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[chinese_takeaway] 28/5/2019 14:09

https://twitter.com/Paul47293202/status/1133353403067883521?s=19

[rangenoresources] 28/5/2019 13:20

Sorry for the misinformation Aminex is down 8.5%Apologies for misleading any posters

[rangenoresources] 28/5/2019 12:22

Aminex down 5% againWhat is not to like?

[rangenoresources] 28/5/2019 09:47

Has the school bell gone off?

[lewisyfawr] 28/5/2019 08:53

That is what I also suspect, sugar. History suggests you are right. In my bones, I felt last year that Range had changed its board policy of shareholder mushroom management to one of more truthfulness and more openness. Perhaps they have. Not quite as cynical as you yet, but agree some sort of progress statement is well overdue.

[rangenoresources] 28/5/2019 08:08

ASEYHO - spot on

[aseyho] 28/5/2019 08:04

10 weeks for due diligence, nah personally I don't buy it, smoke and mirrors, something is rotten in Denmark and all that.

Oil price not helping, their average bopd better be substantially increased, which is unlikely, or there will be another guaranteed multi million pound loss added to the annual reserves again this year.

[lewisyfawr] 28/5/2019 08:04

For the first time ever, I agree with apache and dodge. A negotiated deal is unlikely to be a hot favourite on the second referendum later this year. It will be basically no deal Brexit vs Remain.

Whoever gets in for the Tories will have to try to get on with Farage - and that means they will try to persuade everyone of the merits of a no deal. I can see a "dream ticket" emerging of Johnson and Farage leading UK to the wilderness or promised land.

On the remain side, I guess Labour (under Emily perhaps) will link with Libs, Greens and Change in England, and Welsh Labour (under Mark Drakeford) will try to link with Plaid Cymru, Welsh Libs and Greens in Wales. In Scotland, there are now no significant Tory or Labour parties, so it will be a straight fight between Brexit Party (plus Tory remnant) and SNP.

Whichever way it stacks up, it looks to me like a considerable reversal of what happened in 2016. People are now discussing it, and there is no rush like 2016 (we had less than 6 weeks to decide in 2016 after Welsh Assembly elections).

[lewisyfawr] 28/5/2019 07:47

Debenhams? Some research today again for you, Ron. How about posting it first thing tomorrow on Debenham's chat board - sure punters there will appreciate you as much as we do.

By the way, have you replied yet to what musical instruments you play? Seem to have missed your answers to all questions asked, including one by Ken.

[rangenoresources] 28/5/2019 07:31

How is Debenhams going?

[qantas] 28/5/2019 07:27

Oil price hammering up.

Please do your own research as always.

[apache_dropout] 28/5/2019 07:00

A negotiated deal is impossible. Brexit means leave with no deal.A second referendum will see even more people voting out. Even if more people voted out filth in Westminster will block it.

[lewisyfawr] 28/5/2019 06:49

Two things I have noticed about Brexit this morning, friends:
1. The chap with the failed amendment (a pleasant and very large politician - can't remember his name) has joined the Tory leadership race. The contenders seem to be splitting into hard "no deal" Brexit vs hard "some semblance of a deal" Brexit. But Tories will be a Brexit party and calling for "out" - as opposed to a strong "in" voice in 2016.
2. Mark Drakeford, Labour and First Minister of Wales, has fallen off the Labour fence and called for a second referendum. Significance is that he is close to Corbyn and has always been referred to as a Corbynite. So difficult now to find any Labourites now not calling for a second referendum. I suspect they will try to persuade people to vote Remain in that ballot, in line with much of their membership, but that Corbyn (anti-EU since 1970's) will have thrown in the towel by then as their leader. I think their next leader may be their first female Labour leader and possibly the first Labour PM by end of this year.

[lewisyfawr] 28/5/2019 06:31

WTI price just over $59 per barrel, so nice earner as it costs Range $31 a barrel.

May be an update on review this week. 10 weeks in suspension now - feels like a lot longer if you want to trade any shares.

[lewisyfawr] 28/5/2019 06:26

Wow!! Have you written out all of that load of liberal Brexit this morning on your own without any help. Very impressed. Ask you carer why you have to be woken so early every day.

Anyway, everything great as you say. Nothing not to like this morning. You have a nice day.

[rangenoresources] 28/5/2019 06:10

What is not to like?

Please do your own research as always

Oil prices may have had an impressive rally this year – until last week – but the longer-term trend looks downbeat. “Deflationary forces are gathering momentum,” Morgan Stanley analysts wrote in a new report.

The most recent jump in prices through mid-May came largely as a result of geopolitical risk and supply outages. Rising tensions in the Middle East and disruptions in places like Venezuela and Iran are showing no signs of going away anytime soon. These geopolitical factors will keep some upward pressure on oil prices for the next few quarters.

However, in the background, there are several variables that could exert deflationary pressure on the oil market. Morgan Stanley has noted that U.S. shale is slowing, “but with 200 [billion] barrels of resource with breakevens in the $40-45/bbl range, there is an increasingly credible scenario that shale could grow >1 mb/d per year out to 2025.” Moreover, oil producers are turning to a variety of digital technologies, robotics and automation that could keep costs in check. That’s good for individual oil companies, the investment bank argues, but in the aggregate, it puts a lid on crude prices.

Morgan Stanley drew parallels to copper and aluminum markets. In the past, oil was like copper in that producing the next project became more and more expensive. Scarcity meant higher prices and the tendency for companies to venture into ever riskier frontiers. On the other hand, shale is more like aluminum, the bank says – the resource itself is abundant, so costs are more determined by the industrial process that comes after extraction. As a result, as technology improves, costs fall. Aluminum prices have steadily declined over the last century while copper has been more volatile and cyclical.


Because of shale’s increasingly important role in the global market for crude oil, the entire oil market may begin to resemble what has occurred with aluminum. In other words, there is a cap on oil prices in the medium-term, Morgan Stanley argues. That leaves little room for OPEC+ to add production; the group may have to maintain its output curtailments for years to come.

Depressed prices mean that investment outside of North America could dwindle. That’s bad news for companies working outside of the U.S. and Canada and also negative for oilfield service companies. “For the majors and the E&Ps, their place on the cost curves would be more critical than ever,” Morgan Stanley warned. “Ongoing focus on cost and capital efficiency would remain a key priority.”

On top of this, as other governments try to compete for capital with North America, tax rates on the energy industry could fall, Morgan Stanley said. That also could act as yet another deflationary force.

This narrative is a rather optimistic take on U.S. shale, and not one that everyone agrees with. For instance, it’s not clear that breakeven prices have really fallen all that much. There is evidence that the breakeven in the Permian has been right at about $50 per barrel for several years, barely budging despite a lot of hype about cost-savings.

Meanwhile, a recent report from the Post Carbon Institute argues that the intensification of drilling, and the fast ramp up in production, merely front-loads production and does very little to increase the ultimate amount of oil recovered. The faster the industry drills out the best acreage, the faster the resource becomes picked over. Drillers will be forced into non-core areas, where costs are higher and recover rates are less attractive.

Morgan Stanley acknowledges risks to its forecast. For instance, geopolitics cannot simply be discounted as a phenomenon that will go away. Indeed, politics and upheaval have characterized the oil industry since its inception.


In addition, the bank is assuming “that the US E&P industry will continue to overcome key operational bottlenecks relatively quickly and without major impact on break-evens,” the bank said. “Perhaps sweet spot exhaustion, parent/child interference, rising gas or water cuts, crude quality issues, the capacity of the refining system to absorb large quantities of light crude, etc., will eventually slow production growth from the potential that we currently estimate,” the bank conceded in a rather long list of caveats.

On the demand side, there are also deflationary forces taking hold. Weaker demand could cap oil prices as well. Morgan Stanley points out that demand has grown at a roughly 1.3-mb/d rate for the last few years, but that rate of consumption could fall to 0.8 mb/d by the mid-2020s. This too is the subject of a great deal of debate – some see demand slowing even faster, while a large number of other analysts see demand remaining rather strong through the decade and into the 2030s. If demand does not slow, the oil market will need much more supply, and the deflationary thesis could be undercut somewhat.

Regardless of whether one agrees with Morgan Stanley’s deflationary thesis, one argument does ring true: Whatever happens in the U.S. shale industry – and more specifically, how the Permian boom unfolds in the next few years – will go a long way in determining the trajectory for the rest of the global oil market.

[qantas] 27/5/2019 17:42

Oil price hammering up.



Please do your own research as always.

[skinwalker] 27/5/2019 12:33

If the Ego is travelling to Ajerbaijan, I'd pay good money to see him stay there.

[skinwalker] 27/5/2019 12:32

Manos - the shambles is because we got the WRONG result.
Its time Watson, Thornberry, Benn and Cooper got their act together and dumped that muppet Corbyn.

[rangenoresources] 27/5/2019 12:14

I heard he is travelling to Baku to play at the Europa League final. Poor old Azerbaijan people having to be subjected to that

[skinwalker] 27/5/2019 11:43

RnR - its far worse than that!

The ego believes he's Messi and Ronaldo combined, but in reality he's a combination of the Muppet drummer Animal and Fozzie Bear.

A most extraordinary character - thank the Lord there aren't many like him wandering the streets.

[1manos] 27/5/2019 11:39

So who do I vote for
Emily thornberrys or Diane Abbots London labour
My local MP Nick Brown is a remainer

75% of MPs are remain yvette cooper isn't representing her voters
Despite the fear mongers we voted leave
The MPs don't like it.
Once in a lifetime leaflet went through my letterbox

The shambles is because they don't like the result

[rangenoresources] 27/5/2019 11:18

Marshsi - so what you are saying is the ego thinks he is Lionel Messi but really is Lee Cattermole ha ha ha