Riverfort Global Opportu... Share Discussion Threads

[roily] 07/5/2013 23:29

I saw some volumn with RGO today so I stopped over at Stockhouse and saw this(thanks BuBo). I thnk someone posted the link before but I am in a complacent mood these days so I did not read it. I think maybe I will try to get reenergized and give it a look.

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The Use of Long-Offset, First-Break (Refraction) Seismic Data in Hydrocarbon Exploration of the Zagros Foldbelt, Kurdistan
Paul Lovatt-Smith, New African Global Energy (NewAGE)

Although refraction (first break) data from near offsets are commonly used for statics correction in seismic processing, data from longer offsets are almost always discarded. Yet these data contain accurate and useful interval velocity information which can be modelled in depth with the help of computerised tomography.

The results of a seismic survey over a surface anticline in the Khalakan Block, Zagros Foldbelt, Kurdistan, designed to obtain both reflection and refraction data, show the value of long offset refraction data for hydrocarbon exploration in an area where reflection data is sometimes of poor quality. A straight 2D seismic line aligned in the dip direction was recorded over the anticline using a single live receiver spread over its entire 18km length. In all other respects, acquisition parameters were conventional. As had been expected, the quality of the reflection signal is severely degraded in parts of the line where there are steep dips, steep topography or outcropping hard carbonates.

However first break (refraction) data are present throughout the line and out to maximum offset, with some variation in quality. First breaks were picked by hand and an interval velocity vs depth model was produced by iterative tomography. This work was carried out by Geopro GmbH of Germany on behalf of GPK. The model extends to a depth of up to 3000m below surface and shows good correlation with the surface geology, structural models and offset well velocities. This refraction velocity model was incorporated into the subsurface prospect mapping and was also used to guide velocity modelling in time and depth processing of reflection seismic.

An exploration well, Khalakan-1, was subsequently drilled and tested all target horizons in an optimal, crestal structural position. In this instance the incorporation of long offset refraction seismic data contributed significantly to the subsurface imaging and successful drilling test of a complex geological structure.


Link to source:


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[jonno1] 07/5/2013 16:48

Been stuck in this for a long time now, but interesting to see that out MC is just Ca$ 9

If these guys were to ever hit any Oil this would go nuts...and I might break even

[jonno1] 07/5/2013 15:57

5 cents now up 200% in the last month

[ashtree2] 06/5/2013 19:42

Glasshalfull...excelent post.cheers

[glasshalfull] 06/5/2013 18:19

Yep ashtree - Sept 2012 saw £2.85 million raised (£2.7m after expenses) in a placing at 10p that froze PI's out...at an incredible 74% discount to then shareprice of 38.5p...Directors provided their institutional friends the opportunity to subscribe; Numis exercised their full allotment of option shares & Directors also got in on the act by taking up 7m shares at the then bargain price.

Well, looks like it wasn't such a bargain. In April RGO indicated that they required more funds. In other words, twist or bust!

The company is burning through cash. 2012 results saw a £16.4m loss due to £12.3m of non-cash impairments & a £4.1m operating loss. Only a loss per share of 59p!!!

Cash on the balance sheet as at 31/08/12 was £537k and as mentioned, the placing/option shares raised £2.7m after expenses. Now, watch what happens to the cash...

On 13th Feb 2013 they announced a trading update,

"The Group's sales pipeline is growing strongly due to the significant increase in demand for its podifiTM technology. Whilst performance is encouraging, agreements with some larger customers are taking longer than expected to finalise although are still expected to contribute in this financial year and beyond. The Board anticipates that the Group is likely to return to profitability in the year ending August 2014. The Group's current cash balance is c.£800,000 with its banking facilities unutilised."

That's £2.4m RGO have burnt through in just over 6 months!

Yet again, the management team missed forecasts which were made on the 30th Nov 2012 - only 10 weeks earlier - where they said,

"Overall, the Group is operating in line with the Board's expectations and it anticipates revenue growth and a return to profitability in 2013"

Fast forward to the 22nd April 2013 & we learn of contract wins and,

"The Group's current cash balance is c. £390,000 with its banking facilities unutilised. The Board is in advanced stages of securing funding and expects to provide a further update in due course."

So, another £400k cash gone in just over 2 months.

Two weeks down the line & we get the following,

"Further to the announcement of 22 April 2013 stating the Group was in advanced stages of securing funding, the Board confirms that these funding negotiations continue to be ongoing with different options being considered. However, no further assurance can be given on the future of the Group until it is able to ascertain the quantum and terms of funding available, which it expects to be able to announce by mid May.

The Group continues to make excellent commercial progress and expects to announce further contract wins during the course of the next two weeks."

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My scepticism of this company is documented on this thread & the management team have presided over something akin to a car crash in slow motion over the last few years.

While they are clearly focusing on the requirement to gain first mover advantage/adoption of their contactless mobile solution, the way PI's were treated in the last round of funding that saw them effectively locked out of a deeply discounted placing priced at a 74% discount was shameful IMHO.

The company may very well be on the verge of great things &/or their IP may be worth a considerable amount...but ask yourself, do you trust the management of this company?

I wish shareholders good luck & indeed imagine that some traders may look in on this as an opportunity given the current uncertainty. For me however, RGO has "bargpole" written all over it.

Oh, before I go, what about the legal action in the USA that was mentioned in the Sept 2012 placing document? I don't recall hearing anything further. Perhaps I've missed the update?

"The US customer communications industry is characterised by frequent claims and litigation, including claims regarding patent and other intellectual property rights. On 5 April 2012, a class action suit was filed against sixteen defendants across the US mobile telecommunications market, including the major network carriers, alleging violation of the US Sherman Act. SoundBite, as the ultimate parent undertaking of 2ergo Americas, was named as a defendant in this case and therefore has sought indemnification from the Company. The Directors view the claim as an example of the US approach to litigation and indeed 2ergo Americas has never contracted or done any business with the plaintiffs. The claim is to be defended vigorously, but it is not currently possible to estimate the costs that may be incurred by the Company in relation to it."

Regards,
GHF

[ashtree2] 06/5/2013 10:11

The last placing in september was at a 74% discount to the then share price so it is likely in my view the next placing will be at a similar discount to todays price which is around 8p.Not to good for long term holders here as I make that it could be as low as 2p.

[roily] 04/5/2013 22:44

I need to go back and read but I think hearing was scheduled for one week so it should be over.

[jonno1] 02/5/2013 22:17

500k traded to day and up to 3.5 Cents that's 100% in the last month, is something finally happening here

[roily] 29/4/2013 12:42

Arbitration hearing today?

[the prophet] 23/4/2013 09:54

sp is indicating that any placing/fund raising is likely to be under the 10p of the last funding round

interesting, ltinvestor, look forward to hearing your view re patents/ip. I keep coming back round to thinking if they really have got something of value, then RGO simply haven't got the resources, even post fund raising, to effectively develop the tech and make a viable business of it. Better to demonstrate point of principle and do a few limited trials then try and strike a deal with one of the big players?

[ltinvestor] 22/4/2013 15:37

The value of this company lies in its patents referred too in todays statement.I agree with Prophet and best left till the funding is sorted.I will expand upon the patents when the funding has been finalised.

[snatander] 22/4/2013 10:13

how long before the next resuce placing?

[21richyrich] 22/4/2013 10:11

Yes lots of wooly contract news...are students affluent people likely to generate lots of income using their services ? LolHave written this off long since..total disaster and only a matter of time befire it goes pop imo

[the prophet] 22/4/2013 09:20

a +ve update in terms of contract wins and existing trials today, although no indication as to what this means re trading, I assume they are still loss-making.

-as I posted earlier, cash is a concern and I note they are in advanced talks to raise more cash. best left till that is sorted, imo.

[22zacman] 08/4/2013 20:35

Arb at the end of April.

[jonno1] 03/4/2013 16:38

Range Energy investor Gulf acquires 62.5 million units
2013-04-02 15:40 MT - News Release

An anonymous representative of Gulf LNG reports
GULF LNG INCREASES HOLDINGS OF RANGE SHARES
Further to the news release of Range Energy Resources Inc. dated March 13, 2013, announcing the company's non-brokered private placement of 87.5 million units, each unit consisting of one common share and one share purchase warrant, Gulf LNG America LLC has purchased 62.5 million of the units issued in the private placement. The units were purchased by Gulf for four cents per unit, for a total purchase price of $2.5-million.
As a result of the private placement, Gulf now owns 130.4 million common shares of the company, representing 39.14 per cent of the company's issued and outstanding common shares. In addition, Gulf has the right to acquire an additional 62.5 million common shares pursuant to the share purchase warrants issued to it in the private placement. If Gulf fully exercised such share purchase warrants, it would own 192.9 million common shares, which would represent 48.75 per cent of the company's issued and outstanding common shares. Immediately prior to the private placement, Gulf held 67.9 million common shares of the company, representing 27.64 per cent of the company's issued and outstanding common shares.
Gulf acquired the securities for investment purposes and intends to evaluate its investment and to increase or decrease its holdings in the company as circumstances warrant.
The units were issued to Gulf in reliance upon the registration and prospectus exemptions in Section 3.2 of National Instrument 45-106 (prospectus and registration exemptions).
About Gulf LNG America
Gulf is based in Houston, Tex., and is an investment firm specializing in energy investments, including projects in the Middle East.
We seek Safe Harbor.

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[roily] 13/3/2013 00:47

Wasn't even aware of this as I guess RGO dropped me off the mailing list. Thanks to another BB poster for posting this. I wonder what is going on with arbitration and I wonder who bought the placing?

Vancouver, BC, Canada – Range Energy Resources Inc. (the "Company") (CNSX: RGO) (FWB: YGK) is pleased to announce a non-brokered private placement of up to 87,500,000 units of the Company at a price of CDN$0.04 per unit (the "Units") for gross proceeds of up to $3,500,000 (the "Offering"). Each Unit will consist of one (1) common share (the "Common Share") and one (1) transferrable share purchase warrant. Each warrant will entitle the holder thereof to purchase one (1) additional Common Share for a period of twenty four (24) months from the Closing Date of the Offering at a price of CDN$0.05 per Common Share. The Company has applied to and received approval from the Canadian National Stock Exchange to proceed with the Offering at $0.04 per Unit.

The closing is subject to receipt of all necessary regulatory and Board approvals. The Common Shares issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws. The Company may pay a finder's fee on some of the gross proceeds to certain introducing parties in respect of the Offering, subject to compliance with applicable securities legislation and CNSX policies. The Company anticipates that there may be insider participation in the Offering, for which the Finder will not receive a commission.

The capital from the Offering will be used for continued exploration on the Company's Khalakan Block project in Kurdistan and general working capital purposes.

For further information on Range Energy Resources Inc., please visit the Company's web site at www.rangeenergyresources.com

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[the prophet] 05/3/2013 11:30

-out of a job since being sacked by Chelsea and comes from the Manchester area?

That could be one reason. His background is marketing, so he could be a good addition to RGO, but I think they need something a bit more than PK.

These could get interesting at some point, but the cash is a concern and I'm not sure if the business model is really up to the large scale roll out that they need to make it work. Last statement said groups sales pipeline was growing strongly, and there would appear to be the prospect of some larger customers, buts its all a bit wooly and vague, they give no idea of what the sales pipeline is, other than we can deduce its not going to do too much for the current f/y.

[ltinvestor] 05/3/2013 08:13

Why did Peter Kenyon join the board of this failing company with no IP?

[count chris] 04/3/2013 21:37

IMO this is a dead share walking. I'd short it if IG would let me.

[the prophet] 04/3/2013 09:56

see the shares have almost hit the 10p placing price, it looked inevitable.
-guess next step is a funding at sub 5p levels, be interesting to see if the directors shell out for that one. Alternative could be a link up/partnership with a retail giant, as RGO are just too small, imo, to get any real traction here. 3rd option is to sell the IP and return cash to shareholders/do something else. Can't see the ip is worth more than a few mill though.....

[steve695] 26/2/2013 14:00

Down to 11.5p.

Not sure about Peter Kenyon, I think these guys need Roman Abramovich to avoid the inevitable.

[idomeneo] 13/2/2013 12:52

It may just be me, but I have put "podify" into the search within the Itunes App store and nothing comes back, although my searchs for things which I know do exist always bring back the right result......

[steve695] 13/2/2013 10:46

Indeed, this doesn't sound good. As paulypilot mentioned recently they had indicated £2.5m pa cash burn and yet they seem to have got through £2m in less than 6 months.It takes a good while for a product like Podifi to gain any traction in the market, time it looks like we don't have.

[the prophet] 13/2/2013 09:50

-profit warning today, profitability put back a year. Encouraging that the sales pipeline is growing strongly, although it would be good to have an actual figure.
-cash at £800K looks very tight, considering they raised £2.7m just over 4 months ago or so, either business has to pick up considerably or else its back to raising more cash.
-expect the share price to move towards the 10p placing price or lower, Will keep an eye on them, but jury still out as if podifi will make it.
-personally I feel that RGO are just too small an outfit to get anywhere serious with this, it needs licensing out or partnering with an industry major to get the traction it needs ot make it viable.