on the results of Smith, if thats a success, it could trigger the beginning of a multi well programme. So we started the Russell Bevly well earlier this year, which was 570m away from the Smith well. Range has got a 20% interest in that well there were certain claw back provisions on our farm-in. Again, that showed a 130ft hydrocarbon pay zone just recently and theyre doing some production testing on it as we speak. So, again, based on the success of the production testing well be looking at getting sales out of that in the coming months and then hopefully spud another appraisal well, which is confirmed at the North West flank of the reservoir. We had Lonquist put out a reserves and valuation report, which was very impressive and the results from the Russell Bevly well will be able to shore up some of those reserves move P3 to P2 and P2 to P1. Most analysts will value just P1 and P2 reserves and they wont assign a value to P3. So obviously, once the results come out we will get Lonquist to revise their numbers and hopefully P1 reserves will increase.

So where is the US project going for you? Youre in there now and presumably you can keep drilling with money from cashflow?

Yes, the Smith cashflow has been a slow start because the pressure was quite good and we let it flow naturally. We had to stump up our share of the initial Russell Bevly well costs but by the time we spud the third well we are hoping to have enough internally generated funds from the Smith and the Russell Bevly revenue so it is going to be a self funding development programme on North Chapman. So yes, we had to pay around $400,000 for our share of the Russell Bevly and we may have to pay a little bit more if it is successful, for tying it in, but moving forward from there it will all be internally funded. It is the same with East Texas Cotton Valley, which we recently announced. Again another opportunistic deal there where one of the participants was a fund which was mandated to get out and we came in for 13.5%.

You must be pleased that some of this good fortune in the US is offsetting some of the uncertainty in Puntland?

Yes. Mark Patterson is also involved in that project (East Texas Cotton Valley), so he saw the opportunity and presented it to the board when we were in London in April. That was before the reserves report was put out so we were on risk that the report valuation wouldnt come up trumps but fortunately it did and it has been a reasonably low cost entry for us into that well. Again, its only 13.5% but it is ticking over, paying the bills and represents some certainty. The valuation report that has come out underpins Ranges current market cap. So if, for whatever reason, Puntland is not successful at all and they cant drill, yes there will be a hit to the share price but the actual value of Range is underpinned by this Texas interest. This time last year Range only had a future Somali interest, so if that didnt go ahead Range and the shareholders would be left with absolutely nothing. So we feel we have diversified the risk reasonably well. It was a case of being in the right place at the right time.

Aside from Puntland and Texas, you have also got assets down in Georgia. Are you still on course to drill a well there?

The seismic survey was completed at the end of March. Back in July last year, at a time when we were still negotiating with the government of Puntland, we thought we had better diversify a little bit. We were looking at certain opportunities and the Georgia project came up. Straits Oil and Gas, the private company that had the licences, were ready to go with financing from some Swiss backers two or three years ago but then Russia invaded South Ossetia, so that financing obviously fell over. Then the global downturn hit and they were left having obligations under a PSA but with no financial backing. We came in last year through one of our contacts in London and Range had to fund the Phase 2 obligations under the PSA and issue shares to Straits in return for 50% of an entity that owns the licences. Phase 2 of the PSA involved 350km of seismic surveying and by the end of March the seismic contractors had ended up acquiring 410km of seismic. That data is being processed and interpreted as we speak and hopefully we are getting some ready to drill targets identified in the coming weeks.

With project work ongoing in Puntland, Texas and Georgia and 10m from last weeks share placing, what are the companys priorities?

Range is in a good position in that we are not the operator on any of these projects so we can make the investment and we do our work on who the operators are and, thus far, that has been very successful and we can piggyback on their expertise and success. From a market point of view, the big picture is Somalia and that is what Range is known for. Whilst we have diversified, the main focus is hopefully getting results from Somalia. But we are always looking to see if opportunities exist that we believe would be a good fit for Range.

That brings us to your latest deal in Trinidad.

Yes, again another opportunistic deal where we are taking on a 10% interest in an onshore oil play in an established area. Again, thats an exciting opportunity. It is already producing at the moment, albeit a small amount, but with a bit of a workover and some additional drilling were hoping to increase barrels per day from the known reserves, which only account for approximately 5-10% of the licence areas. Again, significant exploration upside exists there and Range will take 10% on a carried basis and the other party believe that, other than initial working capital requirements from their raising, ramping up the production of the known reserves will be internally funded within 12 to 18 months.

Finally, the volumes of Ranges shares being traded in London have been very high in recent months. What do you make of that?

Put it this way, at the beginning of December I think between 2% and 3% of Ranges share registry was on the AIM market. As of last week it was about 57%. Its phenomenal. Pete and I were over in the UK in January and did a bit of a roadshow which sparked a bit of interest and then again in April. We appointed some new brokers back in January that did a small placement and helped out there, and we did do a bit of a PR offensive. Theres been quite a bit of press coverage for us and the UK market likes the attractiveness of Somalia but the underpin of Texas. I put it down to the PR and word of mouth, weve had some very good feedback from the UK investors that are happy with what were doing.

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Range Resources: Oil and gas on a grand scale!

Posted on
Jul 18, 2010




In January 2010 we wrote our initial Value Proposition for Range Resources (LON:RRL ASX:RRS). Our focus at that time was on the transformational news that drilling at the North Chapman Ranch oil & gas prospect in Texas had led to a commercial oil and gas find.

So six months on, we thought it would be timely to rework our original Value Proposition, so as to take in all the developments that have happened since then. The Range Resources portfolio now includes:







1. a 25% stake in a Texan well from which drilling has identified a commercial oil and gas find and production of oil and gas has commenced.  Also a 20-25% stake in future wells drilled on the Texan licences, which were supplemented with additional acreage in late 2009;

2. a 13.65% stake in east Texas Cotton Valley with an existing shallow oil reservoir potentially containing up to 4-6 million barrels of oil and where an additional 20 well drill programme is planned;

3. a 10% interest in three Trinidad licences where existing production is scheduled for material increase and where there is significant potential to expand the known reserves;

4. a 50% interest in Georgian Oil & Gas licences together with Strait Oil & Gas, on which the company completed a 410km seismic acquisition operation in March 2010. This has been followed up by interpretation and processing of the seismic data, targeting substantial oil prospects. Initial results point to a number of drillable targets;

5. a 20% interest in Puntland, Northern Somalia onshore oil licences estimated to contain up to 20 billion barrels.  In conjunction with operator Africa Oil, drilling on  the Dharoor prospect is planned for Q4 2010 and on the Nugaal prospect shortly after;

6. active engagement re Puntland offshore oil/gas exploration licences with plans to secure a farm in partner to help fund the exploration programme going forward.

Texas (USA) – Oil and Gas Discovery:

After reaching target depth with the Smith #1 well in the North Chapman ranch area of Texas in November the markets had to wait until 21 December 2009 before receiving confirmation of a commercial oil and gas discovery.

Initial test results showed flow rates of 2.4million cubic feet of gas and 191 barrels of oil per day. Sales of gas and oil from the well commenced in February 2010 and based on that event, Range made the significant move from explorer to producer.

Data from an independent report on the Texas Reserves was released on 11th May showing gross commercially recoverable reserves of 215Bcf of natural gas, 15.9mmbbl oil and 15.5mmbbl of natural gas liquids.  Of these figures, approximately 20.7%  is attributable to Range , which provided an independent PW10 DCF (Discounted Cash Flow) valuation on Range’s net interest of $226mn (A$289million or £157million – roughly amounting to 27c or 15p per Range share, subject to comments below re P1, P2 & P3).  The 20.7% stake being derived from 25% of Smith #1 and assuming 20% of all remaining and Range thus having 25% of proved reserves and 20% of possible and probable.

At this stage, approximately 15% of reserves are classed as Proved (P1), 15% as Probable (P2) and 70% as Possible (P3).  The markets naturally look for as much P1 as possible and will generally take a reducing level of assurance from P2 and P3.

The Company is now working to upgrade the reserves from P3, increasing P2 and P1.  The first stage in this process was the temporary suspension of Smith #1 production to enable fracture stimulation to be undertaken. Smith #1 has been producing from only one of three zones.  With fracture stimulation undertaken it is expected that flow rates could increase substantially, with 7-10million cubic feet of gas and 600-800 barrels of oil per day muted.  This would give up to a four fold uplift from the current flow rates of 2-3 million cubic feet of gas and 200 barrels of oil per day. Those hoping for a favourable outcome in the fracture stimulation process will have been encouraged to read the company's 28th June announcement confirming the well has now been successfully stimulated.  In due course the updated flow rates will be published and there is an expectation of significantly increased revenues from this well going forward.

In May 2010, the well partners spudded an appraisal well, Russell Bevly #1. This well is located some 570 km North Northwest of the Smith #1 well and in their 28th June 2010 announcement, the Company confirmed Target Depth had been achieved (and slightly exceed at 14,222ft) and that mud logs confirmed the presence of hydrocarbons. If successful this second well will not only add additional production volumes but also further enhance the understanding of the reservoirs – essential for the purpose of upgrading the class of the reserves.

Range has a 20% interest in Russell Bevly #1, compared to 25% on the Smith #1 well.  The difference is due to a “back-in” clause enabling the original Smith #1 participants to take a 5% stake in subsequent wells.  On 30th June the company announced in an update that after drilling to the required depth of 14,225 feet, the operator concluded that open hole logging operations at Russell Bevly #1 indicated the presence of 130 ft of net pay, exceeding the thickness of net pay encountered at Smith#1.

It’s worth noting that Range incurred expenditure of just $1.3mn in the drill costs and costs to production on Smith #1 well, a figure they expect to recover within months from their share of production and sales revenues. Budget drill costs for the Russell Bevly #1 well were approximately $3.8million of which Range were responsible for $760,000, an amount they paid upfront.

To date Texas has been a source of enormous speculation.  The original target of the Smith #1 well was to find a minimum of 80Bcf (billion cubic feet) of gas and they have found significantly more than that with potentially 215 Bcf! They were also hoping to find some oil and actually found up to 15 million barrels and additionally, 15 million barrels of natural gas liquids.

There is still work to be done in moving more of the reserves up from the Possible into the Probable and Proved categories, but with the Commercial status of this discovery now confirmed, the focus must now be on cranking up revenues. Success with Russell Bevly #1 and a positive result from fracture stimulation on Smith #1, would see those revenues multiply in short order, leading us to believe that Texas may well end up as a company maker in its own right.

East Texas Cotton Valley  - Acquisition

Complementing the North Chapman Ranch projects, Range recently announced the acquisition of a 13.65% stake The East Texas Cotton Valley Prospect, approximately 1,570 gross acres encompassing a recent oil discovery in Red River County, Texas.  This acquisition did not break the bank costing just $254,000.  What it does do however is diversify the Texas income generating portfolio, with Range able to participate in the drilling of a horizontal well to develop the identified shallow oil reservoir where gross recoverable reserves could amount to some 4-6 million barrels of oil.  It should be remembered that at this prospect oil has laready been discovered, and this additional well is an appraisal well which replaces the first horizontal well damaged during completion.  In other words, Range has bought into a prospect where there is known to be oil.

Moreover, should the appraisal well prove successful, this would trigger further development at East Cotton which could ultimately require in excess of 20 additional wells, with a targeted average recovery of up to 220,000 barrels of oil.  Given Range’s 13.65% interest in the venture, at $70 per barrel oil, this would amount to gross revenues for the company of around $2million per well.

Trinidad - Onshore

On 12 July, Range also announced the signing of a Heads of Agreement to acquire a 10% interest in three production licences in producing onshore oilfields in Trinidad, together with significant location onshore drilling operations.  This agreement costs $2million on signing of the definitive Agreement and a further $2.25million on formal completion of the acquisition.

Currently the fields are producing 700 bopd, but in line with the Range philosophy of buying assets with scalable potential, they believe that, based on known reserves, it is possible to increase that output to 3,500 bopd within 36 months . That would amount to an annual revenue attributable to Range (before costs etc) of somewhere in the region $9million, based on constant production @ $70/barrel oil.

Known Proved and Probable reserves amount to 4.8 million barrels and undeveloped Prospective resources of 20 million barrels. The Proved and Probable reserves alone would equate to an attributable value to Range (@ $70 oil) of $34million (before costs of extraction etc).

But it doesn’t end there! There is further significant potential from deeper formations hosting substantial producing reserves on adjacent blocks including one reservoir hosting some 30 million barrels.

The fact that Range is carried on initial development expenditure is a bonus and ultimately, with the successful drilling of deeper formations, the company has an ultimate target of increasing the production attributable to Range, to some 800-1,000 barrels .  This, at $70 oil, would amount to potential gross revenue attributable to the Company of $20 – 25million per annum.

Given the scalability of production and also the potential for material resource expansion on the license area, the payback on Trinidad could be quite significant, especially when related to acquisition cost of just $4.25million.

Puntland (Northern Somalia) – Oil exploration (drilling programme implementation)

Onshore

Here, Range Resources has a 20% interest with Africa Oil Corp (TSX:AOI) as operator holding 55%  and Lion Energy 15%. The Joint Venture Agreement covers the Dharoor Valley block and the Nugaal Valley block.

In a recent announcement, Africa Oil confirmed that Red Emporer Resources would become an additional farm in partner and subject to conditions outlined, will take an initial 10% interest, with potentially a further 10% available subject to confirmation by the end of August 2010.  This looks to be further validation of the prospectivity of the Puntland licences, particularly since Red Emporer is committed to pay a disproportionate share of the first well drilling costs.

Puntland is an autonomous State within Somalia, so once you have factored in the (not insignificant), geopolitical risk premium, we can move on to consider the following. The State has made some significant progressive steps in recent years. Elections have been held in Puntland since 2001 and the recent (Jan 09) elections passed peacefully. Range makes a firm point that it has a constructive relationship with the Puntland Government.

Evidently the Puntland Government is fully aware of the importance of Foreign Direct Investment and the need to address its security issues. The recent appointment of a Kuwaiti security firm to protect those operating in the country was regarded as significant evidence to that effect. Range has been trying to progress the Puntland programme for some years now. So when news was released on 14 December 2009 confirming that the Company, Africa Oil and the Puntland State of Somalia, had reached agreement over modification to the Production Sharing Agreements, attention started to return on this project. The revised agreements were still subject to Parliamentary ratification but this was achieved and confirmed via a news release on 21 December 2009.

The modifications allow Africa Oil to drill one hole in each of the Nugaal and Dharoor Valley exploration areas or two in the Dharoor Valley. In consideration of the amended agreements the parties agreed to relinquish 25% of the original agreement area in January 2010 and make a $1million payment to the Puntland government on each commercial discovery within each of the exploration blocks. Other terms included enhanced environmental safety measures and a one off payment by Africa Oil of $1,050,000 for development of infrastructure.

Africa Oil stated its intention to commence operations immediately and the announcement of rig mobilisation looks likely in the near term, with a four month programme leading up to spudding the first well in Puntland for 16 years.  Further indicative information can be found in this recent Boardroom Radio interview with Peter Landau.

Also worthy of mention is that Africa oil has reviewed data prepared by the Puntland government and Range Resources. They have reinterpreted existing seismic data and have drill targets identified as outlined in the Company’s latest quarterly report. The effort taken by the partners to identify drill targets will hopefully pay dividends - we will see when the drill starts turning.

As part of the Joint Venture Agreement, Africa Oil committed to paying the first $22.5m of exploration expenditure within each block (Nugaal and Dharoor). With respect to Dharoor in the fourth quarter of 2008 Africa Oil satisfied this requirement and going forward Range will be required to contribute proportionally against its 20% participation. With respect to Nugaal, Africa Oil has spent $4.3 million of the $22.5m sole funding commitment (to end September 2009).

Puntland is considered to be within world class prospective territory, notably due to the continuation of the prolific Yemen Rift System found across the Gulf of Aden. Reflecting this geology and from the work undertaken to date, the onshore campaign is targeting a potential of 2 - 10 billion barrels of oil, within each basin.

Offshore

Range has completed an offshore seismic/well database and through this has identified reservoir and source rock targets and the Company are in discussions with joint venture seismic partners to move this forward. It is anticipated that, subject to Puntland Government approval, joint venture partners will be agreed and an offshore licensing round undertaken.

In his recent Boardroom Radio  interview Peter Landau seemed optimistic that the offshore programme will be agreed with the Puntland Government in the near term and new partners will be confirmed to progress this important opportunity.  It should be remembered that Puntland offshore offers the potential for a multi-billion barrel reserve on its own, yet, the offshore programme is often overlooked.

Georgia – Oil exploration (seismic programme completion/drill target definition)

Within Georgia, Range are targeting an inferred 383 million barrels of oil and 70 billion cubic feet of gas on just one block within a highly prospective area adjacent to producing fields and with highly encouraging seismic just completed. On 9th July 2009 the Company announced an agreement with Strait Oil and Gas regarding the acquisition of a 50% interest in two Georgian Oil and Gas exploration blocks (Blocks VIA and VIB).  The Georgian prospects covered a substantial licence area with the two blocks representing a contiguous area of 7,000 square kilometres (or over 10% of the surface area of Georgia).

The blocks were previously the subject of extensive exploration, particularly during the Soviet era and are considered to be highly prospective for both oil and gas discoveries. Fourteen prospects have been identified on Block VIA with a gross unrisked potential of more than 380 million barrels. To earn their 50% interest, Range were committed to completion of Phase II of the PSA applicable to the specific blocks, consisting of 350km of 2D and 3D seismic and well selection.  The seismic work was succesfully completed as per the company’s market announcement dated 8 April 2010.

Within the quarterly update on 30 April 2010, we received confirmation that the seismic data was being processed and interpreted by RPS Energy with the aim of identifying drill targets by Q3 2010.  That said, the announcement also noted that drillable targets were already indicated in three areas of the Blocks and we understand that overall, 25 drilling target zones were identified. The announcement also noted the possibility that two choices existed for the upcoming drill programme including the possibility of attracting farm-in partners to joint fund drilling or to progress the targets on a 50/50 basis as currently stands.

Evidently the potential value here is causing Range Resources to think carefully about next steps; and the analysis continues in the markets with investors speculating that there may be some corporate activity relating to the Georgian assets in the foreseeable future. The ‘quiet’ speculation and excitement regarding Georgia is understandable based on the exploration data.  Moreover Georgia benefits from a democratically elected government and a business environment and legal system that encourages and protects foreign direct investment.

Georgia itself is an existing oil and gas producer with the Samgori field holding approximately 200 million barrels of recoverable reserves. In addition three major pipelines cross the country supporting the transportation of hydrocarbons.  There are many any old wells dating back from the Soviet era which were all previously shut in; but the company believes many of them could potentially be re-entered.

Value Proposition:

MiningMaven considers there are two key areas, which should impact on how the market looks to value the Company going forward:

1. Earnings potential of assets,
2. Capital appreciation potential of assets.

Range Resources now has a fledgling revenue stream from the Texan operation and if all goes to plan, these earnings could grow materially - even exponentially -  which, in addition to providing a healthy income for the company, could also leverage the capital value of those assets quite substantially.

These earnings could, of course, be directed towards further exploration of the Georgia and Puntland prospects, where there exists significant opportunity to develop highly valuable assets.

Added to this, the Company has now secured a stake in Trinidad Licenses, adding scalable production, incoming revenues and upside exploration potential to the mix.

Successfully developing a portfolio of high quality assets requires a skilled management team able to execute acquisitions on commercial terms, and the ability to mobilise funding in order to make this happen.  In due course the revenue generation through Texas should be able to fund a significant proportion, if not all of the Company's operational costs. For now, a recent fundraising of A$10million demonstrates their ability to secure funding from the market when required.

At 7cents or 4pence per share, this fundraising was achieved at a 33% premium to the rights issue completed earlier in the year.  We feel that this demonstrates positive progress.  We also believe that the acquisition of the Trinidad Onshore interest demonstrates Management's ongoing ability to generate value in excess of entry costs.

Whether the current AUD$110 million/£63 million market cap reflects the value within this portfolio is a matter for individual investors to consider.  Our opinion, as we cast a glance over the Oil and Gas sector, is that there are few producers/explorers that can compare with the depth, breadth and diversity of projects held by Range Resources.  Therein, we feel, lies the opportunity.

And it would seem we are not alone in our view.  A recent broker note from Old Park Lane Capital has placed a value for Range Resources as it stands at $276million, or 12.8p per share, fully diluted.  And that doesn’t reflect the potential upside Range Resources has across the portfolio.

Example of Risks (not exclusive):
• Exploration work fails to identify economic resources;  
• Country/Regulatory risk;
• Financial risk (sufficiency and stewardship of working capital and investment capital in particular);
• Commodity price exposure;
• Key person exposure (risk of losing key members of the team).

Company information:
Range Resources is listed on the Australian Securities Exchange (ASX:RRS) and listed options ASX:RRSOA ASX:RRSO) and the Alternative Investment Market (LON:RRL) and in the USA through ADR facility (Code: RGRLF)

Shares in issue -– 1,072,019,982 Options: 460 million at 5c per share 60 million at 10c, 3 million at 50c, 65 million at A$1 per share and 4 million at 4p.  Market cap (16.07.10) – ASX A$110 million (10.50c) and AIM £63 million (6p).  

Habt ihr gemerkt, dass die Optionen gestern zum ersten mal über 5c+ der RRS-Shares geschlossen haben? Es gibt die Vermutung (engl. iii-board), dass die MMs in London mit 90 mio Aktien in der Unterdeckung sind. Evtl. kaufen die MMs ja auch schon die Optionen, welche sie dann direkt einlösen um zu covern. Auffällig jedenfalls, dass einige Milliönchen an RRSO in den letzten Wochen gewandelt wurden. Das bringt zusätzlich Cash in die Firma.
Hoffen wir, dass die Flow-Rates von Smith#1 den Erwartungen entsprechen. Dann gibts einen riesen Schub. Das Volumen in London ist brutal. In den letzten 4 Wochen wurden ca. 450mio Aktien dort gehandelt...Das heisst die Hälfte aller ausstehenden Shares. Wenn die oben genannte Theorie stimmt, dann dürften die MMs in London leicht nervös sein...
Jetzt wäre wieder ein perfekter Zeitpunkt für gute News...  

Zu den Entwicklungen bei RRS:
ich gehe davon aus, dass erst die Quarterlies veröffentlicht werden und Anfang nächster Woche die News zu den Frac-Results Smith#1 veröffentlicht werden.
Dann warten noch Ergebnisse von RB1 und die Auswertung der seismischen Untersuchung mit Ankündigung einer Drill-Strategie.
Auch News zu Trinidad und Georgien werden erwartet, wobei die englische Zeitung "Independent" heute berichtet, dass die Rig-Mobilation-News zu Puntland, diese Woche noch erscheinen soll. Dies halte ich allerdings für sehr ambitioniert. Wobei sogar suggeriert wird, dass RRS die kürzlich durchgeführte Kapitalerhöhung für das Somalia-Projekt einsetzen wird. RRS ist jedoch lediglich Lizenzinhaber. Der JV-Partner AOI Africa Oil ist der Operator und muss zusehen, die Bohrungen zu finanzieren. Ranges Kasse bleibt somit gut gefüllt.

Hier der Artikel:
Zitat:
Monday 26th July 2010

Range Resources is Somalia-bound


Somalia is rarely out of the news, and usually for all the wrong reasons. But that has not stopped a number of Aim-listed companies from looking at the country as an investment opportunity.

Of course, there is no functioning national government and it is a society plagued by terrorism, so operating in Somalia has untold difficulties. But that has not discouraged Range Resources from investing significantly there.

The Aim-listed oil and gas-exploration group has a predilection for looking for natural resources in dangerous places. It is, along with its joint-venture partner, Africa Oil, set to announce a new drilling campaign in Puntland, the country's north-eastern region.

It also has assets in Georgia, which was at war with Russia a couple of years ago, so the group is nothing if not adventurous. It claims that Puntland is generally safer than the rest of the country, despite the region's ports being used to launch most of the pirate activity which attracts so much attention.

News of the drilling programme in Puntland could come as early as this week, after earlier this month Range raised A$10m (£5.8m) from an equity placing. Last week, the group also exercised a number of options to raise a further A$1.5m (£900,000) in funds.

A proportion of the cash will also be used to fund a drilling programme in Trinidad, where the group recently acquired an asset. It has also benefited from the revenues it makes from its producing assets in Texas.

Having secured and stabilised its financial support, Range Resources is proposing to target and spud its first well in the fourth quarter. This opens multi-billion barrel prospects which should add an estimated 8.3p to each share, according to the company's London broker, Old Park Lane Capital.

Barney Gray, head of research at Old Park Lane Capital, said: "The recent addition of Trinidad to its portfolio will strengthen Range Resources' production and reserve base and is likely to underpin the current share price further."


http://www.independent.co.uk/news/business/...e-gamblers-2035562.html  

Gestern ist schon im Londoner Intradaychart aufgefallen, dass da Kaufdruck entstanden ist. Heute Nacht ist Australien super gelaufen.
Die RRSO haben sogar 17,31% gemacht.
Heute Nacht muss von Seiten Ranges auf jeden Fall was an Neuigkeiten kommen.
Zumindest das Quarterly.  

Mal schauen was unsere Transusen in AUS machen.
Die RRSO müssten von 6.1c auf 7c steigen (+14,75%).
Wer zuerst kommt....  

So, die Transusen in AUS haben wie erwartet gar nichts gemacht.
Der Umsatz von über 6 Mio jeweils bei RRS sowie bei RRSO kommt nicht von Australischen Anlegern.
Es sind die typischen 500k-Blöcke der Londoner MMs.
http://cb.iguana2.com/netwealth2/depth/rrs
http://cb.iguana2.com/netwealth2/depth/rrso
Die müssen nämlich, wie auch schon mehrfach in der Vergangenheit zu sehen war, die Optionen kaufen, um den Kurs bei RRS in Schach zu halten.
An der ASX finden sich einfach nicht genug Verkäufer für die RRS.
Die Ausübung der Optionen spült Range ordentlich Geld in die Kasse.
Bin gespannt auf den nächsten Appendix, wieviele RRSO von den MMs wieder geswitcht wurden.  

http://www.asx.com.au/asxpdf/20100802/pdf/31rnw3fddp28ft.pdf

Range verdient Geld mit dem ersten Bohrloch Smith1.
Die Produktionsmenge konnte nicht wesentlich erhöht werden, dafür verdient Range aber wesentlich länger. Range hat Angst, dass durch den starken Druck die Anlage beschädigt werden würde und geht auf Nummer sicher.

Zu Russel Bevly #1 werden in den nächsten Tagen die Reservenschätzungen verkündet.

Cotton Valley wird bis Ende September exploriert, mit 20 bis 25 Bohrlöchern.

Trinidad wird im Laufe der nächsten Monate exploriert.

Georgien wird bis Ende September ausgewertet sein und eine Explorationsstrategie veröffentlicht werden.

In Puntland ist Range und AOI gerade dabei, die Dienstleister für das Bohrprogramm zu finden.

Alles in allem eine tolle Entwicklung in den letzten Monaten.
Die Engländer haben viel zu hohe Erwartungen zu den Smith#1-Results gestreut und heute findet eine konsolidierung statt.

Hier sollte in den nächsten Monaten einiges an Newsflow kommen.
Vor allem die RRSO kann man in AUS momentan wesentlich unter aktuellem Wert kaufen.  

Nachdem die Shorttrader und Ultrazocker raus sind (7p auf 5,65p runter), scheint sich die Aktie wieder ihrem Auffärtstrend zuzuwenden.
Heute Nacht war in AUS mit der RRS kaum Handel.
Ich bin mir sicher, dass dies seit langer Zeit der echte Aussie-Handel gewesen ist.
Die letzten Wochen mit durchschnittlichem Volumen von 6m pro Nacht, waren aus meiner Sicht die Market Maker aus London.
In dem ResearchReport von OPL wird Range ohne Cotton Valley, Trinidad und Georgien auf 11.5pence bewertet.
Und heute kam die Meldung, dass in den letzten Wochen 65 mio RRSO-Optionen zu 5c geswitcht wurden. Ich tippe eindeutig auf die MMs aus London. Ein Investor wäre nicht so blöd und würde diese jetzt schon tauschen. Weitere 3,25 Mio AUD in Ranges Kasse...
Übrigens hat RRS jetzt 11m Cash.
Was mich ein wenig verwundert ist die Tatsache, dass die RRSO so billig unter Wert verscherbelt wurden, letzte Nacht. Ich kenne keine Option, die so günstig ist, wie die von Range. Normalerweise werden die Optionen mit einem Aufschlag gehandelt, bei RRS mit einem Abschlag. ich denke aber, das wird sich drehen, wenn die Kurse nachhaltig steigen.

http://www.miningmaven.com/companies/...ella-you-shall-go-to-the-ball

http://www.rangeresources.com.au/fileadmin/...eports/RRL_02-08-10.pdf  

Schöner Turnaround in London.
Hoffen wir, dass die Aussies heute Nacht mitspielen...  

Wunschnewsszenario:
1. Georgia Seismic Results
2. Smith #1 Frac Flow Rates
3. RB#1 Independent Reserves Report
4. RB#1 Flow Rates
5. RB#1 Connected to Sales Line
6. Cotton Valley Wells program
7. Georgia Drilling Program
8. Red Emperor Escrow Complete
9. Trinidad Drilling program??
10. Puntland Rig Mobilisation
11. Red Emperor Increase Farm-In
12. Puntland Offshore News
13. AOI Listing on NASDAQ
14. Texas 3rd well spud
15. Texas 3rd well TD
16. Texas 3rd well flow rates
17. Puntland Spud
18. Puntland TD
19. Final Year Accounts (this will be a great read!!)  

Wollte eigentlich nach london fliegen und mir bei der Gelegenheit das iphone dort im Store holen. Sind aber auch dort ausverkauft.
Hab aber wieder Infos aus dem Office bekommen.
Vorab: der September wird sehr heiss für RRS.
An der AIM sind mittlerweile 66% der Aktien.
RRSO 400m, bedeutet, dass durch die Wandlung (machte nur für die MMs Sinn, also vollkommen korrekt vermutet) 2,75m AUD zusätzlich in der Range-Kasse sind.
Neue Aquisitionen seien nicht geplant hieß es. Gut, wir werden also nicht weiter verwässert.
RusselBevly News Ende August. RB definitiv noch erfolgreicher als Smith#1 hieß es.
Georgien-News Anfang September.
Mitte bis Ende September kommen News und Updates zu Trinidad und Cotton Valley.
PL ist zuversichtlich, dass Africa Oil die Rig-Mobilisation dieses Jahr noch hinbekommt.
Ich freu mich drauf.  

Der Kurs scheint sich bei ca. 5.5p einzupendeln. Seltsamerweise genau das vom Broker zuvor gennante Kurzfristige Kursziel. Im neuen Bericht ist als aktueller Wert 11p ausgegeben worden. Mal schauen, was die Engländer am Mittwoch so alles erfahren werden.  

Neue Präsentation ist draußen:
http://www.rangeresources.com.au/fileadmin/...August_2010_-_FINAL.pdf

Von einem Besucher des heutigen Meetings in London:

Georgia:

* Seismics going well with 6 targets identified and being reduced down to 3 now
* Logistics are being put into place as we speak and so they will be ready to spud first well as soon as it is identified (before end of year)
* Oct/Nov they will decide how to progress with Georgia, they can't fund Puntland at same time so may need to raise a couple mill to help out or arrange a drilling partner

Trinidad:

* Used to be a sort of ATM, in Pete's words, for a couple of Texans producing $1m a year regularly. One of them got ill and they decided to sell out
* Could go lots bigger than it already is and is easy to expand
* Can be drilling 3-4 wells at any one time and turn around smaller ones (100 bbls a day) within a 5 day period (drill, connect, production boom!!)
* We will get monthly updates from November due to the high activity in this area
* Monitor want to dual-list on AIM too and once again Range shareholders will be offered part of the placement
* For further details on potential look at Parex Resources and their results with Herrera, right next to us

Texas:

* Private operators tend to be very cautious about their drilling so will leave Smith at current flow
* RB#1 is now connected and we should have news on Mon/Tues about the flow rates
* It will be left un-fracced for 2-3 months due to difficulty sourcing frac teams
* Looks bigger than Smith but don't expect an updated reserves report until mid/late September
* 3rd well due to be spudded in Nov, likely be similar to Smith
* Drilling will continue indefinitely at the rate of about 3-4 well p.a. in oredr to provide some regular income and under-pinning of SP
* Cotton Valley should have 3-4 month payback
* Horizontal well to start drilling in Sep

Puntland/Somalia:

...will happen, for all the naysayers, everyone over there is positive and pushing it forward, Range, RMP, the government, even AOI. Do get the feeling PL has lost most of his hair tearing it out over Africa Oil being a bit slow but the key point was that whilst there will inevitably be delays it WILL happen.
Current highlights:

* RMP will be able to/will buy their extra 10% by end October (deadline was extended)
* Range shareholders will all have the opportunity to get involved with the placement if they wish, initially just on ASX but they will be dual-listed by the end of the year
* Final drilling contracts are being signed at the moment
* Rig mobilisation should be announced in November
* Spudding of Maroodi-1 in Jan/Feb 2011 (maybe make that Q1 depending on delays)
* Nugaal is likely to spud around Q2 2012 but this may change depending on results in Dharoor e.g. brought forward if we hit oil earlier rather than later
* Offshore is unlikely to have any impact on SP for 2-3 years and probably won't happen for 5 years
* Don't worry about the PSA, so long as they see activity, government are keen to extend it

...ich würde mal sagen, hier geht noch einiges...  

Nachdem nun die Zukunft von Range sehr positiv zu sein scheint, hat sich der Handel wieder mit Volumen gefüllt, inklusive steigenden Kursen...
In Sydney heute 10.5c, London steht jetzt bei ca. 6p und hat innerhalb 30min bereits 5m Shares gehandelt.
Am Montag Nacht sollen die Ergebnisse von RusselBevly#1, dem zweiten Bohrloch der Northern Chapman Ranch veröffentlicht werden. Es wurde von Firmenseite bereits suggeriert, dass dieses Bohrloch noch mehr Einnahmen erbringen wird, als das bereits produzierende Bohrloch Smith#1.
Geplant sollen nach aktuellen Angaben weitere 20-30 Bohrungen sein.
Ein drittes ist bereits in Planung.
Pro Jahr sollen 3 neue hinzukommen.
Man scheint dort auf ein starkes Reservoir gestoßen zu sein.
Somit dürften weitere größere Dilutions der Vergangenheit angehören.
Smith bringt momentan Netto ca. 1,5m $/Jahr ein.
Peter Landau, Firmenlenker bei Range ist fest davon überzeugt, dass die Mcap Ranges sich dieses Jahr noch ver2,5fachen wird.  

Range Resources Ltd Shareholders Meeting
Wednesday 25th August 2010


The Garden Room of the City of London Club.

Pete Landau CEO presented.

In attendance were Anthony Eastman (CFO RRL), Greg Bandy (CEO RMP), Old Park Lane’s O&G analyst,

Liban Bogor – Director of Range and Puntland President Farole’s Son!


INTRODUCTION


PL started by saying that Texas underpins current MCAP. They can sell NCR tomorrow for more than £65M. He thinks a fair valuation for the companies current assets is £200M

PUNTLAND
* RMP will be able to/will buy their extra 10% by end October (deadline was extended)

* Range shareholders will all have the opportunity to get involved with the placement if they wish, initially just on ASX but they will be dual-listed by the end of the year

* Final drilling contracts will be signed by end October

* Rig mobilisation should be announced in early November

*Rig will be transported via a barge to avoid main port

* Spudding of Maroodi-1 in Jan/early Feb 2011

* Offshore is unlikely to have any impact on SP for 2-3 years and probably won't happen for 5 years. Considering farm in for free carry – discussions ongoing.

* Don't worry about the PSA, so long as they see activity, government are keen to extend it

*We have $11m in the bank which is enough for everything but if we decide to go at Georgia alone and Puntland simultaneously we may need to raise 5-10m. This will be at a much higher price though once Puntland rig mobilisation news has been announced. 100% from where we are today.

* They've found numerous drill targets but Mark Patterson actually chose the Maroodi-1 to target first (very respected man).

*Puntland security. Labarnes explained how this area really is very (relatively) safe and stable compared to Mogadishu and other areas. They have had 11 years of stability & autonomy with 3 changes in government. An Oil strike would be a game changer for the region and Puntland would develop strong influence overnight. All tribes are in support of oil exploration as they realize the economic benefits. Media reported tribal feuds will have no impact because they remain local disputes and don't spill over to other territories.


TEXAS

* Smith frac successful, choke size was chosen to preserve well integrity and longevity. Private operators tend to be very cautious about their drilling so will leave Smith at 320bopd for now

* RB#1 is now connected and we should have RNS on Mon/Tues about the flow rates

* It will be left un-fracced for 2-3 months then shut in and fracc’ed

* Looks bigger than Smith, updated reserves report released mid/late September. It WILL move P3>P2>P1 in PL’s own words.

* 3rd well due to be spudded in Nov, likely be similar to Smith

* Drilling will continue indefinitely at the rate of about 3-4 well p.a. in order to provide some regular income and under-pinning of SP

*Each well should profit 2.5mill net to range with 3 being drilled a year. Possibility of 20-25 wells.

*NCR is a big find in the area when looking at comparisons.

* East Cotton Valley, 400K to acquire should have 3-4 month payback

* Horizontal well to start drilling in September

GEORGIA


* Seismics going well with 6 targets identified and been narrowed down to 3 targeting 80M bbbls

*Up to date with timeframes for Georgian licence requirements

* Logistics are being put into place, tender to first drill in Aberdeen

* spud first well before end of 2010

TRINIDAD

* Fully paid for and massive potential.

*PL seemed very positive about this. Well developed local oil infrastructure with nearby refinery. Supplied all of US oil need in WW2!

* Used to be a personal ATM, in Pete's words, for a couple of Texans producing $1m a year regularly. One of them got encephalitis and they decided to sell out

*News flow should start Nov time. – monthly updates

*Shallow wells and easy to connect up. wells can be drilled and hooked up within 5 days.

*possibility of drilling 3-4 wells at a time, they own the rigs, and staff will increase from 110 to 220.

*The lower formation is meant to be massive which we'll be targeting. Possibility of 6000 bopd in 36 months.

*Compare to neighbouring Parex Resources who have struck in Herrera formation. www.parexresources.com

* Monitor Energy want to dual-list on AIM too and Range shareholders will be offered part of the placement

SUMMARY


This is an exciting time for Range Resources. 18 months of deal making and acquisitions are starting to bear fruit. Almost uniquely for a junior explorer, Range have a producing asset in Texas which underpins their current Market Cap. This leaves East Cotton Valley, Trinidad, Georgia, Puntland in for free. If none of these existed, development of the North Chapman ranch acreage is valued unrisked at 11.5p by Old park lane brokers.

Q&As

1. How confident are we that there is 400m BO recoverable in Puntland?

This is our size of the target/prospect but will only know on drilling. Drill success rates vary from 1 in 4 to 1 in

2. Puntland PSA’s expiry?

Formality to extend, they have spent time and $30M cash on developing the prospect.

3. Will Range announce mobilisation and not on route due to security fears?

Logistic plan is in place – most likely a barge on a beach and not in main port. Will announce mobilisation by RNS

4. What is Ranges in house technical competence?

Mark Patterson, well regarded geophysicist has identified Maroodi Prospect

6. Raise Capital, what is RRL strategy?

11m in cash currently which covers Puntland. May raise money for Georgia if the share price hits 10p – 14p prior to Puntland spud.

7. Again ask about fund raising, PIs or IIs?

To early to tell at present but prefer IIs and target funds.

8. AOI – 45% Puntland share

RMP have extend there option on the additional 10% until 31/10 due to 2 month delay in contracts with AOI.

9. Seismic – 2D or 3D what’s the difference?

2D wide lanes, 3D narrower lanes but costs higher and is more accurate.

10. AOI – tactics if a discovery on first well.

AOI will leave rig and not move on and will target a second appraisal well.

11. Georgia Seismic – any comparison to Russia and water contents?

RBS energy reviewing and not noticing lots of water.

12. Puntland and Chinese rights to reserves.

RRL happy agreements in place and legal contract with Puntland government.

13. Finance – when breakeven?

PL believes this is not a good way to review a junior oil company. He looks at market capital and liabilities. He wants to drive Market Cap from 60m to 200m.

14. 4-5m to fund Dharoor, if we find oil what happens.

Taken out very quickly.

15. Share consolidation?

No! Worst thing to do right now and any bad news could knock 30% off share price.

16. Who is the operator in Trinidad

RRL.

17. Is it hard to raise money?

No can raise if needed but at what price and benefit.

18. Why are you in London?

They are over on their other companies but as AGM coming up (and given that 66% of the shares are now held on the UK AIM market) thought it would be good to talk to the AIM investors.

19. Market Cap 200m how optimistic or pessimistic are you?

They know their targets, there is potential there and Texas is underpinning.

20. Equipment in Djbouti?

Still there since 2008 in AOI containers with head gear and casings for Puntland drilling.

21. Texas?

4 potentials, 3 wells a year to drill. 7.5m net to range in additional income. Increasing net cash flow.

22. Smith Frac a success?

Yes very much so. 2 out of 3 layers open with 4mcf coming out. Have to keep pressure low to preserve well.

23. Spud in Georgia when?

Drilling tender out with 4 companies. First drill to assess tenders. Spud end 2010.


dogpog on the LSE board,to thank for this.

Now try and chill out.

the wee elf  

http://www.stocknessmonster.com/news-item?S=RRS&E=ASX&N=503966  

Hab Range mal mit "meiner" Afren verglichen, schaun wir mal wies dann in 2 Jahren hier aussieht - die Richtung stimmt !!!

Bin an Bord ;)

Im Aussi-Land schon wieder -4,12% in den Miesen und dort ist charttechnisch die nächste Unterstützung erst bei 0,075AUS$ (0,053 EUR) auszumachen... :(

 

Es bleibt aber wohl doch nichts andres übrig...




...als brav zum Briefkurs zu kaufen ;)

...dagegen ging ja in Frankfurt richtig die Post ab - diesen Monat gibts doch auch noch was in Sachen Georgien auf die Ohren ! ;)

"....It is expected that final interpretations and the identification of potential drilling targets will be completed during Q3 2010..."

http://www.rangeresources.com.au/fileadmin/...eports/RRL_02-08-10.pdf

...ein Blick auf den Globus wäre hilfreich - doch die Briten drehen grad durch, wohl wegen der AfricaOil Meldung:

http://www.africaoilcorp.com/i/pdf/AOI_September_2010.pdf
"Drilling initiative for Nugaal well was cancelled due to
security/contracting issues with government, increased well
costs and potential liability risks on drill equipment"

Nugaal war doch eh erst später geplant und selbst wenn sich Dharoor Valley ebenso verzögert, was durchaus naheliegt, so ist das in meinen Augen nicht weiter schlimm.

GEORGIEN bringts ;D

Der halbe September ist fast vorbei, hast lange nix hören lassen. Ist die Enttäuschung zu groß über die möglichen Verzögerungen in Somalia oder den Kursverlauf im Allgemeinen?
Bist du noch an Bord ?
Hab weiter fein zugekauft, aber konnte den Kurs trotzdem nicht recht stützen ;)
1Cent Kursbewegung macht bei mir derzeit 1,5k EUR - natürlich auch nach unten, doch das Risiko erscheint mir vertretbar bei dem zu erwartenden Newsflow ;D
Bin gewissermaßen tiefenentspannt, ist doch letztlich alles "sponsored by Afren" ;D

Wie siehst du d.o. Meldung von AfricaOil ?
"was cancelled" = ist gecancelt oder war gecancelt
Mir wärs das liebste, Puntland weg und all eyes on Georgien !

Pete schrieb zur "Cancellation":

"...they are operator so we cant really comment over and above – we can say that AOC have appointed a drilling manager for Puntland and we are very confident that extension will be granted shortly by the government (we also have communication with the govt) – as to timing we will assist them with regards to contractors and security (if required) and try and fast track as much as possible from our end...."


..und Sophia von AOI

"...Regarding Somalia, we won't be drilling on either block until we've got suitable drilling contractors and are satisfied with safety - that could be relatively soon or quite some time in the future. Best to look at the Somalia project as a highly leveraged call option on a potentially large oil resource. Drilling will be taking place in Kenya (by Tullow) in 2011..."

http://www.iii.co.uk/investment/...L&display=discussion&it=le

Find ich nicht so prickelnd, daß Peter da so "klammert", Puntland sollten wir vorerst beiseite legen dürfen/müssen.
Aber wie gesagt, find ich gar nicht soo schlecht und London wie`s scheint auch nicht: 5% up

I spoke with Greg Bandy yesterday and he confirmed the following:

-Range Resources and Africa oil met with The puntland Gov. last week. They were seeking a formal extension on the PSA to drill TWO wells in DHAROOR.

- The extension will be granted and when it is we will hear more from AOI

- They have officially appointed a rig manager and he is based in Addis Ababa. They have THREE drill contractors who have tendered for the job of the first well.

- There's a possibility that they will drill 2 wells back to back

- Keith Hill has personally said that they are fully commited to drilling these wells and the recent work required to formalise their farm-out to tullow has occupied a lot of their time. Given this has been done they can fully focus on Puntland now.

Now im not the brightest here but even I can see that Puntland is going ahead, if you dont want to believe it then dont. Sell up and i'll happily laugh at you when AOI ann. rig mobilisation and these get re rated significantly.

http://www.iii.co.uk/investment/...L&display=discussion&it=le