Range Res. ist Produzent und keiner hats gemerkt

http://www.proactiveinvestors.co.uk/companies/...ys-broker-38266.html

Analyst Barney Gray at broker Old Park Lane Capital has called Range Resources (LON:RRL, ASX:RRS) and Leni Gas & Oil's (LON:LGO) Trinidad tie up, announced yesterday, "mutually beneficial".

The broker, which rates both stocks a 'buy', released notes on both companies following news they would jointly develop onshore oilfields on the island.

In a binding Heads of Agreement, both companies agreed to jointly develop the Beach Marcelle field, in which Range holds 100 per cent and the Goudron oil field, which lies immediately adjacent, and which is wholly controlled by Leni.

The deal will see Range taking a 50 per cent stake in the Goudron oilfield by spending US$8 million. LGO has an option to acquire a 15 per cent stake in the Beach Marcelle project by spending a maximum of US$7 million.

Range already owns a number of producing assets nearby and this tie-up gives it additional reserves and production growth in Trinidad, while LGO gets sufficient cash to buy out Goudron’s previous owner and take the project forward.

LGO's Goudron field was originally developed by Texaco and more than 150 wells have been drilled to date. The field holds 2P (proven and probable) reserves of 8 million barrels. However, P3 reserves are 21.8 million barrels representing significant upside, said Gray.

Meanwhile, the smaller Beach Marcelle licence contains proven (P1) reserves of 12.8 million barrels believed to be recoverable through secondary production techniques.

Range aims to start production from Beach Marcelle using water-flood techniques in 2013. It hopes the field will produce 5,000 barrels a day by 2015.

Gray said he believed the deal for Range was "very astute".

"In return for a 15 per cent interest in Beach Marcelle, which we believe is worth approximately US$38mln, Range’s eventual 50 per cent interest in Goudron is worth at least US$80 mln for the P2 reserves alone, more than offsetting a reduced interest in Beach Marcelle," he said.

For LGO, the Old Park Lane Capital analyst said it was a "great deal".

"For a modest sum, the company has secured an option to acquire an interest in Beach Marcelle at a significant discount to our valuation of the field," he pointed out.

The analyst added: "Aside from LGO’s assets in the US, Spain and southwest Trinidad, our preliminary estimates indicate that this deal could be worth over $103mln to LGO, equivalent to 4.5p per share on a fully diluted basis."  

Trinidad & Texas Update
Date : 27/01/2012 @ 07:00
Source : UK Regulatory (RNS & others)
Stock : Range Resources (RRL)
Quote : 11.0 0.0 (0.00%) @ 16:29
http://bit.ly/wsoU6c

TRINIDAD & TEXAS UPDATE

Range Resources Limited ("Range" or "the Company") is pleased to announce the
following updates with respect to its operations in Trinidad and Texas.

Continued Success for Trinidad Operations

Range is pleased to announce continued drilling success as it ramps up its
reserves production drilling program on the Morne Diablo concession in onshore
Trinidad.

Following the successful logging and completion of the QUN118ST well, initial
production testing has seen the well producing at a rate of up to 102 bopd on a
5/32" choke under natural pressure from the shallow Forrest formation and has
stabilized at approximately 84 bopd.

The Company is extremely pleased with the initial production results of the
QUN118ST well as it follows on from the recently completed and producing
QUN116ST which is currently producing circa 30 bopd under natural pressure (at
the top of the target range of shallow 1000 ft wells of 15-30 bopd) with an aim
to put the well on pump, after further decline, to increase the production rate
to an estimated 50 bopd.

As previously announced, the QUN 117 well encountered both the Lower Forest and
Upper Cruse objectives, which we believe may extend eastward of the existing
wells, and confirmed the Company's predictions that the current well program
would extend existing fields. The Upper Cruse section was placed on production
with initial production rates of 81 bopd under natural pressure. Like the
QUN 116ST well, this well will be optimized and likely be placed on pump and is
forecast to produce upwards of 50 bopd, whilst still maintaining the Lower
Forest zone potential which is planned to be exploited at a later date.

Rig 2 has moved to the QUN 119 location and is drilling ahead at 1,100 ft with
a TD of 2,400 ft and targeting the Upper Cruse and Lower Forest Sands. Well
logs have been taken over the Lower Forest interval and are indicating
approximately 280 ft of good oil sands with 100 ft of these sands
displaying higher quality potential for better than expected flow rates. These
results are extremely encouraging as indications are that the multi zone
producing trends previously encountered in the QUN 117 well appear to continue.

Rig 5 has been prepared to join the current operations and will be targeting
its first well, QUN 120 for the Lower Forest Sands in the coming weeks.

Rig 8 currently awaits regulatory inspection which is expected shortly and will
be targeting the deeper Middle and Lower Cruse formations, whilst Rig 1 has
been awaiting replacement drill string, expected to be received shortly, at
which point in time the Company will have four fully operational drilling rigs
rapidly advancing the Company's current drilling program on Morne Diablo.

Exploratory drilling for deeper targets is programmed for 2012, following
reprocessing and interpretation of the Company's 3D seismic database, which is
scheduled to be completed early / mid February.

Texas - North Chapman Ranch

The Company would also like to announce that the joint venture has run 9 5/8"
casing on the Albrecht #1 well and is drilling ahead at 11,302 ft, just above
the Anderson Formation, with a proposed target depth of 14,500 ft. If
productive, the Anderson Formation could add significant reserves to those of
the Howell Hight Formation, the primary field pay at North Chapman Ranch.

Completion work continued on the Smith #2 well with the perforation of the
lowest zone, or "E" sand. Immediately following perforation, 5,500 psi of
pressure was recorded at the surface, indicating virgin reservoir pressure at
the Albrecht location. The well is scheduled for fracture stimulation early
next month, along with first production and sales.  

http://www.rangeresources.com.au/fileadmin/...eports/RRL_26_01_12.pdf  

http://www.asx.com.au/asxpdf/20120201/pdf/424349hjn9k7wk.pdf  

19:21 08/02/2012 Re: Rumours of 400m...
"It also could mean that we are past 1800m and could be at the main target next week?"

----------------------
Might seem like back tracking.

http://www.africaoilcorp.com/i/maps/Puntland-stratigraphy.jpg

The diagram above shows the Jesomma first target layer at 4600 ft (1400m) Petrotech puts it at 3300 ft (1010m).
If we say the top layers to the valley have been eroded, then the1400m in the diagram is taken as the Petrotech 1010m. So that the 1800m present drill depth estimation would then be nearer 1400m ( with 400m taken off), which would mean the main reservoir is down at another 1100m. (not 700m) So it would be closer the end of next week to reach it.

All guesstimations of course, and the stratigraphic chart is generalised for Puntland overall.

The 400m column is still possible, just with less oil in the middle.
By Screwfix  

19:14 08/02/2012 How they will test each pay zone
What they will do. (By the way its called a multi-completetion well)

Drill right down and past TD until they get no more oil shows in the mud.
Once this is done they will know where they encountered and stopped seeing oil shows then they will move on to dropping various amounts of strings(pipes) down the production well depending on how pay zones they have encounter

We have three main payzones. So
1 string will go down to first payzone, 1 to the second payzone and 1 to the 3rd payzone.

Then each pay zone can be flowtested as a single zone and produced through its own string, even though it comes out the single caison.

Hope this sheds some light on the matter.

Kind regards

BG

By blackgold76  

20:03 08/02/2012 Re: Confusing
Gold Dust C as C

seems the most sensible comment so far

BUT, he & myself have heard the same information this afternoon from what we class as honest sources that they are at 1250mtrs and there have been hydrocarbon indicators which have caused the operator to temporary shut off of the drill while they wait for equipment.

Not over the top news, no fairies flying around sprinkling pixie dust but still very encouraging and could explain the balanced steady rise this afternoon on both RRL and RMP without the cascade spike that we would expect with a heavy confirmed strike.

Still a strong buy imo as it seems they are progressing well and its still all to play for
By Bistable  

10:46 09/02/2012 The Mirror image... Just read and absorb
# Take a look at this

http://www.hornpetroleum.com/i/maps/Yemen_Somali_basins_pre_rift.jpg

We drilling in Darhoor..

# Now DNO is drilling in Masila, which is the Connection that AOI have been banging on about..

Link # http://www.dno.no/dno-operations/yemen/assets/ (see the map say 'un masilah basin)


From this linked basin DNO have epic results!!!

Block 32 Tasour reached plateau production level of 17-20,000 barrels per day in 2003-2004, and 26 wells have been drilled so far in order to maximize the reserves.

The second oil field on Block 32, Godah, was discovered in 2006 and is expected to produce 6 million barrels of oil. DNO started exploration in the Godah area based on a discovery of natural gas on the neighboring Block 14 to the south. total production to date is 3.8 million barrels.

Block 43
Nabrajah

The Nabrajah field was discovered in April 2004, with production beginning in July 2005, six months after DNO submitted the Notice of Commercial Discovery to the authorities in Yemen. In order to achieve the initial oil production in the shortest time possible, temporary production equipment was rented while the permanent facilities were constructed. nitially, DNO estimated the recoverable reserves to be approximately 6 million barrels of oil. We have now produced 12 million barrels; the current ultimate reserve estimate is close to 15 million barrels.


So basically if what Africa Oil have been spouting so loud and hard is true(i.e the connection from Darhoor to the Masilah basin) http://www.hornpetroleum.com/s/...r-and-Nuggal-Blocks&_Title=Maps we are pretty much laughing all the way to the bank$$$!!!

Dont forgot target is 300Million Barrells too! DNO are talking about 5-50mill above.

just have a look at some of the production figures from yemen

http://www.dno.no/dno-operations/production-reports/february-2011/  

http://somalitalk.com/oil/oil_sawir3.html  

http://www.guardian.co.tt/news/2012-02-15/roget-warns-90-days-war  

Aus google../undergroundmail, vom 18.02.2012
JR 2187 bringt hier seit langer Zeit seine etwas verschlüsselten ( teilweise rätselhaften Beiträge ), er schreibt heute zum ersten mal Klartext.

11.04 am
PL has been working hard over the last week to set this up.
Now we are at this point, it can be talked about, why has the SP to date appeared manipulated?
Well, it has been the desire of a few instos who hold our stock to
accumulate as much as possible for as little as possible preparing for the US thingo. These acculumators are the ones that have placed their stock onto the US market to feed the soon to be MASSIVE interest in RGRYY.
With Range being traded on three exchanges it will be extremely difficult to engage in any further manipulation due to the logistics and forces involved.
The powers that be are suggesting to me that a flood of well over 100 million shares will be sort on day one, which will be Tuesday UK time that could have a massive impact on the SP.
We could well test previous highs in a couple of sessions.
We are not in hype mode anymore, we are for real about to see Punty show it's true colours after all these years.
What a great achievement for the people of Puntland.
Keep well Rummers and enjoy the weekend.
JR

11:31 am
To clarify, in discussions with the Editor of the mail out (share mailer)he suggested based on experience with how his subscriber base usually reacts, and pleae understand he only sends out 6 to 8 of these a year, the minimum impact would be for 100 million new shares being sort by the subscribers. This clearly could cause a sunami of buying that could easily multiply into several hundred millions shares that could quite easily exhaust even the ability of 634 million shares to feed such a frenzy.
Be advised Rummers that this is very serious.
There may well be a massive spike in the SPl especially given Range will not be traded around the world for only a few hours a day......now get your FECKING TOOT TOOT heads around that nice little dynamic. It will be like going to Vegas where the tables are always playing.
NO SLEEPING ALLOWED!
JR  

http://www.asx.net.au/asxpdf/20120223/pdf/424k5v3nhzhbcj.pdf  

http://www.proactiveinvestors.co.uk/companies/...d-quarter-39321.html  

Aus dem iii-Board. PL Email

Sent PL an email yesterday, basically saying I was a little confused as to what testing equipment had been sent for, as I would have thought they would have been logging the formations before casing was set (wireline) HE replied within 15 mins with a 2 word answer.

PRODUCTION TESTING !  

9:04 25/02/2012 Email from the chief.
I won't bore you with all the details but below is a few questions I asked RRL Chief PL with his answers which as usual most of which are straight to the point.

BG Alot of questions going around as to how your only around 1300m depth after 37 days??? Yet you still expect to reach TD by end of Q1.

PL Remember it's fully cased and, as we go deeper the hole gets a lot narrower.

BG Are you hopeful of reaching TD by the end of Q1?

PL Yep

BG With regards to comments within yesterday's RNS it mentioned testing equipment. I have also seen someone mentioning production testing equipment.

Will this testing equipment be used to test something we have already drilled through above 1300m?

PL Can't answer that ( nearly had him!!!)

BG If our next 2 target payzones hold HC would you expect TD to slip slightly maybe into early Q2 as it seems we have slowed since reaching 1300m hence the need for testing equipment? If HC of sorts are encountered within our next target areas then surely we will slip due to further testing this payzone.

PL We have not yet hit our primary or secondary target zones yet - couldn't think of a better reason for time slippage.

Good answer on the last one.

By the sounds of it they think we are on schedule due to the deeper we go the narrower we need to drill not due to fact that we will be drilling through saturated fully loaded HC soaked sandstone.

All they are not even at their primary and secondary target yet. What does that mean????

Anyway just thought I would share with you guys. Another 4-6 weeks and we will know all we need to know.  

http://sunatimes.com/view.php?id=1711

Somalia’s Oil Figures Due Soon
Published On: Saturday, February, 25 2012 - 09:35:12 This post has been viewed 312 times
Share this post on: or Else
In an RNS report that came out on February 23, exploration teams stated that a depth of 1,230 meters had been reached, up from the February 4 depth of 1,100 meters

Earlier this week our contact in Bari province, Somalia let us know of quality testing that had been completed at the Shabeel-1 well site in the Dharoor valley basin. He stated that an API gravity of 37 degrees had been reported, with oil density estimated to be medium to light crude.

In an RNS report that came out on February 23, exploration teams stated that a depth of 1,230 meters had been reached, up from the February 4 depth of 1,100 meters. The report stated additionally that results would be due for the Shabeel-1 well before the end of March 2012, and that testing equipment is currently being mobilized to the site.

From what our contact told us, the testing for quality had already been completed as per the earlier leak, and that the new testing phase is to seek out the quantity of oil beneath the well. Furthermore, our contact joked that oil presence in the basins was not in doubt–unless anyone was interested in losing out on money.

Hirsi Fiqi, Editor
About the author

Hirsi Fiqi is a freelance journalist based in Minneapolis, MN. His work specializes in contemporary issues in the Muslim world and Somalia in particular, with special links to resource exploration in East Africa.  

21:06 25/02/2012 Breaking news - Oil expected in weeks!!
Guys this is being carried by the guardian

http://www.guardian.co.uk/world/2012/feb/25/somalia-alshabaab-oil-west

just posted now

Somalia promises west oil riches as diplomats vow to defeat al-Shabaab
Somali prime minister says his country will give west a share of natural resources in return for help with task of reconstruction

They expect the oil to flow within weeks. Coming from two miles underground, the crude should reach the arid plains of Puntland in the north-east corner of Somalia by April.  

http://wardheernews.com/Articles_11/Oct/Amina/...s_economic_zone.html  

http://www.google.co.uk/finance?q=LON:RRL#  

16:06 28/02/2012 Re: Oil Discovery

Yes, a single blogger jumping on the bandwagon = BOOM - Aaaaahhhh!!!!! I am losing the will to even click on all these links that people are desperately trying to believe are gospel......

Our volume would suggest to someone with even an ounce of common sense that there is no definitive news or results yet at all.... Under 16M really tells you that we are just in limbo currently waiting for the real action to begin. Most will be looking for news from Shabeel-1, but I am still pretty sure that the US upgraded listing will occur first with the immediate news flow from other aspects of our portfollio kicking in to get some momentum before the fate of our Puntland well is known. When will the US upgrade occur?? I genuinely don't know anymore, but this will be the key and catalyst for our built up news flow to be outed.

-Smiths2 Data
-Albrecht Result
-Trinidad shallow well results
-Herrera CPR
-Nugaal Licence
-Offshore Puntland Licence
- Texas Sale?
- Colombia?
- Increase in Tangiers?

(I am convinced that the two new Puntland licences have now been signed and are strategically being held back for maximum value.)

So much to come, but just have some patience for a little more and turn your computers off. Keith Hill has stated multiple times that there will be no results until TD and testing. There can be another thousand bloggers stating whatever they like in the coming days / weeks, but until volume dramatically increases or there is an official RNS I am not going to pay too much attention.

We, in reality, probably know as much as most of these bloggers just from reading last thursday's RNS, the weekend newspapers and through browsing the various BBs. We have:

- Testing equipment being mobilized to the site - so obviously something worth testing. We are at a depth where this fits with potential targets, so that is obviously very exciting.

- A Puntland Minister who talks too much - then, after being reprimanded for saying too much, tries to take back his original words. I think maybe the Minister in question got a bit too excited at being the center of some high profile politicians and either said too much or embellished the truth a little - time will tell....

- A lot of nervous PIs, I would suggest, who can be easily influenced to fit agendas. Do not be swayed, a lot of traders will be looking to make money by manipulating this, they will not be around come actual TD and are just looking for temporary rises and falls.

Anyhows, not trying to be negative - I am actually as bullish as ever about RRL and I look forward to the coming weeks and months with huge optimism, I just have grown very bored with people adding too much importance to anonymous bloggers and rumors. Volume and official news is all that PIs need to focus on.

This is still obviously a massively strong buy as the value of our P1s in Trinidad and Texas are still worth far more than our current SP!!!!

) By Pearlexporter  

17:58 28/02/2012 Here's the email. Psyche!!!
Hi Pete,

Thanks for offering your help. Questions attached below.

1.) We're now at the one year stage since the Ross H2 well in Texas spudded and we are eagerly awaiting the results. I'm sure you can appreciate that a year is a long time even with the salt water deposits being found. How is Ross progressing and do you feel that it will prove to be worth the efforts?


Wasn't a big committment and still plenty of work to do so too early to tell

2.) Staying with Texas, you have previously intimated that the asset will be sold on and Q1/Q2 2012 was mooted as a likely sale date. Given that Range are now assessing their options with regards to a further 4 drills, when do you see the future asset disposal taking place?


Start process once p3 moves to 1 and 2 after Albrecht - have adviser to appoint q2 , I'd say physical sale q3

3.) Regarding the situation in Georgia, we have all seen the pictures of the weather conditions and harsh snow drifts in that area and fully realise the reason for the delay in spudding the second well. As it was mentioned that Range plans on revisiting Mukhiani for a potential sidetrack after further evaluation, is there a possibility that Mukhiani will be revisited before Vani-2 spuds as presumably the rig and equipment is still in close proximity. When do you expect to know further details with regards reprocessing of data for Mukhiani?

Nope - needs 2 new seismic lines before determination



4.) Range has recently expressed an interest in shale project/s in
Georgia. I'd be interested to know if the company has considered
unconventional/shale gas within its other assets, particularly TT or
would look to include a future asset with such potential?

Georgia at this stage - could look at shale if deal was unique enough (eg. Discussions with some of the Indian groups in the states)

5.) Range recently drew down £3m. Are you at liberty to say if this was for operating costs or is something more specific earmarked?

Specific

6.) Would you expect an updated Trinidad CPR and the first Herrera to spud in Q1?

Nope q2

7.) Are you able to comment on the situation regarding the upper cretaceous license for Trinidad? If Range were to successfully acquire these, do we have a drill rig that would be able to reach these depths? If not, would it be challenging to acquire one within a quick timescale?


Have the rig - confident of the process but does take time
8.) What would you say the benefits are of listing on the OTCQX exchange?


More recognised exchange for north American instos
9.) Your contract with Range is apparently up for renewal in July. Are you in a position to give shareholders the best news of the year and confirm there will be no issues with you signing an extension?


No issues at all

10.) It has been 4 months since it was announced that Range and Marauder Resources were in the final stages of documentation for acquiring Puntland offshore licenses. Can you comment on the current situation and possible timescales involved?

Little hard to comment - range still involved and march a good target month

11.) Were the mucky DVDs you took to Puntland tax deductible?


Nope - pa account
Thanks Pete, I've capped it at 11 questions as I know you are busy trying to further the company.

Looking forward to hearing your response.



Many thanks,



Kieron By Great_Room  

http://dissidentnation.com/...d-oil-find-to-be-announced-within-days/  

http://www.asx.net.au/asxpdf/20120306/pdf/424vjvmm5r3yp7.pdf


1 ADR = 40 CommonStocks - das sieht für die Amis dann natürlich nicht zu sehr nach PennyStock aus  

0:10 07/03/2012 More info in my email from PL
Thanks Wayne see below

Sent from my iPad

On 07/03/2012, at 7:46 AM, "Wayne Gibson"  wrote:

> Hi Peter,
>
> Hope all is well and operations across the board are going better than expected.
>
> Well I'm sure you are aware the Greeks are doing the markets no good across the world which is a shame as RRL seemed to be starting to move in the right direction after RMP and HORN both started some good movement recently.
>
> There seems to be also alot of rumours coming out of Somalia of very kinds regarding success in Puntland but again we will await your news on that one. But if these rumours are true then a very very well done to you Sir and you deserve a huge round of applause for all your hard work over the years to get this show even on the road.
>
> Are we as shareholders expecting to receive an Operation Update this week via RNS?

Yes - thu latest
>
> Will we have current depth included?

Yep
>
> Are we still on for TD at the end of this month?

Close but with casing I'd say no
>
> Will we be told if we had encountered any HC if we have already done so or will this be left until TD and testing has been complete?

Yep
>
> Are you as confident as Farole that we will succeed on the drill first time round?

- Farole has to be confident and I'm with him 100% but as you can appreciate I'm not the the most objective guage going around - ops update will give everyone a good idea
>
> Peter as always any reply and answers will be much appreciated. Please keep up the good work.
>
> I think I will be having a few more shares tomorrow if the Greek issue has settled down.
>
> Regards
>
> Wayne
By Big Gib loves alot of black  

10:22 07/03/2012 Anticipated and estimated 1bn barrels
being reported as actual discovery, imo. The attached article extract and link , dated 6 march, seems to confirm this.

http://puntlandnews24.com/...a-oil-estimates-is-in-the-dharoor-block/

" The prize is the more than 1 billion barrels of oil resources Africa Oil estimates is in the Dharoor Block
March 6, 2012 // Warar Somaali
In a Somali desert that’s home to al-Qaeda-linked militia, Africa Oil Corp. drills inside a fortress of excavated earth dotted with lookout towers and armed guards to satisfy a world thirstier than ever for crude.

The Canadian company is poised to complete the nation’s first oil well in at least 20 years. The prize is the more than 1 billion barrels of oil resources Africa Oil estimates is in the Dharoor Block in Puntland, a semi-autonomous northern region where the central government is battling Islamic extremists." By Sanchez_57