RRL - Range Resources

[hxbro]

managed to sell the shares to take the money back out, looks like the SP is recovering a bit, hope it continues for the rest of the day, my 4.5k paper loss from yesterday is rapidly disappearing

[evilsatan]

I saw the SP recover to 21p just 15 mins after you posted. I hoped you would post back asking for an even better SP Shame the AIM market has such poor regulation, causes the same problems with GKP.

XEL didn't get their RNS this morning like many had claimed was a definite.

[evilsatan]

RNS released on the ASX today, not sure why the LSE hasn't had it yet. I can't copy paste this from an iPad but it confirms we have reached total depth on a drill in Texas and are preparing for frac and production.

http://www.rangeresources.com.au/fil...ess_270411.pdf

[hxbro]

it's out now, some good news, hope it frac's and flows well.

I'm still a bit disappointed with RRL SP, not looking good for my t20 that needs to be closed tomorrow. What we could do with is a georgia mobilization rns tomorrow, that should lift the sp enough for me to close in profit

[Dragon_Phantom]

Alright guys!

Ive been a bit out of touch this month had holidays and family duties.
Should we not have spudded by now? Is it a rig hunt thats holding us back?

Well at least Texas is comming along nicely once the frac results are out hopefully we weill break through 20 once again!
I sold out of my bmr and stuck them in to Range at 21p only about 600 quids worth though hopefully i can use that to make a quick profit once spudding happens!

[evilsatan]

Rig is sorted, it has been allocated a ship to get it to location, spud expected by mid June.

[Dragon_Phantom]

Ahh i see is that not epically behind schedule or am i missing something :s

[hxbro]

RRL is not up to much after last weeks Trinidad announcement, still waiting on the placement shares to be out of the way imho.

Probably get some news next week on Georgia, things have slipped a bit again, but puntland might be coming sooner again. I think both will spud very near each other time wise now.

Checked my T20, apparently it's not today it needs dealing with, but next wednesday so I have a few more days...

[Dragon_Phantom]

Fair play.
Waht does everyone think of Trinidad?

[evilsatan]

Trinidad was good news, I think it needs a little while before being priced in due to mixed thoughts on the dilution. As for the Georgia spud, a user who called the 17p placing far earlier than anyone else posted today, take with a pinch of salt as this is speculation:

jacob08 - 28 Apr'11 - 13:00
Just a heads up here, had a call from Oliver this morning saying that
Range are all set in Georgia and that the rig is on route and now just
a matter of days from arriving. A RNS has been logged as of 12:43
today so this should be forthcoming over the next 3 trading days.
Please don't shoot the messenger like some did when I got wind of the
17p Placing a few weeks ago

[evilsatan]

High volume (nearly 21 million shares so far) has caused a 5.2% drop in SP, the SP fell 13.79% on the ASX overnight. Quarterly results were released yesterday but from what I read there was no cause for concern. Not quite sure what is happening! Mobilisation and confirmation of early June spud in RNS today but this wasn't exactly new news so can't see it affecting the SP.

3 May 2011

The Manager

Company Announcements

Australian Securities Exchange Limited

Level 6, 20 Bridge Street

SYDNEY NSW 2000

By e-lodgement

GEORGIAN DRILLING CONFIRMS EARLY JUNE SPUD DATE

Highlights

* Mobilisation of Georgian Exploration program commences with spudding
confirmed early June 2011; and

* The Mukhiani 1 well (targeting approximately +115m bbls of mean oil in
place) is the first of an anticipated 4-6 high impact exploration wells to
be drilled in 2011 across the Company's Georgian, Puntland and Trinidad
exploration assets.

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") along with its joint venture
partners, Strait Oil and Gas ("Strait") and Red Emperor Resources ("Red Emperor
") (ASX: RMP) is pleased to announce that it has secured a ship to transport
the exploration drilling rig from the UK to Georgia, thus triggering the
commencement of the Company's two exploration well drilling program in Georgia.


Site preparation is well underway with all site work and earth works complete
with supervisors from Edeco and First Drill due on site to supervise the final
stages of construction in readiness for the arrival of the rig.


Figure 1 & 2 - Mukhiani Well site location on the Vani 3 Prospect

The Mukhiani Well is targeting the Vani 3 prospect which has the following
potential STOIIP:

Vani 3 Prospect - STOIIP* (MMbbls)

P90 P50 P10 Mean

41.7 92.7 178.2 115.2

*STOIIP shown here assumes that the Vani 3 Prospect contains 3 stacked
reservoirs based on current stratigraphic understanding. Any given well may
encounter 1, 2, or 3 such potential reservoirs depending on the degree of
relative uplift and/or erosion at any given Prospect location.

The recently completed geochemical helium survey undertaken by Range confirmed
the suitability of the first drill location with oil exploration and
development prospectivity complementing the earlier seismic work completed on
the target.

Full RNS

[hxbro]

Just topped up a small amount on a t20, enough to bring down my average by 0.2p on that account, can't believe it's under 19p again, can't see it staying there for long (I hope!)

[evilsatan]

I rolled over my T20 just before the dilution so lost most my profit now I never thought it would dip below 19p after Trinidad acquisition.

[hxbro]

I'm looking for a bit of short term growth, I'd want to take 5k out this month without touching the ISA, so I'd like to sell above 22.25.

JR still mentions a third boom coming soon, it better be good and not involving a placement, dilution or something else that will control the SP for weeks on end

[evilsatan]

I wasn't sure if the third boom was the mobilisation/spud confirmation news. I can't imagine it is, I was glad to see it wasn't the quarterly results. IIRC he made the third boom comment prior to todays RNS but said it would be 'SP enhancing' (in his opinion) so looking forward to that before my T20 expires.

[evilsatan]

Sub 18p, looks like the 'derampers' hit the nail on the head when they said the SP will fall to the drawdown levels. I am sitting on a hefty loss since I rolled over my T20 but whispers of the third boom being the biggest, SP enhancing and coming very soon (next week according to JR's opinion) could help bring it back. Few clues knocking about but no one knows for sure what is around the corner.

[hxbro]

Looks like we will be back on track next week if the jungle drums are to be believed, another broker note putting us high twenties to low thirties should hopefully drag us out of the teens again

[evilsatan]

Closed up 7.35%, shorts were closed apparently so looking good for next week

[hxbro]

RRL placements should finish today as it's the 10th, hopefully time for turn around and onwards to 20p+ again.

[evilsatan]

I just dumped my mums XEL shares (very bad market reaction to the long overdue Reserves Report) and moved the proceeds into RRL @ 18.65p. I hope they pick up as her capital took a hit in XEL.