Soldato
BP have just settled 4 billion worth of criminal. I would like to see BP hit 489 at which point I break even bloody sharea have been a pain for the two years i've owned them although the dividends have been good.
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Trading the stockmarket (NO Referrals)
- Thread starter mcast123
- Start date
Soldato
My ten second view would be yea its toppy but looking at every year its not really tripped till May or so.
WTH that should be, who knows
This is a fair opinion from a controversial guy with a lot more experience then me but take every view with a grain of salt. Sell enough to always be liquid is all I'd say, I always try to sell some.
I heard we are back to May 2008 price. I remember then, I had just read and ignored a long article on a bank meltdown scenario in the economist. I switched from FTSE to Asia Pacific tracker and setup a regular buy over the next 12 months, that did work great luckily.
Better to rebalance/transfer then to sell outright and hold cash. To sell a high share and buy a low one and on average consistently do this, that is super profitable
You can answer to sell or not yourself, FTSE is mostly capitalised in just 10 stocks. BP, Shell, HSBC, Vodafone...
Are they doing well or not
[FTSE] with the dividends since lauch ...
without..
QE, inflations etc =
http://i.imgur.com/CngNodU.gif
Buffett said:
BP got knocked back some today but 496 is a short term target & just holding 461 would keep me hopeful. Generally I sell success too early and BP has been my biggest most profitable share not including dividends so maybe I can trim some before results if it does well upto then
I'm holding XEL as well, at a small loss.
All the institutions seem to be reporting almost no shorting on XEL now, so it would seem there is positive outlook. They have terrible P.R though - every time they release news they never seem to please shareholders.
I'm no technical trader, but the "chartists" seem to be posting positive feelings as well, I've read a number of people saying that a day finish over 102 and then 105 should alert to a nice ramp up. Personally I've been holding and building a bigger stake over a number of years so I'm in for the long term.
http://tradingresearchpoint.co.uk/2...repeat-of-august-rally-expected-for-february/
All the institutions seem to be reporting almost no shorting on XEL now, so it would seem there is positive outlook. They have terrible P.R though - every time they release news they never seem to please shareholders.
I'm no technical trader, but the "chartists" seem to be posting positive feelings as well, I've read a number of people saying that a day finish over 102 and then 105 should alert to a nice ramp up. Personally I've been holding and building a bigger stake over a number of years so I'm in for the long term.
http://tradingresearchpoint.co.uk/2...repeat-of-august-rally-expected-for-february/
Soldato
anyone involved in the bitcoin bubble ? They reckon it could climb as high as £20 GBP. Went from £8.80 for 1 btc to around £13 in the space of 5 weeks or so. Question is what's driving this massive increase and how long will it go on for ?
http://bitcoincharts.com/charts/
http://bitcoincharts.com/charts/
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Soldato
XEL renewed funding at 14% interest recently ? Thats not good, I'd be more confident when they have the cashflow to end that. Still not producing
Enquest has done better recently.
There is a rough 5yr channel for XEL, top is 135 where I'd trim some and bottom 90 where I could then buy some back. I guess people are hoping for much more then that though
bitcoin has nothing to do with stocks, there should be a thread elsewhere on it
another driller I was considering today
Enquest has done better recently.
There is a rough 5yr channel for XEL, top is 135 where I'd trim some and bottom 90 where I could then buy some back. I guess people are hoping for much more then that though
bitcoin has nothing to do with stocks, there should be a thread elsewhere on it
another driller I was considering today
bp by the fingernails, can it quit its losing habits. ex div soon so that'll push it down to repeat lows? profits down 19%, people like Neil Woodford say big oils are bad bets
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Soldato
I'm interested. I may have around £4,000 to invest soon, I know NOTHING about investments, but I do know a little about Bitcoin (very little).
I've seen the recent rise, and now I feel would be a good time to make the most of it.
Is it actually likely to rise to as much as £20 though?
EDIT: Having done search searching the thought of this scares me a bit actually.
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Soldato
So it should. Basis for currency is the ability to pay taxes also the trade balance, so in a Yen 'bubble' I buy nice NSX maybe or whatever. If its weak YEN I dont mind I just buy nice things.
The massive rally participants now should be thanking the Japanese new PM who is a money printer, their 10yr bonds yield 0.1%? - very expensive but it makes other prices rise also
If Bitcoin gets weak I do mind, I cant buy anything nice ? I cant pay taxes, its a pure gamble on hype. The greater fool theory, pyramid scheme, ponzi or Mr Madoff 'made' a profit for years but its all bs imo Lottery money only
Bought some more Investec gold fund. Gold is in a 'will it, wont it' type place. I always think it should but its gone sideways a long time hence I leave it to a clever fund manager
http://www.morningstar.co.uk/uk/news/70511/Should-Gold-Investors-Be-Yellow.aspx
I bought some more Range resources at 3p. It was an old order, half decent as it showing a profit already but I cant remember why I set it here
I set an order as I dont feel like buying it is a good idea but I guess long term this is a place of interest, however it could fail and keep going down as it certainly looks like it will do so
Its declining on a 40 day average price basis, this is a rule I set for a new account I got that costs 50p a deal. Only buy ascending stock
Gold beats since 2009
Since late nineties Warren Buffet has lost to plain gold
The massive rally participants now should be thanking the Japanese new PM who is a money printer, their 10yr bonds yield 0.1%? - very expensive but it makes other prices rise also
If Bitcoin gets weak I do mind, I cant buy anything nice ? I cant pay taxes, its a pure gamble on hype. The greater fool theory, pyramid scheme, ponzi or Mr Madoff 'made' a profit for years but its all bs imo Lottery money only
Bought some more Investec gold fund. Gold is in a 'will it, wont it' type place. I always think it should but its gone sideways a long time hence I leave it to a clever fund manager
http://www.morningstar.co.uk/uk/news/70511/Should-Gold-Investors-Be-Yellow.aspx
I bought some more Range resources at 3p. It was an old order, half decent as it showing a profit already but I cant remember why I set it here
Code:
31 January 2013
QUARTERLY REPORT FOR PERIOD ENDING 31 DECEMBER 2012
Issued Capital 2,447m* ASX Code RRS Closing price $0.060*
Market Capital A$147m* AIM Code RRL Closing Price £0.035*
* as at 31 December 2012
Gross Production for the Quarter
Gas 229k Mcf Range Interest - 50k Mcf 75 (14% decrease from prior quarter)
Oil 86,021 bbl Range Interest - 75,565 bbl (15% decrease from prior quarter)
The Board of Range Resources Limited ("Range" or "the Company") provides the
following commentary to be read in conjunction with the Appendix 5B (Quarterly
Cash Flow Report) which is attached.
Trinidad
During the quarter, previously announced operational and supply chain difficulties resulted in fewer-than expected wells being drilled by year-end, which subsequently resulted in a decrease in quarter on quarter production. Encouragingly, actual results from the current Lower Forest development program, are exceeding the Company's expectations in terms of average well performance. Additionally, the Company is anticipating three wells to come into production in the coming weeks (QUN 135, 138 and 139) following receipt of approvals, as well as remedial work commencing on four wells with a small work-over rig.
When compared to the five wells completed in Q4 (of which two of the wells encountered the southern extremity of the Lower Forest trend), the Company anticipates a marked increase in activity during Q1 2013, with the Company seeing ten to twelve wells coming into production during this quarter.
The Company continues to work to regain the drilling and completion
momentum established during Q3 2012, and having all six rigs up and running as
soon as possible, which again will see another marked increase in the number
of completed wells.
The Company continued with the development of the Lower Forest formation on the Morne Diablo license area with additional success, having completed five new wells during the quarter, with three wells drilling into the New Year.
As mentioned above, of the wells completed during the quarter, two
were drilled to test the southern limit of the Forest Formation productive
trend and encountered thin Lower Forest sands. The results of these two wells
have allowed Range to define the southern extremity of the Lower Forest trend,
with each well having the potential to be side tracked back into the main
productive area within the Lower Forest trend.
The QUN 137 well was completed and encountered the Lower Forest formation with initial production rates of 100 bopd and continues to produce at 85-90 bopd.
The QUN 138 well also reached its target depth of 1,000 ft. and
logged 100 ft. of net oil sands across a number of horizons, including a
highly resistive zone between 770 and 810 ft. that is expected to yield better
than average production rates. The Company is awaiting approvals to perforate
and place the well into production.
The Company spudded the QUN 139 with an original target depth of 1,000 ft. having logged 80 ft. of good quality oil sands to 945 ft. post quarter end. The well is currently being drilled to a revised target depth of 1,300 ft. The QUN 139 location is contiguous to producing wells QUN 119 and QUN 129 which achieved initial production rates of 129 bopd and 138 bopd, respectively. Both wells still flow under natural pressure, with QUN 129 having now produced for over 12 months since first production.
The QUN 140 well is expected to spud shortly with the Company awaiting receipt of necessary approvals and, like the QUN 139 well, will also be drilled to an initial target depth of circa 1,000 ft.
During the quarter, Range's fourth drilling rig, with the deepest
capabilities of the Company's fleet continued to drill the MD 248 well which
is targeting multiple horizons; the Lower Forest formation (circa 1,000 ft.),
the Upper Cruse formation (circa 2,000 ft.) and the Middle & Lower Cruse
formations (circa 4,000 ft. and 6,500 ft. respectively). After reaching a
depth of 4,000 ft. and having 7" casing run, the well experienced operational
delays due to equipment shortages. Additional equipment has been acquired to
improve efficiencies and reduce downtime, with drilling continuing to the
target depth of 6,500 ft.
The MD 248 well is the first well that will target development of
the Middle Cruse sands at 4,000 ft., as well as explore the Lower Cruse
formation at 6,500 ft. Upon completion of the MD 248 well, Rig 8 is scheduled
to move on to drill the first of a series of wells that will test the prolific
Herrera formation as their primary objective, while testing the prolific
Forest and Cruse formations. Rig 8 is capable of drilling to approximately
11,000 ft., a depth believed to be sufficient to test and develop the highly
prospective Herrera section.
The Company also spudded the QUN 135 well during the quarter with a
target depth of 3,500 ft., being Range's first well to target the Middle Cruse
formation, with the well reaching its target depth subsequent to quarter end.
Following conditioning of the well bore, logging operations were initiated and
more than 80 ft. of net oil pay was identified in the Lower Forest, Upper
Cruse and Middle Cruse formations. Based on oil shows while drilling and
induction logs indicating that the well reached its planned total depth in the
top of a Middle Cruse oil zone, the QUN 135 well is now being deepened to
confirm what may represent a previously undiscovered reservoir in the Middle
Cruse section. Following deepening of the well and evaluation of open hole
logs, the Company will determine which of the multiple oil zones present is
the best candidate for initial completion.
Reserves Upgrade
During the quarter, the Company announced a 29% increase in Proved,
Probable and Possible (3P) net attributable reserves across the Company's
three onshore Trinidad licenses, following the Company's independent petroleum
consultants, Forrest A. Garb and Associates ("Forrest Garb"), having completed
a review of the Trinidad reserves following the first year of Range's
operations in Trinidad.
Below is the comparison between October 2012 and December 2011 of the oil and gas reserves attributable to Range's (100%) interest in its Trinidad Licenses, net of government and overriding royalties, as described more fully in the report from Forest Garb & Associates.
Category Oil
(MMBO)
Dec `11 Oct `12 %age
Mvmt
Proved (P1) 15.4 17.5 +14%
Probable (P2) 2.2 2.7 +23%
Possible (P3) 2.0 5.0 +150%
Total 3P Reserves 19.6 25.2 +29%
Prospective Resource (unrisked)
Low 2.0 8.1
Best 10.0 40.5
High 19.9 81.0
Based on the reserve numbers shown above, Forrest Garb estimates the net cash flow attributable to Range's interests for Proved, Probable and Possible reserves as shown below, based on average WTI prices for 2011, and compared to the $85 / bbl case per December 2011.
US$85 / bbl case US$94 / bbl case
December 2011 October 2012
Category Undiscounted PV10 Undiscounted PV10
US$M US$M US$M US$M
Proved 679 385 799 446
Probable 133 73 142 81
Possible 120 49 276 153
Total 932 507 1,217 680
The valuations above are based on forecast production rates that reflect the current drilling and development schedule, and estimated individual well decline profiles derived from the Company's recent operating results.
As reported above, the recent reserves report saw a 30.5 million barrels (305%) increase in total unrisked net prospective (best estimate) resources across the Company's licenses to 40.5 million barrels.
Of the 40.5 million barrels in unrisked prospective resources,
circa 30.5 million barrels are associated with identified Herrera prospects
that have been mapped on the Company's 3D seismic database and are scheduled
to be drilled following completion of the MD248 well. Of the 40.5 million best
estimate unrisked net prospective resource associated with the Herrera
prospects, a risk factor of 25% has been assigned, with the remaining
resources risked at 45%.
Revised License Agreements
The Company has received the final revised agreements that will see
an initial reduction in the enhanced royalty currently being paid by the
Company. The revised terms will see a significant improvement in the net back
price received per barrel of oil produced. The revised royalties at production
rates of 1,000 bopd will see net backs increase to circa $40 / barrel before
tax, and circa $50 / barrel before tax at 2,000 bopd - assuming $90 barrel oil
and Opex at current levels. Only minor administrative items relating to market
communications remain to be resolved.
In addition, discussions continue with the regulatory agencies and other farm-in operators for further performance-based drilling and production incentives. Updates will be provided upon progress when available.
Puntland
Puntland Onshore
During the quarter Range's JV partner and operator of its Puntland Project, Horn Petroleum Corp (TSXV: HRN), demobilized the drilling rig and associated equipment and has completed restoration of both drilling locations.
Efforts are now focused on making preparations for a seismic
acquisition campaign in the Dharoor PSA which will include a regional seismic
reconnaissance grid in the previously unexplored eastern portion of the basin
as well as prospect specific seismic to delineate a drilling candidate in the
western portion of the basin where an active petroleum system was confirmed by
the recent drilling at the Shabeel-1 and Shabeel North-1 locations.
Based on the encouragement provided by these two Shabeel wells, the
Operator (Horn Petroleum Corporation) and their partners, Range Resources and
Red Emperor, have entered into the next exploration period in both the Nugaal
and Dharoor Valley Production Sharing Contracts ("PSCs") which carry a
commitment to drill one well on each block within an additional 3 year term.
The current operational plan would be to contract a seismic crew to acquire
additional data in the Dharoor Valley block and to hold discussions with the
Puntland Government to gain access regarding drill ready prospects in the
Nugaal Valley block. The focus of the Dharoor seismic program will be to
delineate new structural prospects for the upcoming drilling campaign.
Puntland Offshore
During the June quarter, Range entered into an agreement with the Puntland Government with respect to obtaining a 100% working interest in the highly prospective Nugaal Basin Offshore Block.
The Block is an extension of the onshore Nugaal Region which has the potential for deltaic deposits from the Nugaal Valley drainage system and comprises over 10,000km.
The Company will commit to a 2D seismic program within the first
three years, with further 3D seismic and an exploration well to follow in the
second three year period. The agreement is subject to a formal Production
Sharing Agreement (PSA) being entered into and the receipt of all necessary
regulatory approvals. Commercial terms will be similar to the current on-shore
PSAs and is scheduled to be completed this current quarter.
Georgia
During the quarter the Joint Venture announced the completion of the acquisition of a 200km 2D seismic program. The majority of this recent seismic was acquired over Block VIb to firm up leads identified in the previous 410km 2D seismic program, along with targeting two gas wells, which were drilled and suspended in Soviet times.
Two lines were also acquired over the site of the Mukhiani well,
the first exploration well drilled in Block VIa. The processing of the seismic
is currently under way and results of the interpretation is expected to be
completed in Q1 2013, with the joint venture confident that it will then have
assembled the requisite amount of seismic and geological information to enable
the JV to identify revised drillable targets and attract potential farm in
partners if desired.
The JV continues to work towards the development of the CBM and
conventional potential around the Tkibuli†Shaori Coal Field ("Tkibuli").
The Georgian Industrial Group ("GIG") has made available a significant amount
of information including a detailed geological model based on 339 wells
drilled in the region, many of which vented methane. The Joint Venture is
looking to finalise agreements with GIG for the development of Tkibuli
shortly, with binding arrangements currently being concluded and the potential
for third party financing being available to fund a pilot production program.
It is envisaged that following completion of the current technical and
economic analysis, between three and four pilot production well locations will
be identified with drilling expected to commence in 2H 2013.
With the majority of the seismic program completed during the quarter, coupled with the proposed third party funding for the joint venture development of the Tkibuli CBM project, Range's exploration expenditure associated with the Georgian operations will be dramatically reduced moving forward.
Texas
North Chapman Ranch
During the previous quarter, the Company announced a significant increase in
Proved (P1) and Probable (P2), reserves for the North Chapman Ranch Project,
in which Range holds a 20-25% interest.
The Company engaged leading independent petroleum consultants Forrest A. Garb and Associates ("Forrest Garb") to complete a review of the North Chapman Ranch reserves following the successful completion of the Smith #2 and Albrecht wells that saw a significant reclassification of the previous Possible (P3) reserves into the Proved (P1) and Probable (P2) categories.
Set out below is a comparison of the gross reserves (100% basis)
for the Company's North Chapman Ranch asset between the previous reserve
update in December 2011 and the current gross reserves update for June 2012.
Category Oil Natural Gas Natural Gas Liquid
(MMBO) (Bcf) (MMBO)
Dec Jun %age Dec Jun %age Dec Jun %age
`11 `12 Mvmt `11 `12 Mvmt `11 `12 Mvmt
Proved (P1) 5.1 8.4 +64% 64.3 106.0 +65% 5.0 8.0 +60%
Probable (P2) 3.7 4.4 +19% 48.6 56.7 +17% 3.8 4.4 +16%
Possible (P3) 9.9 5.0 -50% 129.6 64.8 -50% 10.1 5.1 -50%
Total 3P 18.7 17.8 242.5 227.5 18.9 17.5
Reserves
Set out below is the comparison between June 2012 and December 2011 of Range's attributable interest in the net reserves on the Company's North Chapman Ranch asset which is net of government and overriding royalties and represents Range's economic interests in its development and production assets as classified in the report from Forest Garb.
Category Oil Natural Gas
Natural Gas Liquids
(MMBO) (Bcf) (MMBO)
Dec `11 Jun `12 %age Dec `11 Jun `12 %age Dec `11 Jun `12 %age
Mvmt Mvmt Mvmt
Proved (P1) 0.7 1.1 +57% 7.6 11.7 +54% 0.7 1.1 +57%
Probable (P2) 0.5 0.6 +20% 5.5 6.4 +16% 0.5 0.6 +16%
Possible (P3) 1.3 0.7 -46% 14.6 7.3 -50% 1.3 0.7 -46%
Total 3P 2.5 2.4 27.7 25.4 2.5 2.4
Reserves
With the field having now been largely appraised and value demonstrated, the
Company is looking at the divestment of its North Chapman Ranch interests so
that it can focus its capital on higher value adding opportunities in its
portfolio and has engaged US based advisors to assist in the process, with a
number of interested parties having reviewed the Company's dataroom.
Negotiations are currently being finalised with regards to the sale of the
assets, scheduled for this quarter. As previously announced, the conditional
offer is for US$20m up front (settlement before current quarter end) and
US$20m in royalty payments from current and future production. Range will
update the market as soon as the transaction is finalised.
East Texas Cotton Valley Prospect
Long term production testing continues on the Ross 3H well, as
Range and its partners evaluate the various options available for future
development of the shallow oil discovery. In the meantime, leases within the
project area are being extended or renewed. The intention is to sell the asset
as part of the Texas deal.
Colombia
As previously announced, Range entered into an economic
participation agreement with Petro Caribbean Resources Limited, a private oil
and gas company focussed on the development of petroleum and natural gas
reserves in Colombia ("PCR" the official operator of the blocks), that will
see the Company earn a 65% economic interest (option to move to 75%) in Blocks
PUT-6 and PUT-7 in return for funding (on a cost recoverable basis) the
commitments under the Production Sharing Agreement ("PSA") with the National
Hydrocarbons Agency of Colombia ("ANH"). This includes a 350km2 3D seismic
program across the two blocks followed by one exploration well in each block.
The consulta previa process is nearing completion which involves liaison with the various indigenous communities within the license areas. Once completed, the Company expects to initiate preparations for the seismic program, with planned mobilisation to occur early Q2 2013.
Range has received farm in interest from a number of parties for blocks PUT 6 and PUT 7, and will be considering different potential options to maximise shareholders benefits in the short to medium term.
Corporate
During the quarter the Company entered into a US$15 million Loan
Agreement ("Loan Agreement") backed by Standby Equity Distribution Agreement
("SEDA") for up to GB£20 million with YA Global Master SPV Ltd, an investment
fund managed by Yorkville Advisors ("Yorkville"), with US$5 million having
been drawn down during the quarter. The loan can be drawn down in tranches of
US$5 million (12 month term) at the election of the Company and carries a
coupon of 10%. The tranches may be increased to US$10 million (after an
initial US$5 million drawdown †total facility US$25 million).
In addition to the above, the Company also issued AU$10 million in secured notes to Crede Capital which can be paid back in cash or equity on or before the 12 month term at the Company's election.
Subsequent to Quarter-End
Subsequent to quarter end, the Company secured a strategic stake (19.9%) in Citation Resources Limited ("Citation") (ASX: CTR). Citation holds a farm in right to acquire a 70% interest in Latin American Resources Ltd ("LAR"), which holds an 80-100% interest in two oil and gas development and exploration blocks in Guatemala ("Projects"). LAR is the operator of the blocks. Additionally, Range has acquired a direct 10% equity stake in LAR.
The Projects consist of Block 1-2005 and Block 6-93 in the South Peten Basin in Guatemala ("Guatemalan Blocks"). The Guatemalan Blocks have Canadian NI 51-101 certified proved plus probable (2P) reserves of 2.3 MMBO (with approximately 0.45 - 0.6 MMBO attributable to Range's combined equity interest in Citation and 10% direct interest in LAR), with significant exploration upside potential. In addition, the blocks have had significant previous exploration with the two well appraisal drilling program currently underway with the Atzam #4 well having already been successfully completed and flow testing currently underway. The Projects and drilling/operational infrastructure are owned by LAR together with its minority joint venture partners in a similar set up to Range's Trinidad operations.
The strategic stake in Citation and LAR provides Range with
non-operating exposure to a project with known reserves and significant short
term upside potential, as well as creating the potential spin off vehicle for
the company's Puntland assets.
Transaction Details
Range will acquire its 19.9% strategic interest in Citation, by conversion of existing debt funding provided by Range to Citation into ordinary Citation shares (subject to any necessary Citation shareholder approvals) at $0.02 with a 1 for 2 free attaching listed Citation option ($0.04, June 2015), which is approximately $2m for the 19.9% interest. In addition, Range will pay $2m for the 10% interest in LAR, which is finance carried through the first US$25m spent on the Project.
Concurrently, Range completed a placement of 40m new shares to Citation nominees at A$0.05 per share (being a premium to the current share price) to raise gross proceeds of $2m, along with the issue of 40,000,000 unlisted options ($0.05, 31 January 2016) in facilitation, introduction and corporate advisory fees.
Guatemala Projects Summary - Atzam and Tortugas Formations
The Projects consist of Block 1-2005 and Block 6-93 in the South
Peten Basin in Guatemala ("Guatemalan Blocks"). As reported by Citation, the
Guatemalan Blocks have Canadian NI 51-101 certified proved plus probable (2P)
reserves of 2.3 MMBBL, with significant exploration upside potential. In
addition the blocks have had significant previous exploration with the two
well appraisal drilling program currently underway with the Atzam #4 well
having already been successfully completed and flow testing currently
underway. The projects and drilling / operational infrastructure are owned by
LAR together with its minority joint venture partners in a similar set up to
Range's Trinidad operations.
The first appraisal well Atzam #4, which successfully drilled to
its target depth of 4,500 ft., is currently undergoing flow testing
operations. The intention is for the second well, Atzam #5, to spud following
completion of the flow testing program on the Atzam #4 well. The Atzam #4 well
is being drilled on the same structure that the Atzam #2 well tested at an
initial flow rate of up to 1,200 BOPD of 34°API oil at a depth of 3,850 ft.
Recent mapping of the Atzam structure using existing data from previous operators (Basic, Hispanoil) and MEM, and incorporating reservoir data acquired since production initiated in December 2007, indicate the possibility of a structure of comparable size and orientation to that of the existing Rubelsanto field in Guatemala. To date, the Rubelsanto field has produced more than 30 MMBBL of oil since its discovery in 1976. The field currently continues to produce more than 1,000 BOPD, 36 years after its discovery.
In addition to the Atzam structures on Block 1-2005, the Tortugas structure is a suspended oil field. Originally 17 wells on Tortugas salt dome were drilled by Monsanto looking for sulphur. One well (T9B) had an oil blowout at approx 2,200 ft and most others had oil shows in multiples zones.
The Atzam and Tortugas Fields have had significant previous
exploration and development with 2D seismic and previous production wells. In
2012/13 the planned exit production is approximately 1,000 bbl/d based on
successful production from the two new appraisal wells based on the previous
flow rates of wells drilled on the same structure.
Appendix 5B Summary - Consolidated Statement of Cashflow
Current Year to date
Quarter (6 months)
Cash flows related to operating ($A'000)
activities $A'000
Receipts from product sales and
related debtors 7,344 14,367
Payments for:
(a) exploration & evaluation (7,289) (12,291)
(b) development (3,553) (6,154)
(c) production (4,050) (7,873)
(d) administration (1,951) (3,990)
Dividends received - -
Interest and other items of a similar
nature received 5 34
Interest and other costs of finance
paid (591) (591)
Taxes paid (2,033) (4,084)
Other (provide details if material) - 449
Net Operating Cash Flows (12,118) (20,133)
Cash flows related to investing
activities
Payment for purchases of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets (571) (1,123)
Proceeds from sale of:
(a) prospects - -
(b) equity investments 528 528
(c) other fixed assets - -
Loans to other entities - -
Loans repaid by other entities - 2,065
Other - net cash acquired on
acquisition of subsidiary - -
Net investing cash flows (43) 1,470
Total operating and investing cash flows (12,161) (18,663)
Cash flows related to financing activities
Proceeds from issues of shares,
options, etc. 1,995 1,995
Proceeds from sale of forfeited
shares - -
Proceeds from borrowings 14,938 14,938
Repayment of borrowings (1,399) (1,399)
Dividends paid - -
Other (provide details if material) - -
Net financing cash flows 15,534 15,534
Net increase (decrease) in cash held 3,373 (3,129)
Cash at beginning of quarter/year to
date 3,891 10,410
Exchange rate adjustments to item
1.20 (60) (77)
CASH AT END OF QUARTER 7,204 7,204
Yours faithfully
Peter Landau
Executive Director
Contacts
Range Resources Limited
Peter Landau
Tel : +61 (8) 9488 5220
Em: [email protected]
PPR (Australia)
David Tasker
Tel: +61 (8) 9388 0944
Em: [email protected]
RFC Ambrian Limited (Nominated Advisor) Old Park Lane Capital (Joint Broker)
Stuart Laing Michael Parnes
Tel: +61 (8) 9480 2500 Tel: +44 (0) 207 493 8188
Fox-Davies Capital Limited (Joint Broker) GMP Securities Europe LLP (JointBroker) Daniel Fox-Davies / Richard Hail
James Pope / Chris
Beltgens
Tel: +44 (0) 203 463 5000 Tel: +44 (0) 207 647
2800
Dahlman Rose & Company (Principal American Liaison)
OTCQX International Market (U.S.)
Christopher Weekes / Stephen Nash
Tel: +1 (212)-372-5766
Range Background
Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gas exploration company with oil & gas interests in the frontier state of Puntland, Somalia, the Republic of Georgia, Texas, USA, Trinidad and Colombia.
- In Trinidad Range holds a 100% interest in holding companies with
three onshore production licenses and fully operational drilling subsidiary.
Independently assessed Proved (P1) reserves in place of 17.5 MMBO with 25.2
MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBO
of unrisked prospective resources.
- In the Republic of Georgia, Range holds a 40% farm-in interest in
onshore blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a
410km 2D seismic program with independent consultants RPS Energy identifying
68 potential structures containing an estimated 2 billion barrels of
undiscovered oil-in-place (on a mean 100% basis) with the first (Mukhiani-1)
exploration well having spudded in July in 2011. The Company is focussing on a
revised development strategy that will focus on low-cost, shallow appraisal
drilling of the contingent resources around the Tkibuli-Shaori ("Tkibuli")
coal deposit, which straddles the central sections of the Company's two
blocks.
- In Puntland, Range holds a 20% working interest in two licenses
encompassing the highly prospective Dharoor and Nugaal valleys. The operator
and 60% interest holder, Horn Petroleum Corp. (TSXV:HRN) has completed two
exploration wells and will continue with a further seismic and well program
over the next 12-18 months.
- Range holds a 25% interest in the initial Smith #1 well and a 20%
interest in further wells on the North Chapman Ranch project, Texas. The
project area encompasses approximately 1,680 acres in one of the most prolific
oil and gas producing trends in the State of Texas. Independently assessed 3P
reserves in place (on a 100% basis) of 228 Bcf of natural gas, 18 mmbbls of
oil and 17 mmbbls of natural gas liquids.
- Range holds a 21.75% interest in the East Texas Cotton Valley
Prospect in Red River County, Texas, USA, where the prospect's project area
encompasses approximately 1,570 acres encompassing a recent oil discovery. The
prospect has independently assessed 3P reserves in place (on a 100% basis) of
3.3mmbbls of oil.
- Range is earning a 65% (option to move to 75%) interest in the
highly prospective PUT 6 and PUT 7 licences in Putumayo Basin in Southern
Colombia. The Company will undertake a 350km2 3D seismic program across the
two licences and drill one well per licence, as well as looking to re-enter a
previously suspended well that had a significant historical reserve estimate.
- Range has taken a strategic stake (19.9%) in Citation Resources
Limited (ASX: CTR) which holds a 70% interest in Latin American Resources
(LAR). LAR holds an 80-100% interest in two oil and gas development and
exploration blocks in Guatemala with Canadian NI 51-101 certified proved plus
probable (2P) reserves of 2.3 MMBBL (100% basis). Range also holds a 10%
interest in LAR.
Table of Reserves and Resources
Detailed below are the estimated reserves for the Range project
portfolio.
All figures in Gross Oil Reserves Net Attributable
MMboe Range's
Project 1P 2P 3P Interest 1P 2P 3P Operator
Oil & NGL
Texas - NCR * 16.4 25.2 35.3 20-25% 2.2 3.4 4.8 Western Gulf
Texas - ETCV 1.0 1.6 3.3 22% 0.2 0.3 0.6 Crest Resources
Trinidad 17.5 20.2 25.2 100% 17.5 20.2 25.2 Range
Total Oil & Liquids 34.9 47.0 63.8 19.9 21.3 28.9
Gas Reserves
Texas - NCR * 106.0 162.7 228 20-25% 11.7 18.1 25.4 Western Gulf
Total Gas Reserves 106.0 162.7 228 11.7 18.1 25.4
* Reserves attributable to Range's interest in the North Chapman Ranch asset, which are net of government and overriding royalties as described in the Forrest Garb report.
Detailed below are the estimated resources and oil-in-place delineated across Range's portfolio of project interests.
All figures in Gross Oil Resources Net Attributable
MMboe Range's
Project Low Best/ High Interest Low Best/ High Operator
Mean Mean
Prospective
Resources
Trinidad 8.1 40.5 81.0 100% 8.1 40.5 81.0 Range
Total Prospective 8.1 40.5 81.0 8.1 40.5 81.0
Resources
Undiscovered
Oil-In-Place
Puntland - 16,000 - 20% - 3,200 - Horn Petroleum
Georgia - 2,045 - 40% - 818 - Strait Oil & Gas
Colombia - 7.8 - 65-75% - 5.1 - 5.8 - Petro Caribbean
All of the technical information, including information in relation to reserves and resources that is contained in this document has been reviewed internally by the Company's technical consultant, Mr Mark Patterson. Mr Patterson is a geophysicist who is a suitably qualified person with over 25 years' experience in assessing hydrocarbon reserves and has reviewed the release and consents to the inclusion of the technical information.
The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) have an
interest in is as reported by CTR. CTR has not reported 1P and 3P estimates,
but Range is seeking such information from CTR for future reporting purposes.
The reserves estimates for the 3 Trinidad blocks and update reserves estimates
for the North Chapman Ranch Project and East Texas Cotton Valley referred
above have been formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is
an international petroleum engineering and geologic consulting firm staffed by
experienced engineers and geologists. Collectively FGA staff has more than a
century of worldâ€wide experience. FGA have consented in writing to the
reference to them in this announcement and to the estimates of oil and natural
gas liquids provided. The definitions for oil and gas reserves are in
accordance with SEC Regulation Sâ€X an in accordance with the guidelines of
the Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can be
found on the SPE website at spe.org.
RPS Group is an International Petroleum Consulting Firm with offices worldwide, who specialise in the evaluation of resources, and have consented to the information with regards to the Company's Georgian interests in the form and context that they appear. These estimates were formulated in accordance with the guidelines of the Society of Petroleum Engineers ("SPE").
The prospective resource estimates for the two Dharoor Valley prospects are internal estimates reported by Africa Oil Corp, the operator of the joint venture, which are based on volumetric and related assessments by Gaffney, Cline & Associates.
In granting its consent to the public disclosure of this press
release with respect to the Company's Trinidad operations, Petrotrin makes no
representation or warranty as to the adequacy or accuracy of its contents and
disclaims any liability that may arise because of reliance on it.
The Contingent Resource estimate for CBM gas at the Tkibuli project is sourced
from the publically available references to a report by Advanced Resources
International's ("ARI") report in 2009: CMM and CBM development in the
Tkibuli-Shaori Region, Georgia. Advanced Resources International, Inc., 2009.
Prepared for GIG/Saknakhshiri and U.S. Trade and Development Agency. -
.globalmethane.org/documents/toolsres_coal_overview_ch13.pdf. Range's
technical consultants have not yet reviewed the details of ARI's resource
estimate and the reliability of this estimate and its compliance with the SPE
reporting guidelines or other standard is uncertain. Range and its JV partners
will be seeking to confirm this resource estimate, and seek to define
reserves, through its appraisal program and review of historical data during
the next 12 months.
Reserve information on the Putumayo 1 Well published by Ecopetrol 1987.
SPE Definitions for Proved, Probable, Possible Reserves and Prospective Resources
Proved Reserves are those quantities of petroleum, which by
analysis of geoscience and engineering data, can be estimated with reasonable
certainty to be commercially recoverable, from a given date forward, from
known reservoirs and under defined economic conditions, operating methods, and
government regulations.
Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves.
Possible Reserves are those additional reserves which analysis of geoscience
and engineering data indicate are less likely to be recoverable than Probable
Reserves.
1P refers to Proved Reserves, 2P refers to Proved plus Probable Reserves and 3P refers to Proved plus Probable plus Possible Reserves.
Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and development
and may be sub-classified based on project maturity.
Contingent Resources are those quantities of hydrocarbons which are estimated,
on a given date, to be potentially recoverable from known accumulations, but
which are not currently considered to be commercially recoverable.
Undiscovered Oil-In-Place is that quantity of oil which is estimated, on a given date, to be contained in accumulations yet to be discovered. The estimated potentially recoverable portion of such accumulations is classified as Prospective Resources, as defined above.
PR Newswire
February 1, 2013 - 2:03 AM EST
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© 2013 Stockhouse publishing Ltd. All rights reserved. | Sitemap | Help | Disclaimer | Privacy PolicyIts declining on a 40 day average price basis, this is a rule I set for a new account I got that costs 50p a deal. Only buy ascending stock
Gold beats since 2009
Since late nineties Warren Buffet has lost to plain gold
Soldato
Sounds like a nice profit to me, what percentage gain was that? The way to compare would be to divide your mortgage rate or highest debt cost by 1- (your rate of tax) to see the max safe return.
I sold some at 260 so you've done better then me, just holding a little now. I have twice as much in Standard Chartered and three times in Santander They are so much in South America which I think can grow I think its too cheap because of Spain, Europe. They act opposite to how RBS did and lay off risk and they pay like 10% yield
Great day for Range, we havent had this volume for 2 years
www.stockhouse.com/news/usreleasesdetail.aspx?n=8733788
Also thanks to dismal gold I bought some AAZ which is mining profitably but like XEL took a 7.5m loan at 12% and people fear for future investment returns vs such a high cost hence no free cashflow
[Market cap £50m $78m]
I sold some at 260 so you've done better then me, just holding a little now. I have twice as much in Standard Chartered and three times in Santander They are so much in South America which I think can grow I think its too cheap because of Spain, Europe. They act opposite to how RBS did and lay off risk and they pay like 10% yield
Great day for Range, we havent had this volume for 2 years
www.stockhouse.com/news/usreleasesdetail.aspx?n=8733788
Also thanks to dismal gold I bought some AAZ which is mining profitably but like XEL took a 7.5m loan at 12% and people fear for future investment returns vs such a high cost hence no free cashflow
[Market cap £50m $78m]
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Soldato
Guatemala: Range Resources updates Guatemala operations
Is this a good result, not exactly a gusher (theoretically) so just hopefully we find more ?
I know theres at least one geologist on this forum somewhere, I dont know diddly lol
So Barc hits 330, more then doubled now which for a company the size of an oil tanker, is a heck of a three point turn. Stocks often go up on lay offs
XLF above 17.40 should show Barc continue strong allegedly. I may sell it this month
ABG down 10% Its 4 PE if they do what they plan year ahead?
The payout on BP today is 5.75p but selling at 480 and buying now would have paid more
Gold price broke down not up, but I hope it holds 1634. It still defys gravity being this high, its a very positive commodity imo. 12 years rising and probably this year too
Is this a good result, not exactly a gusher (theoretically) so just hopefully we find more ?
I know theres at least one geologist on this forum somewhere, I dont know diddly lol
50m volume, price reflecting that demand sustained puts RRL back at 6p at a rough estimate
So Barc hits 330, more then doubled now which for a company the size of an oil tanker, is a heck of a three point turn. Stocks often go up on lay offs
XLF above 17.40 should show Barc continue strong allegedly. I may sell it this month
ABG down 10% Its 4 PE if they do what they plan year ahead?
The payout on BP today is 5.75p but selling at 480 and buying now would have paid more
Gold price broke down not up, but I hope it holds 1634. It still defys gravity being this high, its a very positive commodity imo. 12 years rising and probably this year too
Caporegime
I was VERY close to buying more Range on Monday! 
Oh well, i'm still in at 10p.
Oh well, i'm still in at 10p.
Caporegime
KEA up 32% today due to oil discovery and other potential good news in the pipeline.
It's been a while since once of my stocks went up this much in a day!
It's been a while since once of my stocks went up this much in a day!
Soldato
sounds good
That is an impressive move, looks like its building on it today also. 10p is a big point for it to pass.
Sold bits and bobs of Centrica Essar and IG index. I reckon I might buy BP here though I probably shouldnt as it will track FTSE down, Questor mentioned they get 20bn from their USSR deal in theory they might become cash rich.
Not that just cash is a reason to buy.
CAD has more in cash then the entire worth of shares, still dismal. HOIL was the same then cashed out of Iraq big time
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Soldato
currently £17.50 for 1 coin. Did you invest ?
Slightly OT: This reminded me that I mined 1 BTC a few years back for the lols and I thought I would cash it in now.
Having absolutely no idea how, I just checked the URL thing I bookmarked but it seems I need a private key. I suppose I've lost the coin then?
Having absolutely no idea how, I just checked the URL thing I bookmarked but it seems I need a private key. I suppose I've lost the coin then?
Soldato
Theres worse then Range. The production never matched the share price, they didnt lie so its not the worst on AIM by far.
Pity they didnt find Somalia oil, otherwise it appears to be quality management. Speculation around that brought both extremes, if we had a PE it would have been triple figures sometimes I guess
Take a look at ABX, the worlds largest gold miner has a PE of 6. Thats worth fishing imo
CAD I mentioned the other day went up 30% at one point on Friday They just won a court case for half their market cap. Super unstable share price, unpopular, ditto the above
Please dont say invest. Its cash at best, a commodity maybe but not a productive investment
Pity they didnt find Somalia oil, otherwise it appears to be quality management. Speculation around that brought both extremes, if we had a PE it would have been triple figures sometimes I guess
I had a 377% gain showing on RRL
Take a look at ABX, the worlds largest gold miner has a PE of 6. Thats worth fishing imo
CAD I mentioned the other day went up 30% at one point on Friday They just won a court case for half their market cap. Super unstable share price, unpopular, ditto the above
Please dont say invest. Its cash at best, a commodity maybe but not a productive investment
A silver coin might have worked better. Anti bacterial you can keep it in your overclocking water tank to help, almost practical!