Range Resources Share Discussion Threads

[pheonix07] 19/5/2010 05:36

old news but becoming increasingly relevant Ü

Wednesday, May 5, 2010

Range Resources and Africa Oil Corp. (AOC) are getting ready to move forward on their planned Puntland exploration program. The partners concluded negotiations with the Government of the Puntland State of Somalia at the end of December 2009, which resulted in an amended PSA for the Dharoor Block and the Nugaal Block.

Following the successful completion of negotiations regarding the onshore licences and previous technical presentations to the Government on the proposed offshore areas of interest, Range will look to continue negotiations regarding the formalization of a new PSA with respect to the exploration and development of offshore Puntland during 2010.

AOC worked towards finalizing the identification of drillable targets along with logistical investigations as it moves towards drilling of the first exploration well in Puntland, the first in almost two decades.

The partners on the Dharoor Block completed a comprehensive interpretation of newly acquired 2D seismic data, which identified several large prospects. The partners have agreed to initially drill one prospect in Dharoor. The well is expected to commence drilling before the end of 2010.

On the Nugaal Block, AOC completed a re-interpretation of the existing 2D seismic data over several large prospects. Drilling on this block is expected to kick off in 2010-2011.

[hardassets57] 19/5/2010 02:22

Nota - better get used to it. The Chinese will be moving in on Europe soon enough.

our economic misdeeds have just handed the world to them on a plate.

[notarealdr] 19/5/2010 02:12

Thanks Alistair.
China also have a record in Africa for doing the deal no matter what the cost and this usually means to the detriment of the local people. To cement a deal money is often paid to the local despot-in-charge with little if any going into the government coffers for the betterment of the people. Money paid to governments has a way of finding it's way into politicians pockets anyway. The Chinese encourage emigration of Chinese to the area being mined with little economic gain filtering to the host country as everything they need is supplied directly from China. Entire Chinese towns are established with labour being supplied by, you guessed it the Chinese themselves.
Africa + Chinese Investment = Loss for Africa
Chinese investment in Africa is ripping the heart out of the continent.

[alistair4444] 19/5/2010 01:08

15th May 2010

China and Africa's "Deepening Relationship"

China jumped ahead of the United States and European Union (EU) in 2008 as Africa's largest trading partner, with trading between the countries reaching $107 billion. China's African investments in 2009 rose 80%.

Africa's oil reserves have been most appealing to China, which has sealed billions of dollars in deals this year to keep up with its rapid expansion.

"The Chinese are desperate to feed their economic growth with African oil, including Nigeria's, and they need new markets for their consumer and industrial output," Arild Nodland, chief executive officer of Bergen Risk Solutions, told Bloomberg in September, when China National Offshore Oil Corp. was after 6 billion barrels of Nigeria's oil reserves.

But Western critics accuse commodity-hungry China of taking advantage of resource-rich Africa and engaging in transactions that put African citizens in danger. China is the largest arms supplier to Sudan and is on good terms with U.S. and EU-sanctioned Zimbabwe President Robert Mugabe.

Money Morning Chief Investment Strategist Keith Fitz-Gerald believes China will continue to pursue advantageous business deals around the world, regardless of political fallout.

"It's a virtual certainty that China will maintain this policy going forward," Fitz-Gerald said. "My contacts in China and Africa have told me point blank that China's leaders 'don't care about human rights or nukes or hostile governments.' What matters is anyone who provides oil to China no matter what the rest of the world thinks."
______________________________________________________________________________

[greatfull dead] 18/5/2010 14:27

It feels like summer here in Cumbria. A beautiful day.

[runbrian] 18/5/2010 14:24

I for one wouldn't want to be out of RRL this summer!

[greatfull dead] 18/5/2010 14:05

Sagem,

Its been explained to you a few times. I am not going to repeat myself, only to add 2 points, read and learn and don't worry about drops and rises on a daily basis. That if your doing T's. If you are then I would be uneasy a tad.

GD

[pheonix07] 18/5/2010 14:05

LMAO SM

latest article does make for a great read tks Al

but wait, there's more "expecting to announce one other acquisition by mid year"

and isn't "exponential" a great word

June looks like being a busy month Ü

[runbrian] 18/5/2010 14:02

freefall3 - 18 May'10 - 12:05 - 10802 of 10814 (Filtered)

You'd be less blatant as a shorter if you had a better handle, what a tool!

[shugmonkey] 18/5/2010 14:00

I don't know, but it probably is the polar oposite to the last thing he posted.

[fairdeal2008] 18/5/2010 13:55

Ahh good old SAGEM - filtered. What doom and gloom is basher boy providing now?

[sagem] 18/5/2010 13:53

I cant understand how these shares can keep going down day after day with all the so called good news that was recently announced.....is their something we dont know by any chance

[shugmonkey] 18/5/2010 13:51

3.9 to buy now.

[fairdeal2008] 18/5/2010 13:38

More information here:

[alistair4444] 18/5/2010 13:12

Company News Article released today
PROJECTS TRANSFORM ENERGY OPPORTUNITIES
Working three projects in vastly different regions and planning at least three new wells this year, this start-up producer is spreading its risk and fast gearing up to be a diversified international operator.

OVER THE PAST YEAR,
Range Resources has ably demonstrated its capacity to transform perceptions
of a speculative explorer into gas production in a large and expanding market.
Unprecedented global financial conditions and the right contacts landed Range two substantial opportunities, both deals signed within a year of market meltdowns.While one transaction proved to be a winner just several weeks later, 2010 looks like being the year investors will be rewarded with a plethora of
data and activity expected to propel the company's market capitalisation
higher.Range is considering additional opportunities within the Americas
and is expecting to announce at least one other acquisition by mid-year.
Whatever the year's investment outcomes, Range has created a high-profile agenda, pioneering the resumption of oil and gas drilling in Puntland alongside two wells in Texas and potentially a fi rst well in the Republic of Georgia.
And with a team of executive consultants and directors experienced across the financial, corporate,technical, exploration and production aspects of the oil and gas industry,chances are slim that Range's story will remain the same this time next year.
The story over the past year further highlights this year's potential.Range acquired its Texan asset,the North Chapman Ranch project, in September 2009 and by December,was reporting a commercial find from the Smith #1 well.Smith #1 is now producing a daily 2-3 million cubic feet of gas and 200-300 barrels of oil from just one of three commercial zones. The other two zones are due for fracture stimulation by mid-year."We are pretty confident of 7-10 million cubic feet of gas a day from this one, and 600-800 barrels of oil," Range Resources
executive director Peter Landau told RESOURCESTOCKS.Range holds a 25% working
interest in the Smith #1 well,translating into a potential $US25,000-30,000 in daily revenue by the second half of the year."North Chapman Ranch lies on one of Texas' most prolific oil and gas-producing trends, so the prospect of holding more land appeared very attractive indeed," Landau said."Other wells in the area have flowed between 6-9 million cubic feet per day and Smith #1 was a massive discovery for us for just a $US1 million outlay." Range can only envisage upside for the 1680-acre project, with drilling of an appraisal well underway 570m from Smith #1 and an imminent reserves report expected to outline an estimated 200-250 billion cubic feet of gas and 5-10 million barrels of oil.
Range holds a 20% working interest in the second well.The Texan asset was purchased not only as an early production prospect,but to spread the risk associated with Range's original holdings, two joint venture production-sharing
agreements covering onshore licences in Puntland's Nugaal and Dharoor Valley regions.Range holds a 20% interest in each block. One well is planned for this
year, in the Dharoor Valley licence,where 775km of 2D seismic was acquired by Range's partner, Africa Oil Corporation, in an eight-month program in 2008.
Despite the project development risks associated with the Horn of Africa, Range is keen on Puntland and its proximity to Yemen's 5-10 billion barrel hydrocarbon basins."The risk is mitigated to an extent by the recognised potential of the region," Landau affirmed. A partner in the only registered
hydrocarbon exploration JV within Puntland, Range has made technical presentations to the autonomous Puntland government regarding a proposed offshore production-sharing agreement.Discussions are also underway with potential offshore JV seismic
COMPANY PROFILE

UNITED STATES RANGE RESOURCES

"North Chapman Ranch lies on one of Texas' most prolific oil and gas-producing
trends, so the prospect of holding more land appeared very attractive indeed."
PETER LANDAU RANGE RESOURCES PROJECTS TRANSFORM ENERGY OPPORTUNITIES
Working three projects in vastly different regions and planning at least three new wells this year, this start-up producer is spreading its risk and fast gearing up to be a diversified international operator.

MAY/JUNE 2010 RESOURCESTOCKS

partners and Range is hopeful a program can be agreed with the Puntland government by mid-year.Meanwhile, Range and Africa Oil have been assisting Puntland's Department of Minerals and Energy,previously hosting a visit to Australia to meet with similar management and regulatory bodies.Onshore, the JV anticipates drilling Puntland's first well in 16 years in September-October,
committing to a budgeted cost of $US20-25 million. "In Puntland you have to be pretty flexible and always keep in mind risk management, but we are confident of
progress with this development this year," Landau said.Coincident with its Puntland negotiations and drilling plans, and expanding production in Texas, Range has been active in a third continent. The Republic of Georgia, another
established oil and gas province, also attracted Range's interest last year.
The company subsequently signed a heads of agreement with Strait Oil
& Gas (UK) for a 50% farm-in to two blocks in July 2009, two months before picking up its Texan project. Since then, 410km of new seismic has been acquired, initial indications pointing to several potential drilling
targets. Historical data points to several structures suitable for oil-inplace
and numerous prospective gas fields, potentially hosting natural gas and coal bed methane targets. "This is a very good deal for us," Landau said. "Fourteen prospects have been identified in one of the blocks alone with gross unrisked
potential estimated at 380 million barrels."Subject to the seismic interpretation, we may well be looking to attract more partners to these blocks."
An independent review of some 160 previously drilled gas wells within the 7000 square kilometres covered by the two contiguous central Georgian blocks is also underway, with results expected in the December quarter. Listed on both the Australian Securities Exchange and London Stock Exchange's Alternative Investment Market, Range is able to attract support from investors appreciating the potential of at least one, if not each of the regions in which it is currently operating.However, with lots more detail to become apparent this year
– Texan reserves, another significant transaction, first Puntland drilling
and substantial new Georgia data – Range's prospects to realise greater financial backing appear exponential. "Very little Puntland and Georgia value has been factored into our market capitalisation," Landau said. "Range offers a serious value proposition, representing one of the few start-ups with our huge potential there, backed by our Texas cash flow. How many other companies have
that? We offer a very good mix and a unique value proposition which we don't think is offered by anyone else ...

[notarealdr] 18/5/2010 12:54

Maybe 10-15% interest in something similar. Texas? Maybe more news released in Boardroom Radio later this week.

[fairdeal2008] 18/5/2010 12:45

However, with lots more detail to become apparent this year

– Texan reserves, another significant
transaction, first Puntland drilling
and substantial new Georgia data

– Range's prospects to realise
greater financial backing appear
exponential.

"Very little Puntland and Georgia
value has been factored into our
market capitalisation," Landau said.


Notice the little section related to another transaction:

Range is considering additional opportunities within the Americas and is expecting to announce at least one other acquisition by mid-year.


imho but it looks like we will be having some mopre speculation starting shortly - wonder what they are looking at. Last time they paid $1million in Texas and found $226million of value...

[cashandcard] 18/5/2010 12:38

Great Article, the last paragraph sums it up well.

Cash

[shugmonkey] 18/5/2010 12:36

Anyone got the wobbles, remember:-

"Range offers a serious value
proposition, representing one of the
few start-ups with our huge potential
there, backed by our Texas cash flow.
How many other companies have
that? We offer a very good mix and
a unique value proposition which we
don't think is offered by anyone else."

[notarealdr] 18/5/2010 12:13

Well spotted PR.

[roystonoyston] 18/5/2010 12:11

Freefall f*"k off

[hardassets57] 18/5/2010 12:09

if you are comparing the price on ASX - look at the warrant price (RRSO). Most people are trading these as they are cheaper and move quicker..

1.3m traded last night..

[freefall3] 18/5/2010 12:05

Another tick down, this is still looking way over priced, should fall again in OZ tonight 3p looks nearer all the time

[poisson rouge] 18/5/2010 12:05

New article posted on the RRL website – for anyone who hasn't seen it, here's a link to the pdf:



As Ralph Emerson once said, "Patience and fortitude conquer all things."

Enjoy

[markth126] 18/5/2010 11:45

Just gone in for another 51k taking my total holding to just over half a million. One day, just one day they might be a good investment all imho! Good luck lth!!!