RRL - Range Resources

[hxbro]

Topped up another 500 quids worth at 17.635 to bring the average down again, think we have just passed the low for today, the 5 million shares placed today should have been dealt with so with any luck we should heading upwards, could do a with a bit of news to help it on it's way (texas flow rates and TT completion would be nice

[wtaylor]

Topped up another £1500 today @ 17.5 (auto trade) bought sound oil @ 3p and sold at 5.5 and nearly jumped back in today. Come on RRL I need a new sports car

[hxbro]

Sold everything yesterday in my ISA, re-bought this morning, just missed out by seconds on 17.5, but got 17.75, picked up a couple of thousand shares, trying to get to 100k in my ISA without funding it, 98218 at the moment so another trade like this morning and I'll get there. Average is now 9.618p

For those not drinking the RUM, No news this week on the 3rd boom, apparently delays with the other party, news will either be next week or the week after

[evilsatan]

3rd boom expected next week, possibly the week after. RNS this morning

13 May 2011

The Manager

Company Announcements

Australian Securities Exchange Limited

Level 6, 20 Bridge Street

SYDNEY NSW 2000

By e-lodgement

LETTER OF INTENT SIGNED WITH DRILLING SUBCONTRACTOR FOR PUNTLAND

Range Resources Limited ("Range" or "the Company") is pleased to announce that
its joint venture partner and operator Africa Oil has signed a letter of intent
with a drilling subcontractor, paving the way for the milestone exploration
well in Puntland to be drilled in Q3 2011.


Yours faithfully

Peter Landau
Executive Director

http://www.iii.co.uk/investment/deta...icleid=8244326

[wtaylor]

have you seen the amount jumping from RRL today? Whats going on?

[hxbro]

Seen from 2 sources that an EGM will be called, possibly to get share holder approval for more shares to be issued to fund another purchase.

[evilsatan]

Rumours that the EGM is to discuss a takeover bid, I doubt it but would be nice. I guess we have to just wait and see, the SP isn't looking too healthy though. I thought 17p was supposed to have strong support as it was the placement price.

[hxbro]

I wonder if the takeover rumour came from a post on RUM earlier

[hxbro]

I thought about selling up earlier, I've sold 20k shares so far, got 7k left to sell but the SP is well under purchase price, can't decide if I should cut my losses or hold out and hope for some sort of increase and the drop is a temporary drop based on rumours.

My ISA holding is safe, leaving that one alone

[evilsatan]

Well trusted sources say news is on the horizon. I wouldn't want to sell before that's released but if it's anything like the long awaited XEL RR then I would sell up now. I have a T20 I opened at the peak of 23p, need to close it at 20p+ as XEL has rinsed me!

[hxbro]

definitely not a takeover, confirmed by JR.

[evilsatan]

The booms have been delayed, bit disappointed tbh as so much certainty was put on it being released within the next fortnight but just proves you should never trust an individual even if it is tempting. Some have said TA puts us in a downtrend with no technical bounce until 14p which, if broken, will become resistance. I will see how the markets react today but am looking for an exit ASAP until we approach spud mid June.

Edit: SP is all over the place, we opened 5% up, a second ago we were over 10% down now we are 1.5% down.

[hxbro]

Those not on RUM or missed the message on iii, PL has said in an email that he should be updating the market tomorrow (either Thurs or Fri depending which timezone he is in I guess).

Hoping it's news on Trinidad and/or Texas and not just a note to clear any rumours.

[evilsatan]

I think it is about Georgia but don't take my word for it.

[evilsatan]

SP is now in the positive, hopefully tomorrow can provide some momentum into the weekend.

[evilsatan]

Notice of general meeting has bumped us up 6% so far today, there are 24 pages which can be viewed here:
http://www.rangeresources.com.au/fil...of_Meeting.pdf

Only skimmed through it, looks like we are voting on accepting the oversubscription as well as asking for a further $10,000,000. not sure what implications this has regarding share dilution but the market seems to like the news.

[hxbro]

Anyone going to the meeting, I'd have to sell half my RRL holding to go

Hoping for the market to pick up, want to sell the 7387 in my TDW account to take out soon, currently sitting on £350 loss on that at the moment.

Managed to trade my ISA to 99999 shares this morning, still not broken the 100000! Average now 9.4474.

[evilsatan]

Someone obviously knew what was coming today after the bear raid at close last night. Up over 11% as I type.

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to provide the
following updates with regards to the Company's production and development
assets in Texas and Trinidad.

Texas

Work is being completed on the North Chapman Ranch fracture stimulation
("frac") program, where results have seen a dramatic increase to oil and gas
flow rates from the Russell-Bevly #1 well. Work has now been completed on the
uppermost zone of the Russell-Bevly, where indications are that the frac was a
complete success, with 150,000 lbs. of frac sand having been pumped into the
formation. Stabilised flow rates are approximately 3.5 MMcfd and 350 Bopd from
the one zone alone, which should add substantially to the overall rate and
recovery from the well once co-mingled with the other completed zones (expected
to significantly exceed the budgeted 4 MMcfd and 350 Bopd for all the producing
zones in the well). Work will now move back to the Smith well.

In the East Clarksville field, Range and its partners await the arrival of frac
equipment and crews to begin work on the recently drilled Ross 3H horizontal
well. The well was successfully drilled and cased with a 3,400 ft. later
section, with good oils shows observed throughout the horizontal drilling
phase. Frac work is expected to begin within the next 2 weeks.

Trinidad

Following on from the recently announced agreement that sees Range acquiring
100% of SOCA Petroleum (with completion to occur in the coming days), the
Company, along with operations teams in Dallas and Trinidad, is currently
finalizing an aggressive work program that is expected to see a rapid increase
in production from the existing reserve base as it moves towards its targeted
production rate of 4,000 bopd from existing P1 and P2 reserves (currently
production is 650-700 bopd). The program will also target the deeper (and
potentially bigger) Herrera formation and untested areas not currently forming
part of the current reserve base.

The work program is expected to commence in the next 30-45 days with the first
phase being 9 shallow wells in the Upper Cruse, Lower Forest, and Shallow
Forest formations, at depths of 250-2,000 ft. Based on the shallow target
depths, individual wells are expected to take approximately one to two weeks to
drill and complete, with initial flow rates expected in the range of 40-150
bopd per well. Range's technical team will also reprocess the existing 3D
seismic to upgrade the current 10 plus Herrera targets and will provide regular
updates on progress with this work. The process will also update the Company's
current reported reserves.

Added Peter Landau, Range Executive Director "We couldn't be more pleased with
the results of the recent frac work on the Russell-Bevly #1. Initial rates from
this one zone alone have surpassed what other operators are getting from
several wells combined. We are also very excited about the imminent drilling
operations in Trinidad. In preparation for what we see as an aggressive
development program designed to immediately increase oil production from the
existing fields, the Company is taking steps to ensure that the required
equipment and drilling supplies are on hand, while addressing human resource needs to meet the additional administrative and operational demands."

http://www.rangeresources.com.au/fil...ate_270511.pdf

[hxbro]

I like the bit about the flow rates from the texas well, more than other local wells, and it's not even the whole well

They've certainly done a good job of frac'ing it.

Next few weeks should see a rise in SP as things start to happen, it's been a while, but it's looking good.

[evilsatan]

Up 9.52% at close today, no new news AFAIK. A few people think BrokerManDaniel could be helping it along with his followers but I'm not so sure, the whole sector was rather bullish today with GKP up 8.25% as well as many others.