Range Resources Share Discussion Threads

[aseyho] 06/3/2019 08:54

Well that statement wend down well.

[rangenoresources] 06/3/2019 08:30

Nas - they can't afford Dubai or any other similar vacations. Rhyl or Barry Island is their level

[nas_daq] 06/3/2019 08:23

RnR

Some posters consider it a result to get to London for an agm and then get caught lying about it , others lie about their average but one thing is certain it takes a major financial effort for these posters to escape the valleys and so places like Dubai are unfortunately, or fortunately depending on which side you are on, out of reach....thank goodness....

[lewisyfawr] 06/3/2019 08:21

How nice we all agree this morning. Dubai is a lovely place to wake up at 5am in and enjoy the beach and the sun and not have to post drivel about Range. I usually stopover in Bahrein, Dubia or now Doha (direct from Cardiff) on my way to my winter sunshine paradise. Went other way in January this year. Life is for living. And Wales is best place to be in summer, of course. Always miss my beautiful Valleys.

Meanwhile, good start to day. No share price rise yet, but not far off. And oil hammering up again. Another day to make shareholders wince with excitement and troll feel his usual misery. Never mind, beautiful beach, sun-tan and great Dubai food and drink to enjoy today - and then turn in blissfully tonight at about 7pm our time. How did you get your ferret through passport control?

[nas_daq] 06/3/2019 08:15

Based on his building boasts he was probably a labourer as they use a lot of foreign labour in Dubai where the infrastructure is much more advanced than where they are from.....celticheart07 🤡 fits the bill perfectly....

As I said earlier it’s pretty expensive now and it keeps the riffraff like celticheart07 out, obviously why he doesn’t work there anymore

nge Resources - A New Beginning - Post 17785 RRL Range Resources Celticheart07 06 Mar 2019 08:08
Celticheart07
I spent a lot of time working in Dubai as it happens

[celticheart07] 06/3/2019 08:08

I spent a lot of time working in Dubai as it happens

[nas_daq] 06/3/2019 07:58

Rnr

Dubai is like marmite, some people love it some hate it, personally I love it it’s hugely overpriced but it keeps scum like celticheart07 and the pet troll out so win win...

[rangenoresources] 06/3/2019 07:49

Clearly some people have never heard of time zonesLoving Dubai

[rangenoresources] 06/3/2019 07:49

Is there a parrot posting?Echo EchoRepeat Repeat Or is it an age thing that means Dribble posts the same thing same thing twice twice?

[lewisyfawr] 06/3/2019 07:45

ALMOST 30% UP and OIL $57 A BARREL. And hammering up again today. But DYOR.

Great for all shareholders. 🤣🤣🤣.

And expect our silly troll will be up before 6am today - probably finding an obscure legal claim on Range as a reason to taunt shareholders. Shareholders have voted these shares through by an overwhelming majority; shareholders are not unused to legal claims emerging from all parts of world; and shareholders are looking forward to March 18, when troll and absolute virginal newbie Nasron and troll and old champion Range RAMPER pre-2012 Nasnas run out of cash. Can't come soon enough.🤣9315;🤣.

[lewisyfawr] 06/3/2019 07:43

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.

[aseyho] 06/3/2019 07:41

"Aseyho

2m at 2.1p
1m at 0.28p"

If that's correct that's way off a 1p average

[nas_daq] 06/3/2019 07:38

When I gave you Donald Duck as the final name on the list it was to use the vernacular for the term Donald ducked which describes where this company now finds itself.

It is an abridged version of what I could write but it succinctly sums up the situation.

Mendacity is a term I have often used to describe this company. You can now add hypocrisy.
Quite what word you could use for issuing the half year results, which foretells the destruction of the Trinidad assets, after you have been trapped via the share cancellation I will leave up to you.

Nothing I write will alter or ameliorate what is going to happen.

I could write about the truth behind the stockbroker recommendations answer in the last Q&A..
I could tell you who really owns the fake Georgian assets on our balance sheet.
I could show you why the mendacious corporate development officer is running around trying to figure out which dog ate the share certificate of the non existent Guamanian assets.

I could show you that the Indonesian transaction actually predates the arrival of the drilling rigs on Trinidad, was abandoned in the spring of this year and was frantically rejuvenated when it was clear that they were not going to gain re-admittance to AIM as a smokescreen to cover why they really are being denied access to the UK investors pockets.

I could show that the 160 personnel we are taking on with the failed LO Caribbean service company have not generated a brass farthing in independent income in 2017 to date.

Does it make you any happier to know that the Range BOD choose to separate themselves by as many miles and as many time zones as it is possible?.

Would any of those revelations make you any happier?. They certainly wont make you any richer.
The BOD has gone feral and I think the FAC are aware of that.

We had the annual report of another AIM company claiming that Range were going to use your money to purchase from them a 20% interest in an asset they no longer own and pay them a royalty from the income stream belonging a conglomeration of Chinese companies.

The FAC require a lot more than paper shuffling to allow Range back onto the AIM market.
At least two and probably 3 directors and senior managers need to be ejected.
The callous and mendacious corporate development director would be my first choice.
The CEO whose penchant for positioning himself on planet earth as far as humanly possible from any of Ranges assets or fellow managers would make himself a strong candidatealsothe fact is .

Also the LO place men, who are both superfluous now that LO are leaving and are tied up anyway the the liquidation of LOs other failure Anterra Energy ,should also be shown the door .

You can console yourself with the fact that despite the lies and misinformation emanating from Wales and Graham - Wood that in the absence of an AIM listing the RRDSL deal cannot complete.Completion of this deal will prove to be the epitaph for this company.

I will expand on any of the above points if anyone really wants me to but it will not make for pleasant reading.

I will leave you with the following to consider.

When this company has undergone a corporate makeover in the past, Landau to Scott-Russel, Scott-Russel to Chen, the mendacious an disingenuous come on the BBs to advocate putting the past behind you only look forward.

In the metaphysical sense we have waved goodbye to Landau, RSR and Chen. However from a corporate perspective it is not possibly indeed it would be illegal to even try to expunge their existence.

Every individual who has ever worked for the company since the day of its incorporation, every asset purchased, every mistake made, every success achieved, every asset write-down,every impairment charge, every sale and every cost leaves a permanent and indelible mark on the corporate entity that is your company.

The physical manifestation of this is the Accumulated profit/loss figure found in the equity section of the company reports.

The end 2014 figure, just before Range entered its first suspension was $USD 291m loss.
The end 2016 figure, just before Range entered its second suspension was $USD 368m loss.

The current Mcap is £26.6m

Bear in mind that the Accumulated loss post withdrawal from the water flood will be far, far higher and the FAC will have seen a draft of the year end figures.

How would you deal with the situation if you were sitting on the FAC AIM governance committee?. Would you be happy to allow a company to list on the market when it had lost it's shareholder over twice its market cap in the previous two years.

Would you not take your duty of care to the wider investing community seriously enough to question whether such a company should ever attain a listing in substantially the same form as before?.

Make no mistake LO are walking out on Range, having induced them to take on approx $60m in debt for no material gain in output. By failing to deliver on the own EOR plan which they have charged us $5m they have seriously impaired the 2P reserve figures.

This impairment will in all likelihood exceed the debt they have landed us with, as the majority of the Trinidad reserves comprise the water-flood assets..

To top it all off they can't be bothered to drag their failed Caribbean oil service company back to China. They want to dump their useless assets on the Range shareholders. Remember when we sold them Rig 6 and 8 they were working exploration rigs, it only took them a mater of weeks to turn Rig 6 into a Roman Candle and now we are expected to buy it back.

Even the new rigs aren't up to scratch. It only took LGO a couple of days to work out that Rig 18 would need modification to make it cost effective in Trinidad, something that RRDSL failed to recognise in over two years of overcharging the Range shareholders.

To top it off Leo Koots has now arrived renaming LGO to Columbus and calling a halt to the infill drilling program that was the basis of RRDSL gaining any independent income.

Even then LGO only hired the Rig, they would not touch the staff bringing in their own operations staff.

The last quarterly report showed that the Range shareholders subsidized the RRDSL staff to the tune of $USD 3.6m, via a loan. That is an annulled rate just shy of $14.5m dollars, more than the cash that will be left post the completion of the other two assets.

Range cannot afford 160 hammock stretchers.

Quick question ---- in the event that there is an outbreak of common sense and the RTO is rejected. Just how do RRDSL propose to repay this debt given that their only source of income is from Range itself and is over two years into the future?

Final question ---- just where are the synergies in buying an onshore service company and and offshore well stock. Beats me too.

GLA

[rangenoresources] 06/3/2019 07:32

Half yearly report on the 15th MarchAnother reason to mock :)

[nas_daq] 06/3/2019 06:59

Aseyho

When has range conducting business ever read well.....the company is like a car crash in slow motion....

[aseyho] 06/3/2019 06:52

The cleansing document, or at least parts of it don't read too well.

[lewisyfawr] 06/3/2019 05:48

ALMOST 30% UP and OIL $57 A BARREL. And hammering up again today. But DYOR.

Great for all shareholders. 🤣🤣🤣.

And expect our silly troll will be up before 6am today - probably finding an obscure legal claim on Range as a reason to taunt shareholders. Shareholders have voted these shares through by an overwhelming majority; shareholders are not unused to legal claims emerging from all parts of world; and shareholders are looking forward to March 18, when troll and absolute virginal newbie Nasron and troll and old champion Range RAMPER pre-2012 Nasnas run out of cash. Can't come soon enough.🤣9315;🤣.

[rangenoresources] 06/3/2019 05:46

For full document - read and weep suckershttp://www.rangeresources.co.uk/fileadmin/user_upload/download-file-list/pdf/rrs_cleansing_prospectus__ems_-_5.03.19___clean___lodgement_.pdf

[rangenoresources] 06/3/2019 05:41

And finally ....Trinidad and Tobago Tax Appeals"The Group is currently involved in a number of tax appeals in Trinidad and Tobago:On 9 February 2017, RRTL (as successor to Los Bajos Oil Limited) filed appeals in respect of the Trinidad and Tobago Board of Inland Revenue's (BIR) assessment that Los Bajos Oil Limited (a former subsidiary of the Company which amalgamated with RRTL) owed additional petroleum profit taxes in the sum of TT$1,218,720.34 and additional unemployment levy of TT$121,872.03 for the financial year 2008. Los Bajos Oil Limited duly filed a petroleum profits tax return for the financial year 2008 and subsequently sought to amend the return to claim a deduction of supplemental petroleum tax liabilities for the respective financial years 2008, 2009 and 2010. Following an audit examination, the BIR assessed Los Bajos Oil Limited to owe further petroleum profits tax and consequently adjusted its unemployment levy liability. The total amount of additional petroleum profit taxes in dispute is TT$1,218,720.34 additional unemployment levy liability in dispute is TT$121,872.03.On 9 February 2017, RRTL filed appeals in respect of the BIR's assessment that RRTL owed additional petroleum profit taxes in the sum of TT$4,325,000.00 and additional unemployment levy of TT$432,500.00 for the financial year of income 2008. RRTL duly filed a petroleum profits tax return for the financial year of income 2008 and subsequently sought to amend the return to claim a deduction of supplemental petroleum tax liabilities for the respective income financial years 2008, 2009 and 2010. Following an audit examination, BIR assessed RRTL to further petroleum profits tax and consequently adjusted its unemployment levy liability. The total amount of additional petroleum profit taxes in dispute is TT$4,325,000.00 and additional unemployment levy liability in dispute is TT$432,500.00. The above appeals are currently at the stage of discussions with the BIR and the Group is in discussions with BIR with a view to resolving the dispute amicably. Whilst discussions continue the matter has now been listed for trial on the 26 and 27 June 2019.RRTL is also in negotiation with BIR on a separate matter with respect to a waiver of interest on an historic tax liability. In the years prior to 2012 (and prior to its acquisition by the Group), RRTL was late with payment of certain taxation liabilities to BIR. The taxes due were paid in full by RRTL in 2013 (following its acquisition by the Group) however the late payment attracted interest of approximately TT$22,800,000. RRTL engaged tax advisers to assist with this matter and based upon advice received and verbal responses from BIR, RRTL anticipates that it will receive a waiver of 75% of the assessed interest amount. RRTL and its advisers are currently in negotiations with the BIR to finalise this matter and the amount payable by RRTL. The Group has recognised an accrual of TT$11 million in respect of this potential liability. RRTL is also involved in a further matter with BIR with respect to a notice of assessment from BIR for the 2009 and 2010 tax year (with respect to RRTL and Los Bajos Oil Limited). Following an audit investigation, in December 2015 BIR provided RRTL with notices of assessment for total additional Petroleum Profits Tax of TT$4,264,713. RRTL disputes the assessment and provided objection letters in June 2018. Due to an administrative oversight the objection letters were sent outwith the normal statutory period and were rejected by BIR. In November 2018, RRTL submitted an application to the Tax Appeal Board in Trinidad seeking consent for the objection letters to be filed, despite being outwith the statutory time period. The hearing took place in front of the Tax Appeal Board on 28 January 2019. The appeal in respect of RRTL was accepted and the objection letter will therefore be submitted. The appeal in respect of Los Bajos Oil Limited will be heard at the next scheduled review date of 26 June 2019"