Range Resources Share Discussion Threads

[rangenoresources] 06/3/2019 05:39

Don't you just love this"The Company and its subsidiary, Range Resources Trinidad Limited (RRTL) have received an invoice from Geeta Maharaj (Ms Maharaj), a Trinidad-based attorney seeking payment for legal services in the amount of TT$12,019,573. The invoice purports to relate to legal work undertaken during mid-2014 including the preparation of inter-company loan agreements. The Company and RRTL strongly refute the amount of this purported invoice and consider it to be vastly excessive and therefore not payable. A claim has been filed by Ms Maharaj seeking the sum of TT$12,019,573 plus interest and costs. The Company and RRTL filed a notice of application to strike out this claim on 14 July 2017. An initial hearing on this application was held on 29 September 2017 at which the parties were ordered to file and exchange written submissions by 20 October 2017 with replies, if any, to be filed by 30 October 2017. Both parties filed and exchange written submissions and responses by the requested dates and a further hearing was scheduled for 1 December 2017. This hearing was rescheduled by thecourt and the Company is awaiting notification of a rescheduled date, which is likely to be in the first half of 2019.Separately, the Company and RRTL have received further correspondence from Ms Maharaj on a related matter claiming damages of TT$6,000,000 on the basis of a conspiracy designed to damage Ms Maharaj's reputation. Again, the Company and RRTL firmly refute the allegation and in conjunction with its legal counsel in Trinidad have responded to this demand. A claim has been filed by Ms Maharaj seeking damages of TT$6,000,000 plus interest and costs. The Company, in conjunction with its legal counsel, has filed a defence in respect of this claim and a preliminary hearing was scheduled for 1 December 2017. This hearing was rescheduled by the court and the Company is awaiting notification of a rescheduled date, which is likely to be in the first half of 2019.While the Company, having taken legal advice, considers the probability of Ms Maharaj succeeding in either of her claims to be remote, there can be no guarantee that there will be a favourable outcome for the Group"

[rangenoresources] 06/3/2019 05:38

It continues "responding to ANH with a defence against the action was 7 September 2016. In conjunction with its legal advisers in Colombia, the Company reviewed the demand notice and, as announced on 15 September 2016, a comprehensive response was submitted to ANH by the Consortium on 7 September 2016. This response addressed the numerous areas in which the Consortium objected to the demand which was received from ANH. The Company has no material assets located in Colombia. In addition to the ongoing work with legal advisers in Colombia, the Company has sought advice from Australian advisers regarding the ability of ANH to try and enforce a claim against the Company in Australia. The Company's advisers have confirmed that there is no provision in Australian law to enable either judgments of Colombian courts or administrative orders of ANH to be recognised in Australia. If ANH did seek to make any claim in Australia it would be required to commence court proceedings in the Australian courts and to prove its entitlement to such claim. The Company would have the right to defend such claim. The Company has not as at the date of this document received any claim from ANH in Australia.As announced on the 11 April 2018, the Company has reached an agreement with ANH to settle all outstanding claims and disputes between ANH and the Consortium. The key terms of the settlement agreement are: (1) ANH confirms that the Company (and the Consortium) has no liability for any payments or debts, (2) all proposed penalties have been lifted, (3) the Consortium agrees to waive all potential claims against ANH and (4) the Consortium agrees to the termination of the licences over the three exploration blocks.The agreement between the Consortium and ANH is subject to court approval in Colombia and this is anticipated to be received during the first half of 2019.Georgia LicenceThe Company believes that it holds an indirect interest in a production sharing contract dated 29 March 2007 over Block VIA in Georgia (the Georgia PSC) through its 65% shareholding in Strait Oil & Gas Limited (SOGL). On 3 April 2017, the Government of Georgia announced an open international tender on Block VIA in Georgia (the Tender Announcement). The Company has been involved in the project since 2009 and has invested substantial capital since that time with funds used to complete the minimum work programme stipulated by the Georgia PSC. The Agency has previously confirmed to SOGL that this minimum work programme has been satisfactorily completed. The Company believes that the Georgia PSC over Block VIA remains valid and in good standing and that the purported relicensing of the block by the Agency pursuant to the Tender Announcement would be a breach of the Georgia PSC. The Company and SOGL have contacted the Agency to seek an amicable resolution to this issue and has engaged legal advisers to explore relevant routes to preserve the value of its investment in Georgia. As at 30 June 2017, the Company has fully written down the value of its investment in SOGL and has nil value attributed to its interests in the project on the Company's balance sheet. There can be no guarantee that the Company will be able to preserve the value of this investment or that it will be successful in its attempts to secure the Georgia PSC."

[rangenoresources] 06/3/2019 05:36

It gets better ha ha ha"In the normal course of the Group's operations, it may become involved in, named as a party to, or be the subject of, various legal proceedings, including regulatory proceedings, tax proceedings and legal actions, relating to personal injuries, property damage, property taxes, the environment and contract disputes. The outcome of outstanding, pending or future proceedings cannot be predicted with certainty and may be determined adversely to the Group and as a result, could have a material adverse effect on the Group's assets, liabilities, business, financial condition and results of operations. Even if the Group prevails in any such legal proceedings, the proceedings could be costly and time-consuming and may divert the attention of management and key personnel from the Group's business operations, which could adversely affect its financial condition.Colombian Exploration LicencesAs previously announced on 19 January 2016 and 1 September 2016, the Company received a notice from Agencia Nacional de Hidrocarburos (ANH) of Colombia revoking the licences over three exploration blocks in Colombia (PUT-5, VMM-7 and VSM-1). The licences had been awarded to a consortium of Optima Oil Corporation (Optima) and the Company in December 2012 (the Consortium). ANH alleged that its action was a result of the exploration work commitments not being fulfilled and presentation of invalid letters of credit to ANH by Optima to support the minimum work obligations. There are three joint operating agreements (JOAs) in place amongst the Consortium partners and Petro Caribbean Resources Ltd in relation to each of the PUT-5, VMM-7 and VSM-1 exploration blocks. Under the terms of the JOAs it was agreed between the Consortium that it was the sole responsibility of Optima to complete the minimum work obligations and to provide all necessary funding including the provision of valid letters of credit in favour of ANH. Under the JOAs, the Company has an indemnity to recover from Optima any payment incurred by the Company for any contractual obligations under the licences which were not paid by Optima. As announced on 1 September 2016, the Company received a demand notice from ANH addressed to the Consortium seeking payment of the full amount of the outstanding obligations due to ANH totalling up to approximately US$53,000,000. The deadline for making the payment, or otherwise"

[rangenoresources] 06/3/2019 05:34

At least will stop Dribble embarrassing himself at the next Q&A"The Company has not paid dividends nor made a distribution on any of its securities. Further, the Group may never achieve a level of profitability that would permit payment of dividends or making other forms of distributions to security holders. In any event, given the stage of the Company's development, it will likely be a long period of time before the Group could be in a position to make dividends or distributions to its investors. The payment of any future dividends by the Group will be at the sole discretion of the Board. In this regard, the Group currently intends to retain earnings to finance the expansion of its business and does not anticipate paying dividends in the foreseeable future."

[rangenoresources] 06/3/2019 05:30

Love this out of the released cleansing document by Range. They are spelling it out that they are Donald Ducked"The ability of the Group to develop and exploit oil and gas reserves depends on the Group's compliance with its obligations under its licences. The licences granted by the Trinidad Minister of Energy set out the term of the licence and the minimum work obligations and expenditure obligations that need to be complied with by the licensee during such term. The Trinidad Minister of Energy is entitled to revoke the licence and the licensee's right to carry out petroleum operations where there is a failure by the licensee to fulfil the minimum work obligations or to meet its expenditure obligations. The Group has not fulfilled all of its minimum work obligations in respect of all of its licences on an asset by asset basis. In particular, the Group is currently in breach of the work obligations in respect of St. Mary's onshore block in Trinidad which would entitle the Trinidad Minister of Energy to terminate the exploration and production licence relating to the St. Mary's block in Trinidad. However, the Group has not received any notification from the Trinidad Minister of Energy of any breach by any licensees within the Group of its licence obligations. The revocation by the Trinidad Minister of Energy of the Group's licences in these circumstances could have a material adverse effect on the Group's business, results of operations and financial condition."

[rangenoresources] 06/3/2019 05:23

Oil hammering down this morning Please do your own research as always

[lewisyfawr] 06/3/2019 00:24

Looks like being another good day today (Wednesday). We are happy punters. Poor troll.

Still no idea why troll is so keen that oil price is low, and Range and shareholders suffer. I reckon he might just be a liberal and a green warrior. Anti fossil fuels and anti noise. That would explain his dislike for Celtic, who makes an awful lot of noise in his various musical exploits.

[qantas] 05/3/2019 23:29

Hammered up today looking good for Wednesday.

Please do your own research as always thanks.

[rangenoresources] 05/3/2019 23:12

Poor old RangeThe American Petroleum Institute (API) reported a large surprise build in crude oil inventories of 7.29 million barrels for the week ending March 1, coming in way over analyst expectations that predicted that crude oil inventories would build by 388,000 barrels.Last week, the API reported a surprise draw in crude oil of 4.2 million barrels. A day later, the EIA reported a larger one of 8.6 million barrels. Oil price movements were flat on Tuesday prior to the data release, with the WTI benchmark at 12:45 pm EST trading essentially flat on the day (-0.02%) at $56.58, about $1 over last week levels. The Brent benchmark, similarly, was trading perfectly flat at $65.67, less than $0.50 above last week's levels.While 2019 has been a wild ride for oil prices, inventory moves for crude have been innocuous, with a net draw of just over 4 million barrels for the nine reporting periods prior to this week, using API data.The API this week reported a draw in gasoline inventories for week ending March 1 in the amount of 391,000 barrels. Analysts estimated a draw in gasoline inventories of 1.97 million barrels for the week.US crude oil production as estimated by the Energy Information Administration showed that production for the week ending February 22-the latest information available-averaged 12.1 million barrels per day –another high for the United States.Distillate inventories decreased this week by 3.1 million barrels, compared to an expected draw of 975,000 barrels.Crude oil inventories at the Cushing, Oklahoma facility grew by 1.1 million barrels for the week.The U.S. Energy Information Administration report on crude oil inventories is due to be released on Wednesday at 10:30a.m. EST.By 4:40pm EST, WTI was trading down at $56.43 and Brent was trading up at $65.76.

[rangenoresources] 05/3/2019 22:14

Why do you mention Range in your books and blogs then if it wasn't about stock picking?You may fool your sub ordinate but not the rest of us

[celticheart07] 05/3/2019 22:06

Shame troll can’t read or he would realise my book has nothing to do with stock picking and was not giving advice on investing either. It was a beginner’s (me) guide to the basics of charting etc.

[lewisyfawr] 05/3/2019 21:42

I am also brilliant (modestly brilliant) at all the bits and bobs I do, Celtic. Not everyone enjoys work, but I always did. And retirement (walking the dog, decorating, shopping for groceries) is not quite the same as work, particularly when you can do what work you want and meet loads of interesting people. This late summer of mine is the best part of my life, by far. And you probably feel the same.

30% UP and OIL $57 A BARREL. And hammering up tomorrow. But DYOR.

Great for all shareholders. 🤣🤣🤣.

[nas_daq] 05/3/2019 21:32

Says the person who thought he was so good at stock picking they wrote a book on it....

45k -> £900 indicates otherwise we’ll all take your work statement with the huge pinch of salt your delusion warrants....what an ego....stick to boasting on fakebook.....

🤥🤥🤥

[celticheart07] 05/3/2019 20:52

Can’t speak for anyone else but l work because I enjoy it and I am very good at what I do.

[lewisyfawr] 05/3/2019 20:07

"Only Fools and Horses work"

says the troll who got up this morning at 0513 to post loads of usual carp about oil price going down and shares down etc etc. That is heavy lifting, and he should try proper work. Moses worked till he was 120, and it kept him fit in mind and body.

[nas_daq] 05/3/2019 20:03

RnR

Even better is that their egos are very fragile and they feel they have to lie about how successful they perceive their lives to be, as you say working at that age and having to gamble, behind their partners backs, to try and grab a better life and ignoring all the huge risks ......hardly indicates a successful career.....

🤥🤥🤥

[lewisyfawr] 05/3/2019 20:02

CH is a shareholder. He behaves like many shareholders. Perhaps more positive about their company than most, but surely all shareholders want their company to do well.

Troll is not a shareholder. He has a sick desire to see shareholders suffer. Is this the forum to work out his mental anxieties and try and pretend he is far more humble than another poster; far more gifted as an investor. There is no evidence to back his claims - in all his many troll pseudonyms.

OVER 30% UP and OIL $57 A BARREL.

Great for all shareholders. 🤣🤣🤣.

Misery for those who have no reason to be miserable. Close the door as you leave, nas. Thanks.

[rangenoresources] 05/3/2019 19:44

It explains why they are still working even though they are in their 70's and 80'sWhat is the saying Only Fools and Horses work Or only Trolls and Ego's work

[nas_daq] 05/3/2019 19:24

RnR

I don’t think someone who posts over 50k times trying to ramp this dog and trying to convince himself, that his life won’t change no matter what happens to range, is being entirely truthful with himself or his partner....
I do feel sorry for coco and his pet troll as it’s obvious they were hoping range would be a game changer for their sorry lives....it’s a pity it hasn’t quite turned out like that for them.....

🤥🤥🤥

[rangenoresources] 05/3/2019 19:18

You never learn Celtic. Old dog new tricks come to mind

[nas_daq] 05/3/2019 18:38

Aseyho

2m at 2.1p
1m at 0.28p