RRS - Range Resources

[mr greed]

Range Resources is drilling next to one of the largest nickel strikes in Australia( Western Areas)
Even with 320 mil shares they could easily hit 60 cents or more. I own RRS and should buy more at this ridiculously low price.

Happy bidding and Happy New Year

Mr Greed

[tech/a]

Technicals

[krisbarry]

STOCK TO WATCH/BUY/HOLD

Strong, Steady trading. Drilling right thru Jan. Should see the very positive upward movement continue.

Share Price has nearly trippled in 3 months

29-Dec-2004 Significant Sulphide Mineralisation Found at Forrestania

[RichKid]

Looks like it's returned to trend, premature breakout, gap certainly closed again. Volume has dropped as well but still decent depth.

[krisbarry]

* We will see a much higher volume of trade and a rapid rise in share price
* Assay results from the 1st drilling campaign and a re-assessment of the sulphide deposits
* 2nd drilling campaign on its way
* Induced Polorisation (I.P.) results from the Donnybrook Gold Project
* DRILLING PROJECTS PLANNED FOR THE NEXT 5 MONTHS

Happy Days Ahead.... for those shareholders who have stuck it out and have endured a loss of more than 50% of their capital in the last couple of months.

RULE #101 NEVER SELL ON A LOSS, HOLD OUT FOR BETTER DAYS!

[RichKid]

Hi Kris,
I've noted that there are about four threads on RRS (two started by you), could you please post on one only as most of the threads only have two posts, kinda clutters up the site. Thanks!

1) this thread ( http://www.aussiestockforums.com/forums/showthread.php?p=7275#post7275 )
2) http://www.aussiestockforums.com/forums/showthread.php?t=773&highlight=rrs
3) http://www.aussiestockforums.com/forums/showthread.php?t=799&highlight=rrs
4) http://www.aussiestockforums.com/forums/showthread.php?t=759&highlight=rrs

[GreatPig]

for those shareholders who have stuck it out and have endured a loss of more than 50% of their capital in the last couple of months.
Those shareholders are typically known as mug punters.

GP

[Warren Buffet II]

* RULE #101 NEVER SELL ON A LOSS, HOLD OUT FOR BETTER DAYS!

RULE #100 Never buy an expensive share, always buy at a discount price and you are not going to need to dream about better days!

This rule is just for some fun I hope you can get some money back.

Regards,

WBII

[RichKid]

RULE #101 NEVER SELL ON A LOSS, HOLD OUT FOR BETTER DAYS!

That's a dangerous rule imho; as far as losses are concerned the general rule is to cut losses- fast!

I hope those who lost money do better in future, it's always hard to take a loss, making it a habit to cut losses fast always makes it easier.

But who knows, maybe RRS followers know more than I do and it may skyrocket, chart suggests otherwise though.

[doctorj]

RRS is a great example of why you should set your stops and stick to them - or at the very least get a healthy interest in wallpapering your home. RRS exists somewhere up the far end of my barge poll, along with other companies such as Chemeq. It's my firm belief that money is too hard to come by to intrust it to poorly managed companies.

Whether or not RRS is poorly managed is up to the reader, but of the little research I have done, a disproportionate amount of it involved vigorous conjecture abut the quality of management of the company, possible price manipulation and insider trading and the alleged dubious actions of the Findlays. This is enough to curb my enthusiasm towards any potential buying opportunities in the near future as a result of this week's weakness in the share price.



* We will see a much higher volume of trade and a rapid rise in share price
Maybe we will, maybe we won't. Those of us with a vested interest in RRS or those that are less risk averse than myself looking for trading opportunities may hope so. Previously, RRS has made very negative announcements coming out of a trading halt, so it's a big wait and see. Sure they currently are expecting results, but remember a downgrade in results of a previously positive hole is as price sensitive as good results - both warrent a halt. Whether or not the strong downselling in the previous few days is an indication of insiders liquidating their holdings is anyone's guess.


Happy Days Ahead.... for those shareholders who have stuck it out and have endured a loss of more than 50% of their capital in the last couple of months.
I feel sorry for anyone who has lost money while investing or trading, but the key is to learn from it. Don't fall in love with a stock so much that you are ignorant to the reasons for failure. As the song goes, everybody hurts, sometimes. It's how you get back up the counts. What seperates traders and investors who regularly update their Maserati and those that still have an outstanding balance on the personal loan to buy the 1973 Mitsubishi Sigma is either blind luck or a steady learning curve. Luck is like getting struck by lightning - learning is something anybody with some analytical aptitude can do. If your trading methodology is to hold in situations such as those you describe, I wish you all the best, but I encourage you to get in touch with someone that can advise you of some alternative investing techniques.


RULE #101 NEVER SELL ON A LOSS, HOLD OUT FOR BETTER DAYS!
As much as I hope I'm wrong, my own backtesting over many years of data would indicate that this isn't the most successful strategy by any means. I do hope you get your money back, but I'm not going to hold my breath. There's some analogy about a dead cat that's applicable here :goodnight

[Bingo]

I would like to think otherwise, however, the history of this company suggests a negative announcement. The share price was week before the trading halt which, to me, is just not a good sign.

[Bingo]

The news is slow. Trading halt was until earlier tomorrow morning of announcement, therefore announcement must be by market opening to-morrow.

[Bingo]

Where is the announcement. Must be out this morning. Talk about last minute.

[Bingo]

Annoucement posted at 10.02am. Had to be poor given they left it to last minute. The SP should fall.


Bingo

[Warren Buffet II]

Annoucement posted at 10.02am. Had to be poor given they left it to last minute. The SP should fall.

Bingo

I do not know what the announcement was but the share price just dropped 12.5%, as someone said before this is a clear example of the need to use stoplosses.

Regards,

[Bingo]

I do not know what the announcement was but the share price just dropped 12.5%, as someone said before this is a clear example of the need to use stoplosses.

Regards,


Only problem with stop loss in this case is it was on trading halt and fell on opening after announcement.

Is there something I have missed or is my assumption that with a gap down a stop loss will not be effective.


Bingo

[RichKid]

Yep, good point Bingo, stop losses help manage risk but don't erase it, eg delisting or gapping down like RRS.

[markrmau]

I was having yum cha in the city once, and there was a fire in the kitchen. I grabbed the nearest bamboo thingy of dim sims and headed for the door. I think the same rules should apply to trading.

[RichKid]

I was having yum cha in the city once, and there was a fire in the kitchen. I grabbed the nearest bamboo thingy of dim sims and headed for the door. I think the same rules should apply to trading.

Mark,
Love the analogy! Let's call it the 'yum cha dim simmy bamboo thingy rule' (YCDSBTR for short, hee hee hee). Although with RRS I think people would've lost half their dim sims already, not much left to burn down now.

[krisbarry]

Better Day Feb 16th, with a 10% increase in share price.

Share Price will steadily increase again with second drilling phase planned.

[tech/a]

Well maybe now??

[RichKid]

Now it does look a bit better, well spotted Tech. But only a bit imo. I've posted a longer term chart in case it helps to follow the previous resistance/support levels from the saucer formation to use as a guide for current price action.

Note the change in polarity via the last two candles, a little bit of volume too. Tight stops are the go for me but I'm not entering.

2c appears to be a line of regression, was quite important in that last saucer bottom as resistance. Some support levels below 2c too, could got to 1.4c easy.

[crocdee]

hi all
i first bought into rrs april 2000 when they had changed from mining to a tech stock and now they are back into mining. the ryan brothers were directors then, don't know if they are now or not, don't really care either.
check out the really long term chart from march 2000 and you will see what i mean.
they might produce the goods one day but when you look at the big picture not a lot appears to have changed with management here and shareholders today are still getting burnt.
i for one wouldn't touch em with a barge poll

regards croc
ps good luck to all who hold

[RichKid]

Thanks croc for the input, the sp gyrations confirm your view imo. Always good to know what peoples experiences/views of mgmt are.

[krisbarry]

Range Resources RRS - On Fire Today up +31.6%

[krisbarry]

Range Resources RRS - On Fire Today up +31.6%

[krisbarry]

On the way up...good to see.

Big Buyers... yesterday 1 million @ 2.3cents and today 1 million @ 2.4 cents

[krisbarry]

RRS On fire from 1.8 cents last week to 2.6 cents now!

[krisbarry]

The charts look great for RRS, more room for movement today

[krisbarry]

Increased volume and a rise in the CMF indicate upward movement, anything above the 0 mark is always a good sign

[krisbarry]

RRS - BIG BUYER 1,000,000 @ 2.7

[The Barbarian Investor]

Nickel in vogue and making huge gains reminds me of the old days of Poseidon :jump:

[krisbarry]

RRS - 15:57pm BIG BUYER 2,000,000 @ 2.5

[krisbarry]

RRS - BIG BUYER ON CLOSE, Just over 1,000,000 @ 2.7

[DTM]

Range Resources is drilling next to one of the largest nickel strikes in Australia( Western Areas)
Even with 320 mil shares they could easily hit 60 cents or more. I own RRS and should buy more at this ridiculously low price.

Happy bidding and Happy New Year

Mr Greed

Hmmm.... I hope you're right. I put 70,000 RRS shares away for a rainy day that cost nothing. Now I wish I had kept the other 200,000.

[krisbarry]

RRS in Pre-Open

[krisbarry]

RRS - Suspended...What The F***?

[krisbarry]

I'm guessing either a 'take-over' or an urgent need for cash so captial rasing.

What do you reckon?

[crocdee]

capital raise is my guess
croc

[krisbarry]

But... the shares price has more than doubled in a matter of weeks from 1.8 to 2.7cents. I also noticed some big buyers throughtout that period.

A few buyers of 1 to 2 million.

So I still question why the share price and volume jumped dramatically. If it was a need for capital raising I think that it would have been the opposite.

[Joe Blow]

But... the shares price has more than doubled in a matter of weeks from 1.8 to 2.7cents.

More than doubled? Wouldn't it need to be higher than 3.6 cents for it to have more than doubled? :confused:

[krisbarry]

Yeah maybe my maths ain't too good, but the new anncoucement is great!!

Wooo Hoo!

[blackdogsbarking]

It began with Gold that turned back into an Apple field,
then Nickel Sulphides that turned back into Iron Sulphides,
and now.......

http://www.blackdogsbarking.com.au/content/insiderail/insiderail-imf21022005.htm

[krisbarry]

I am still holdin' in, those bad apples will turn into Red delicious one day!

[The Barbarian Investor]

Nickel heaven?

Have you had a look at IGO ?

[krisbarry]

IGO share price too expensive for me. Need lots of capital for this sort of stock.

I trade less expensive stocks.

[markrmau]

IGO share price too expensive for me. Need lots of capital for this sort of stock.
Could you please elaborate?

[krisbarry]

Share price has dropped a little of late But...

The CMF chart shows a large upward trend since the 6th of May (note red line on chart). Looks like share price will turn up again, real soon.

** Always a good predictor of a reversal in trend, when the share price drops and the CMF increases.

[krisbarry]

Drilling to Commence at Donnybrook

[krisbarry]

Buyers Building, share price up +10.5%, and drilling has commenced.

Hopefully good things to come.

[krisbarry]

Up 20% today, maybe they have struck gold!

[andrew_c2o]

Diggin up an old thread here as I think RRS is a good buy now, movin on up acording to the moving average crossover

[el_ninj0]

Diggin up an old thread here as I think RRS is a good buy now, movin on up acording to the moving average crossover

Interesting this is still on blackdogsbarking...

I wonder what hes got in store for it?
I too think this might be a good buy at the moment. Trading pretty flat at the moment. Nice for some day trading opportunities.

[blackdogsbarking]

We have prepared a 230 page detailed report on Range Resources Ltd highlighting the Donnybrook Gold Scam into Range Resources in minute detail including documentary evidence and how the company was taken over.
We then detail how some of these persons then moved onto taking control of Synergy Metals Ltd, not to mention other attacks on my person, my property and staff. These reports were prepared by several persons of various expertise.

For details visit blackdogsbarking.com

[krisbarry]

Yep, got done on this stock, sold out of a huge loss. IMO I do not trust assay results released, since the incorrect results lead to a director selling shares, a trading halt, then a down-grade of nickel.

Ouch this stock hurt my bank balance quite a lot.

[RichKid]

We have prepared a 230 page detailed report on Range Resources Ltd highlighting the Donnybrook Gold Scam into Range Resources in minute detail including documentary evidence and how the company was taken over.
We then detail how some of these persons then moved onto taking control of Synergy Metals Ltd, not to mention other attacks on my person, my property and staff. These reports were prepared by several persons of various expertise.

For details visit blackdogsbarking.com

BDB,
I might just use your site as a 'filter' everytime I place a buy order on a small co to make sure I'm not putting my money anywhere near one of your 'suspects'.

[krisbarry]

There was a massive pump n' dump on this stock today. Big boys pushed it all the way up, then large buy orders vanished and she came crashing down. This happened within a very short amount of time.

Was it just to accumulate stock, or just the boys havin' some fun at the expense of the little share-holder.

Something very shifty going on with this stock, happens quite a lot. I suspect lots of insider trading.

IMO it is only a great day-trade stock, ONLY and I mean ONLY if you can get out within the day b4 the sell-off.

I think a warning needs to be placed on this stock...never pay too much for it, as you could be left holding a pretty sick bank balance after the big end of town mess' with it.

I cannot think of any other stock that trades like this, or am I just missing something!

** I do not hold **

[tarnor]

amazing ann tonight... rrs

The Board of Range Resources Limited ("Range") is pleased to announce the entry into a
conditional Heads of Agreement to acquire a 50.1% interest in the sole and exclusive rights to all
mineral and hydrocarbon exploration and development in the Somali state of Puntland which
covers an area of approximately 212,000 km


a bit of dilution to come, this has to be one of the most curious of companies, should be an intiguing story ahead...

[doctorj]

I've read the announcement half a dozen times now and I'm still unsure what to make of it.

My first feeling was something along the lines of 'first IT, then iron ore, then uranium, now oil', who do they think they're kidding??? Then I noticed the name 'Puntland' and thought they'd have to be pulling the legs of the market.

They've got 50.1% rights to all resources for a third of a country for a few pennies and a cheap meal. If it's too good to be true, it probably is, right? Or is it?

Turns out a chap they recently got onto the board is an ex-Shell guy and there is a claim that during the last week of September, one broker was a net buyer of approx 15 mill RRS FPO's and 15mill RRS options.

I'd still expect it to get sold down tomorrow - the dilution current holders are going to have to go through to get this deal is quite significant and it certainly wasn't the announcement the market was expecting. Wait till one of the big oilers farm in then have a play, atleast then you'll know its likely to be the real deal and not RRS playing the market for fools.

[TjamesX]

Somali state of Puntland

Mineral exploration in the state of Puntland!! thats a classic..... made my day

[Kauri]

Djibouti, August 30, 2005 - Prime Minister Ali Mohamed Ghedi told reporters in Nairobi foreign firms should now deal exclusively with the new Transitional Federal Government (TFG) of Somalia. Somalia's fledgling government said on Sunday it should be ready to start offering oil, gas and mineral concessions "in a few months" -- but sternly warned foreign firms from dealing with the wrong people.
The Horn of Africa nation's resources were attracting attention from the West, including major oil producers, before it descended into chaos in 1991 with the toppling of former dictator Mohammed Siad Barre.

In the 14th bid to re-install central government in Somalia, the TFG was formed last year in the relative security of neighboring Kenya and is now trying to set up at home, hampered by internal divisions and the continued power of warlords.

Gedi cited the case of an unnamed Australian-led joint venture that he said had offered some advances to authorities in the northern region of Puntland for oil and gas exploration. "Foreign companies/investors should stop their attempts of dealing with local administrations/authorities like in the case of Puntland State of Somalia without prior consent from the Transitional Federal Government," he said in a statement.

"Any violation of this statement will result in negative consequences and the external and/or internal culprits will take the responsibilities on their shoulders."
Somalia lies across the Gulf of Aden from the Arabian peninsula and next to Ethiopia's Ogaden region, which has proven reserves of natural gas.

[krisbarry]

I think there will be some very burnt fingers on this stock today, I would love to be proved wrong?

[Mumbank]

I agree with all yr opinions on these guys playing ducks and drakes. Have been holding these for a while bought cheap, but have got out today still at a good result. Gives me money to play some of the other stocks I like that are seriously down now. I think there are much better places to have my money than with these guys. :rolleyes:

[Kauri]

Is this a Matich company??? :eek:

[doctorj]

An ex-Matich company I think - as of early this year.

[tarnor]

Foreign companies/investors should stop their attempts of dealing with local administrations/authorities like in the case of Puntland State of Somalia without prior consent from the Transitional Federal Government,"

damn, sounds like a horribly unstable deal. reading that gave me feelings of dejavu with the rtm fiasco..

it might not be so bad but rrs already has a dubious history, i'm happy to watch on the sidelines

[krisbarry]

I think there will be some very burnt fingers on this stock today, I would love to be proved wrong?

Hmmmm...yep got this one right too, some very burnt fingers in the pie, and some bad press circulating. Not looking too good for RRS holders.

[markrmau]

"Hmmmm...yep got this one right too"

LOL

Don't worry though. I'd hate to go back and look at how much of my rubbish was totally wrong.

[krisbarry]

LOL, I do not hold the stock, so no burnt fingers here, but once did and got burnt

[mikka]

hehehe

[yogi-in-oz]

:)

Hi folks,

RRS ..... as requested, here's some astroanalysis for
the first half of 2006 and must say up front .....

..... there will be more exciting stocks to trade in 2006 !!

Key dates ahead for RRS may be:

05012006 ..... significant news ... ???

20-23012006 ..... minor

25012006 ..... minor

27012006 ..... minor ... (negative intraday)???

20022006 ... 2 cycles here - minor and positive changes?

06032006 ..... minor - finances?

22032006 ..... significant and negative

07042006 ..... minor and positive ..... finances?

17-18042006 ... 2 significant cycles and big-time NEGATIVE

21-24042006 ..... significant and positive

05-08052006 ..... negative financial news and flat trading??

19-22052006 ..... news of significant changes here?

31052006 ..... significant and positive ... finances?

05-06062006 ..... news of longer-term changes here .....
..... and monster NEGATIVE sentiment???

23062006 ..... significant and negative

26062006 ..... minor ..... changes to finances???

30062006 ..... minor news

FWIW ..... December 2007 looks huge for RRS ..... :)

Technically, a bounce off 2.9 would be a healthy sign
for this stock and any break below that level would
probably see 2.o tested as support again .....

happy trading in 2006

yogi

:)

[danc]

RRS,range resources,small priced explorer and my opinion based on the charts only,appears to be in a strong upward trend.
Charts day week and month,similar to sbm,ext and aim in their younger days.
Day and week showing cup and handle patten,month showing saucer btm.
Weekly handle sits on 50% of the last two major ranges up.
Adx on all indicate a strong trend market,stockastic on the weekly looks the goods.
Vol on day and week looks classic edwards and mcgee,strong on up moves lite on the down moves,on the monthly very strong over the last 15 mths.
Have taken a baby step on this one today at .043,preety big vol going throu to day.
Ann if you are around wonder if you could post a chart and give an opinion please.any one else have an opinion on the fundies.if i can convince my self its half a chance i mite take a bigger wack.

[Ann]

Hi Dan,

No worries about a chart. May I leave it till my delay price shows end of day. I will put a chart up later this evening if that is OK?

In the meantime, let's put a few statistics up shall we?



Detailed Quote for Friday, March 03, 2006

Company Name: Range Resources
ASX Code: RRS
Shares Issued: 1,097,219,388
Market Cap: 47.2 Million
52-Week High: 0.058 on Monday, November 14, 2005
52-Week Low: 0.019 on Monday, February 28, 2005
Average Price: 0.0356 (50-day) 0.0319 (200-day)
Average Volume: 8,598,300 (50-day) 11,769,800 (200-day)
Official Listing Date: 24 January, 1985
Share Registry: COMPUTERSHARE INVESTOR SERVICES PTY LIMITED

Directors / Senior Management:
Mr Peter Landau (Director)
Mr Jim Marinis (Executive Director)
Mr Michael Povey (Executive Chairman)
Company Secretary: Mr Peter Landau (Joint Co. Secretary)

Internet Address http://www.rangeresources.com.au/

Company Profile:
Range Resources Limited is an exploration based company currently focused on oil, gas and most minerals with it's principal areas of interest in Puntland (Somalia), Peru and Western Australia.

[Ann]

...and the chart...

[tony2252]

rrs is on the move trading up to 5 with good volume too!

[idribble]

This stock is a must for the speculators.

MASSIVE targets ..... absolutely MASSIVE.

There are many exploration boxes to be tocked in the next decade (yup decade!!).

There is a production box that the government would like RRS to tick ASAP.

Managament box is already ticked.

Risk yup, plenty ..... but the rewards are mind boggling. All the info you need on the ASX site.

[sandik17]

what's the go with this one?
They had a trade halt on 12 April...and still no trading yet! Anyone know anything about this one? :sly:

[yogi-in-oz]

:)

Hi folks,

RRS ... fell off its perch and now suspended
from trading ... and, right on time, too .....
see post on 2 January 2006, above ... :)

"17-18042006 ... 2 significant cycles and big-time NEGATIVE"

See same post above for further key dates
ahead, for RRS ..... :)

happy trading

yogi


:)

=====

[markrmau]

I never take your astro stuff seriously, but I am intrigued. What are you basing your cycles on? Movement of planets?

[Archinos]

It might be of interest to you guys to visit the following Somali based site for the latest news on the region (www.garoweonline.com - see the recent news items related to the operations of rrs). Aside from the conflicting reports of civil disturbance, there are references to last weeks finalisation & signing of agreements btw rrs (Povey) & the Puntland gov. There's also reference to a recent security risk report & the anticipated release of results from their latest grab-sample run. Take your pick as to what the latest announcement might contain.

[Archinos]

Oh, and I almost forgot. In the technical agreement between RRS & MEPS (date 7 March 06) there is the 30th April option incentive deadline (1 of 3). A big incentive for MEPS to sign on the dotted line & start putting holes in the Noogal ASAP. So I'd probably expect some word on that side of things in the near future too (unless the whole place has turned to ****).
Aside from that the US Navy are now going to patrol the Somali coastline so I'd expect some increased scrutiny from companies interested in the off shore concessions - just take a peak at what Oil Search are up to across the Gulf of Aden off shore of Yemen.
------------------
Free to those that can afford it, very expensive to those who can't. Withnail & I.

[sandik17]

I was at work today...see they started trading again, and were up. It was good news then? What happened?

[Archinos]

SandiK17
read yesterdays release re redrafting of the work agreement btw rrs & the Puntland gov, and then factor in the Letter of Intent from an 'oil major' (due to be released to the mkt today). Then have a look at the PDAC release (March 7th release) - it's there in B&W: before any oil expl can proceede they needed to rejig the Contract of Work and settle the Production Sharing Agreement (PSA) for the Nogal concession (projected deadline was the end of March). Done. Things are still a long way off but that's a major box ticked. So far so good & the speculators can smell something cooking.
------------------

Free to those that can afford it, very expensive to those who can't. Withnail & I.

[Brissydave]

Hi

Anybody have a clue on today's Trading Halt ?????

Cheers .... Dave

[Archinos]

Dave
go to Garoweonline and check out the article 'Geddi opposes Puntland Agreement'. The Federal Transitional Gov wants to propose new Petroleum legislation and believes the Puntland Gov agreement with Consort & Range is restricted to exploration only, not actual drilling. There's also the thorny question of the rights of previous concession holders.
Looking over Ranges previous releases, the legal disclaimer at the bottom of the PDAC release indicates their belief that previous concession holders would have little chance of upholding their claims. I guess we are about to see how good that advice was. In the same release Range did state that they were assisting in the drafting of Petroleum legislation for the Puntland Gov. This would have to be done before drilling & exploitation commenced anyway. So it's a spat btw the local Puntland gov & the Transitional Federal gov.
Range would have to come out with some fantastic spin on this to avoid a hot potato bail out - especially regarding the previous concession point.
The same thing might happen with the legislation of mineral exploitation.
IMHO this is not necessarily negative news since it indicates that the Somalis are getting serious about accessing their mineral wealth potential. This all had to be addressed at some stage. The letter ends on a reasonably positive note re: dealing with RRS & partners once the legislation is in placs - perhaps it's a done deal with RRS. On the other hand, perhaps the likes of CONCO etc are pulling out their big guns.
What's your take on the matter?

[Brissydave]

Thanks Archinos

Ahh yes, the joys of doing business in a feudal state. Inter governmental rivalry, plus a few warlords wanting to excercise their power, or more likely Geddi jockeying to consolidate his power and that of his government


“The right to conduct activities for the utilization of subsoil natural resources in Somali Republic is reserved to…the Transitional Federal Government.
Sounds more like a bit of healthy chest thumping by the alpha male, but may delay Range's plans somewhat.

With Geddi promising legislation in the coming months, I suppose he does not want to be painted into a corner by existing agreements, and of course he could be angling for more favourable conditions than presently in place.

Let us see what the spin doctors from Range can come up with by the resumption of trade on Tuesday morning .... it better be good or the rats might be off this ship before I've even got my luggage packed.

Cheers ... Dave

[stiger]

IN Footy parlance ""THEY'RE GONE'''

[tarnor]

I feel there's also a good chance that the letter is a sham in a last ditch effort to get publicity for what certain parties believe is the exploitation of puntland. The site has had a dubious past and is registered in Australia, could very well be disinformation.

Was on a chat forum last nigth(thursday) and someone downramping posted the letter in 2 parts on geocities but they were unviewable because the personal bandwidth limit had been exceeded. The letter was then posted today in 2 parts on the site.. So how does a site possibly being run out of melbourne? get the letters before range or if they got them at the same time why was range not in a trading halt before trade today... i'm guessing its bs.. something fishy with that site and the information hitting the forums before trade today. The downrampers are obviously connected to that site, the question is are they actually connected to the information because it would appear thier right in thier if they can get stuff sent to range before it gets thier :/.. who knows

gl to holders!.. i don't have the balls for the buy and hold (sovereign risk) but im sure there will be plenty on the sidelines waiting to pull the trigger if things look secure.. some great quick trades coming id imagine..

interesting shanadigans..

[RedRoo]

Check out the latest news things are really getting interesting. Everyone wants a piece of the action. 2 major oil companies may now be interested in puntland!


http://www.somalilandtimes.net/sl/2005/225/1.shtml

Minerals Minister Never Been To Houston

Hargeysa, Somaliland, May 13, 2006 – On the occasion of his return to Hargeysa from a long trip abroad, the Somaliland minister of Minerals and Water, Qasim Sheikh Yusuf, told reporters on May 2, 2006 that he visited the United States, Britain and Norway to promote oil exploration in Somaliland. However prominent members of the Somaliland community have confirmed to the Somaliland Times that minister Qassim Sh. Yusuf has actually never been to the US.

Despite his claim of having visited Houston during the 3 rd leg of his tour, he actually didn’t go there at all. However the minister did visit London and Stavanger, Norway.

In Norway Mr. Qassim Yusuf signed an exclusive agreement with a Norwegian oil firm known as TGS to conduct a seismic survey in the country. It wasn’t known why Mr. Yusuf’s ministry didn’t ask for an international tender for carrying out the seismic work.

The minister of Minerals and Water left Hargeysa in March and remained stuck in Addis Ababa for more than 20 days.

Meanwhile the Korean National Oil Company (KNOC) bought about 75% of oil fields located in Sool and Sanag for a 10 million dollar signature bonus and 25 million dollar farm-in. The KNOC concluded the deal with Range Resources which on last year had obtained concessions from the Puntland authority to explore for oil and minerals. The agreement gives Range exclusive rights to oil and minerals in Puntland and parts of Somaliland including blocks 28 and 29.

The Somaliland government has so far declined to preserve the territorial integrity of the country’s eastern borders being claimed by Majertenia.

Source: Somaliland Times

[Archinos]

Tarnor
I'll take on board your comments about there may be something fishy about the flow of information from Garoweonline, however up till now I've found the little bits of info I've been able to tease out from their reports have been quite useful, if not resonably accurate.
And for all those interested (Redroo!), it's getting red hot. Check out the letter of response from the Puntland Gov. They've spat the dummy and have withdrawn support for Geddi as PM. Whoa. Geddi is having trouble on all sides now, given the recent flare up in Mogadishu, despite grabbing recent local & international recognition.
Interesting to note that in the letter Pres MM starts off with:
"I refer to your letter dated 18 May 2006 (which despite being addressed to me as the President of the Government of Puntland was never received) regarding several assertions purported to be made by the you in respect of the Transitional Federal Government’s view of the contract of work entered into between the Puntland Government, Consort Private Limited and Range Resources Limited."
Whadda you think Tarnor? Set up?
If the situation is real, it sounds like this was a complete surprise (despite the legislative need)- I was wondering if the 'secret mission' by a family relative of Puntland Pres MM to Aust (reported previously) was an envoy discussing these latest developments... May be not.
Does Puntland have the capability to go it alone in defiance of the TFG?
Brinkmanship?
Unless this is cleared up quickly, it's a definite sell.

[kitehigh]

I just add some comments to this discussion regarding Puntland and the rest of Somalia.
Somalia is pretty much broken up into 3 distinct areas and they are Somaliland and Puntland in the north with the south being called Somalia.
Puntland and Somaliland have had alot of automy from the rest of somalia since the breakdown of the somalia govt back in Jan 91. Whilst the south of Somalia was racked by factional fighting and femmine the north was relatively stable.
Somaliland and Puntland have clashed over border disagreements.
Puntland has had a functioning govt since 1998.
The Somalia Transitional Federal Govt (TFG) effectively has no control over any of the country.
Somaliland wants to be recognised as an independant country, whilst Puntland says they will remain part of Somalia but as an autonomous state within Somalia.
China has recently donated 6 million to the TFG (read china is trying to gain mining concession in this country as well).
There is talk that America is looking at going back into Somalia to clean out the AQ cells which have located themselves in the lawless south.

My take on things is the mining will be done in Puntland and Somaliland regardless of what the TFG says. The TFG have no control over somalia let alone the Puntland and Somaliland.

Here is a recent article I found today that says Puntland severs ties with the TFG.
http://www.iol.co.za/index.php?from=rss_Africa&set_id=1&click_id=&art_id=qw114824628994B254

[Archinos]

Thanks Kithigh
the more minds on this the better. For my part I'd much rather see them get their act together rather than continue with factional fighting (I'm left holding the baby for now...). For natural resource exploitation to commence however, I would think a much more stable environment to lure the explorers/developers is desirable. Perhaps that wont be too much of a concern for the likes of the Chinese & Koreans (worth the risk?).
Interesting to note that Somaliland has recently signed that Norwegian mob to start seismic surveying (Somailandtimes.net). Given that the letter of consent from PM Geddi 02/11/05 (cleverly?) stated 'surveying' that might led to ("materialising") "the exploration, exploitation and marketing", perhaps Puntland did rush it & overstepped the mark as far a the TFG is concerned. Somaliland on the other hand would be in a stronger position to sit this one out and wait till the dust has settled and the TFG legislation was in place.
Also interesting to note the statement from the Punt Admin regarding the expiry of previous concession agreements, according to legal opinion. It would be better for them if they get their Petroleum Legislation in place ASAP.
Whatever the case, I bet you Range are earning their overtime right now.
Can't wait for the next round of responses.
For the conspiracy theorists out there: Curious how the Garowe online Geddi letter was a reasonably high quality colour scan; cf Ranges B&W faxes of previous letters. The source must be reasonably highly placed?
Also a general note on Somalia. I saw the ABC series "Postcards from places that do not exist" (or something like that) & there was an episode on Somalia. When I saw Mogadishu I though hell, what a crock of ..... Then when they crossed into Somaliland it was like a breath of fresh air (for the presenter too...). Real progress by comparison. My understanding was that Puntland was equally progressive. Here's hoping they can get it together.
cheers

[kitehigh]

I don't know how long it will take the south (Somalia) to get there sh%t squared away, maybe they never will. But the north is fairly stable and as mining companies have proved in other parts of Africa if there is enough money to be made then they will go in and get the stuff out of the ground. I work in the private security field and have heard along the grape vine of a proposal to train up a local protection force in Somalia. I wasn't told which area it was going to be, but by reading a bit and filling in the blanks it looks like it would be in Puntland or Somaliland. Will be interesting to see if this goes ahead, and who is behind it. Then you would see Puntland have an even bigger reason to break away from the south. In my opinion they would be better off declaring themselves independant from the rabble in the south and moving towards looking after their own interests. You have to remember also that most of these people don't have a strong sense of nationalism, its more to do with clans and tribes.

[Archinos]

You might be the one to ask then Kitehigh (sorry for the typo in my previous post)
How reliable do you think Garoweonline is? In reference to the 'chinese whispers' you've been hearing, a May 12th article on Garoweonline states that "a reliable source blah blah blah.. The Puntland State government is actively recruiting militias for a “special unit”...blah...to provide private security for a foreign company that signed a controversial natural resource exploration deal with the Puntland administration last year. The “special unit” militias will come directly under the Office of the Presidency and are independent of both the Puntland police and Darawish (Frontier) military forces."
The mob that wrote the article pour on the sinister undertones with spades, and speculate as to the motivations behind said development. Does this tally with you and if so, are they reliable in their reporting?
Oh, and I'd be really surprised if we get any new release tomorrow - more likely they'll ask to be suspended and buy themselves more time to sort things out.
cheers

[kitehigh]

I have no idea about the reliability of Garoweonline, I only visited their site after you mentioned it.
The reports you mentioned which talks about a special force being raised does tie in with what I heard. But I think range will have to tread very carefully as it needs to make sure it doesn't be seen to be raising its own private army. There is an arms embargo on the entire somalia country, but this doesn't stop the weapons from getting in when needed.
In regards to the milita being raised and coming under direct control of the presidents office, pretty standard practice in alot of African/ middle eastern countries.
Bloody hard work operating in a shattered country so will be interesting to see how things pan out.
I don't hold any shares in this company but am interested in the area and the developments are they come along.

[Football Star]

shares now suspended

[Archinos]

Here's some background to the TFG's Petroleum Legislation, found by following the "create a credible petroleum regime" link (http://www.theglobeandmail.com/servlet/story/LAC.20060510.LAW10/TPStory/Business) in the Garoweonline article "resource conflict escalates over Horn of Africa" to a 10-5-06 article in globeandmail.com article.
As follows:
{Far away from the Somali government's shaky temporary base, Baidoa, a place so devastated by war and famine it is called "city of death," a dozen advisers met in a Jakarta penthouse two weeks ago to draft a legal rescue mission for the African country's vast and unexplored oil and gas basin.

Advisers to Somalia's President Abdullahi Usuf Ahmed convened the meeting in the distant Indonesian city because government offices in Baidoa are still being converted out of a former food warehouse. The African country had to go even farther to find legal experts for the session.

Flown in from Calgary to lead the extraordinary gathering was Jay Park, a partner with Macleod Dixon LLP, who is ranked among the world's top oil and gas lawyers. Mr. Park and his partner Thomas Valentine have been hired by Somalia's fledgling government to design a credible petroleum regime that can attract investors to the war-torn, but oil-rich region. If all goes according to plan, the new laws will be in place next summer.

"This is one of the poorest countries in the world, but it may be sitting on some of the greatest oil and gas treasures. We need to ensure that Somalia can take advantage of its resources without succumbing to the resource curse of corruption, conflict and violence," Mr. Park said last week in his Calgary office.........................."The changing price of oil is making a lot of governments question whether they are getting enough of the pie. The challenge is to help them find a balance between what they should get and what investors need to justify spending money on the projects," Mr. Park said.
.........................In the old days, developing nations were so starved for cash that they were content to accept fixed payments or royalties in exchange for handing oil and gas rights to foreigners. But after watching foreigners pocket most of the profits from soaring petroleum prices, many states are abandoning these so-called "concession systems" and replacing them with "production sharing," "joint venture" or "service contract" systems that give more control and profits to local governments.

Countries such as Somalia, Pakistan and Vietnam have hired Mr. Park to help them build modern petroleum laws, investment contracts and regulatory systems from scratch. .........................In each country Mr. Park's biggest challenge is to craft laws that reassure foreign investors without triggering a political backlash.}

I'd say he's done a pretty fair job on that last point...

[Archinos]

Now that I've read the announcement I still unsure as to their chances. Sure strategic board appointments look like headway, but their response to the PM's decree to cease drilling etc is luke warm at best. If Garowe online is reliable, then the TFG Info minister has already backed up the authenticity of the letter. So there's no real debate there. That still leaves a standoff & that last bit by RRS re Puntland support for the TFG is crucial & therefore RRS is committed to the Contract of Works agreement just doesn't make sense - or am I missing something?
On a minor point I wish they'd proof read their releases...
The last section re acquisition of old data is old news - weren't MEPS supposed to come through with those goods?
I guess there may be a hint re current negotiations with JV or farm in partners? Are they still referring to KNOC or some other entity?
Any thoughts?
ps I lightened up a bit this morning but am still holding some.

[Archinos]

The plot thickens
turns out that Mr Liban Bogor is Pred Muse's nephew (Liban Muse Bogor): source Garoweonline. I guess that is what was meant in the 25/5/06 announcement stating:
"utilise his considerable network in Puntland and Africa to further Range's exploration and development in Puntland".
He's the dude that's been doing the rounds in Melb as of late.

[Archinos]

RRS off and running again. Agreements in hand apparently. It'll be interesting to see if the KNOC are still on board, since the 45 day cooling off period is probably due sometime next week. Anyone with info on this timeline?
I take it that 'while respecting prior agreements' does not refer to previous concession leases, but refers to RRS agreements?
Oh to have been a fly on the wall during these latest talks.
'Information security consultants' ? Sound like mercs with keyboards and jackboots. As for Garoweonline, their reports as of late might be skewed, but there were some jems of info to be had (re official discussions) on Monday & this morning.

[Archinos]

So I see the tree is being shaken & the nervous nellies are rattled. I also see that the buyer @ .03 for 10mill shares is starting to get some bites. It will be interesting to see if the bottom is nigh - esp since we have yet to hear anything about the NKOC agreement. Could be a volatile week ahead.
Whoa - as I wrote I saw the buyer @ .03 wake up and take 5 mill off his order. Wonder if it will pop up a bit lower, or that's enough for now?

[$unny]

i was thinking of getting in to this stock, around 0.03-4 it moves alot 1 cent here 1 cent there, u think its a good time to get into it now? can the comopany do any worse?

[Archinos]

Hi $unny
I'm not about to give any solid trading advice on this one since sure, it could get a lot worse, but then again they might just pull it off. When I think of this venture, I think of the trading ships of old - the promise of rich rewards for investors, but only if the ship makes it back.
There are lots of negatives regarding soverign risk; recent news is that the locals of Magia Yahan (the region with gold potential) held a meeting comdemming the actions of (& agreement between) the Puntlad Gov & Range as unlawful (aside from being really pissed by what is alleged to have happened there). Until the legislation that governs exploration & mining activities is emplaced these type of issues will continue (they did say they would be supportive of mining activities if the correct laws were enacted).
By their actions it seems the Puntland gov is fully committed to making this thing work, but Range could be playing with fire if the local admin does not act responsibly & instead forces things with a gun.
Then there's the recent seizure of Mogadishu by the Islamic courts & all the political shennanigans that have been and will continue to transpire. For the sake of discussion, while the Tran Fed Gov might not be viable in the long term, it seems Puntland might be able to exist in its own right (as it virtually does right now) - there are plenty of countries with current political/religous turmoil that are still mineral/oil producers - the money potential & strategic importance of energy reserves seems to be enough for the big companies to persist. So IMHO a significant test as to the viability of Range's operations is whether they can in the immediate future get either the NKOC or some other Co to sign on the dotted line - and in parallel the govs get their legislation in order. Signing should be a matter of days-weeks. Legislation, months.
I guess a small punt (that you'd be OK with losing - but then again, who likes that) might be in order, since what does it matter if you pay 2, 3 cents etc when in a years time it could be trading at many multiples. I wouldn't bet the house though - I haven't.

[$unny]

ok thanks for that good read! :2twocents :2twocents

[Archinos]

And for another good read look at Garowe online - they've just posted an article stating that the TFG has just released the draft of the new proposed Petroleum legislation. How this will impact things is anyones guess...
cheers

[Brissydave]

Reading the Garowe online press release, the general principles of their petroleum law seem pretty decent to me ... a whole lot of countries could learn something here --- if the final law is true to this spirit.

Cheers ... Dave

[Archinos]

Yeah, but my mind drifts back as to what was agreed btw the Puntland Gov & the TFG the other week & whether Range will hold onto their agreements. By all accounts I still think the will of the Punt gov is firmly behind the agreement. I find it hard to imagine that the Punt gov were not aware that this "petroleum law workshop" was on hand as the negotiations were in progress. Or are there still acting as competing factions & the TFG have beaten them to the punch? You can't deny that the pace of change has certainly picked up. Looks like the options action has picked up a bit.

[Archinos]

Now I'm really confused! If the latest news on Garoweonline is factual, then I'm wondering what the hell it all means for RRS. Apparently the TFG has outsourced licensing of oil exploration leases etc to the African Institure of Maritime Research & Northbridge Services Group. Anyone with more info on this and what the heck it might mean wrt Puntland agreements etc?
cheers

[Archinos]

Post script:
from a bit of web searching it looks like Northbridge is a private security firm (mercs) providing & facilitating all sorts of services, and articles abound linking them to the (former) likes of Executive Outcomes etc. They sound like they shouldn't be trifled with.
Can anyone else shed some light on things?
When all the dust has settled will this mob be controlling the off-shore leases - while Puntland/RRS cuts a deal to control the onshore ones in Puntland?
It's getting really interesting...

[Brissydave]

12:55 and RRS is up over 18% with no announcement .... plus a rise of about 6% yesterday .... these guys have got to get a speeding ticket.

Any ideas on what is driving this sudden price increase .... not that I am complaining, as I am holding, but is it all just a house of cards, about to collapse??

Cheers ... Dave

[Brissydave]

OK, so no speeding ticket as RRS lost everything it had made up in the morning, by close of trade, but I'm still curious to see if anyone has "heard" anything that could be behind the spike in price and volume.

Cheers ... Dave

[Archinos]

Hi Brissydave
yeah I was wondering about a ticket too. Lots of volume & movement these last few days. I was out bush a week ago (I'm a geo) so I've had little chance to do much research except that Garoweonline has mentioned renegotiations of the RRS-Puntland agreement a couple of times (21 June was the last). If this is true then it is probably in response to the moves by the TFG regarding the new proposed laws & appointments. Lots of interesting things going on in the political scene too. Without any other hard data I'd guess (and it is all guessing...) it's a combination of opportunistic investing in the current Aust resource cycle + hot money (ie speculation - for the last 4 yrs I've followed the general rule of buy in around Aug/Sept, get out April/May - a combination of financial year cycle/seasonal weather dictating exploration/drilling-lab analysis-reporting of results), anticipation of further news re the agreements (buy on the rumor), anticipation of lab results. And I'm wondering hard on the lab results since enough time has passed since March for the soils etc to have been assayed (or bloody close); are they sitting on them till the scene stabilises a bit & more agreement is reached?
Don't know. I'm holding a parcel for the med-long term though, so the recent volatility & resource cycle hasn't disturbed my sleep any (only the soccer has done that!).
cheers

[Brissydave]

Bumping this topic up on the back of a seemingly positive announcement .... plus app %10 gain yesterday and %6+ so far today

any thoughts or input appreciated

[Archinos]

Hi Brissydave
cutting thru the spin, Range look to have positioned themselves nicely in the box seat for exploration & development in Puntland- renegotiating the agreement in the face of political pressure & the changes recently enacted by the TFG (re: legislation & 'blocks') is really the only way to go if they are to have any chance of proceeding at a reasonable pace with legal backing. From the reports they've picked the plumbs out of the region, though how the offshore carve up is to proceede is anyones guess at this moment (recalling the new TFG agreement for the protection of sealanes etc in exchange for control of the offshore concessions...). According to Garoweonline the local Puntland Gov debated the new Range agreement and passed it yesterday - a significant change in the way previous arrangements have been negotiated & ratified. I'm wondering if this new agreement will now pass the muster with those higher up the food chain in the TFG. Looks like a lot of things are coming to a head towards the end of the month - so many wild cards...
cheers

[stockmaster]

There has a high volumn of trading, 22 m traded today, sounds like something is happening :confused:

[Archinos]

Looks like the Garoweonline article was accurate re:Puntland parlimentary ratification of the RRS agreement.

[Brissydave]

Perfect time for a trading halt .... just before a potentially RED day on the market.

But regardless everything is looking good with recent announcements ... this could be a very nice announcement on Monday or Tuesday ... today's a day I am glad to be holding (just hope the DOW recovers tonight).

Cheers .... Dave

[Archinos]

Yeah, likewise.
IMHO though, despite what the general markets might do, if these guys pull this off & hit paydirt, they'll be heading to the stratosphere.
From the tone of the 12/7/06 announcement, might we expect something pertaining to the last sentence "shortly reporting on other key developments as negotiations conclude"? Apart from common typos, Povey has dropped hints like this before. Lets hope so, and lets hope it's positive.
cheers

[stockmaster]

Heavy trading once again, but this time is price is going downward.

[Archinos]

Picked up a line in the one of the Garoweonline articles re: Puntland parliament adjourning on Sunday, having 'debated and ratified several motions...including exploration agreements, coast guard contracts...etc'.
see http://www.garoweonline.com/stories/publish/article_4564.shtml.
Interesting... wonder if this relates to any of RRS's latest dealings. I'm also wondering how the unrest to the south might be influencing ongoing negotiations, but good to hear the coast security situation might now be addressed (where does that leave the recent TFG deal regarding their coast guard & off shore exploration deal?).
Still keen on this one (recently increased my exposure), but it sure is like high-stakes poker!

[Archinos]

A bit of action these last few trading days.
Hedging bets on future stability due to recent talks?
Garoweonline article (http://www.garoweonline.com/stories/publish/article_4846.shtml)

check out this SMHerald article & reference to eResearch rpt.
SMH rpt RRS (http://www.smh.com.au/news/business/gpt-running-hot-in-investa-race/2006/09/07/1157222262092.html?page=2)

{Range Resources - the tiddler with exploration rights in Somalia's Puntland province - has paid Canadian firm eResearch $US17,500 ($22,800) to produce a 24-page "independent" research report released yesterday.
Although Range is listed as a "high-risk, speculative buy" with a price target of 4.6c, 39 per cent above the current share price, the Canucks seem to have kept true to their "independent" word.

Their valuation implies a 1 per cent probability of success that Range will have the 19 billion barrels of oil it believes are in place in Puntland. Not to mention a 35 per cent discount because even the more stable Puntland province of Somalia makes for a "risky investment proposition".

Analysts noted there were matters for concern, such as the "large number of outstanding options and impending additional share issues". Nevertheless, eResearch said there was "interesting capital appreciation potential" for investors willing to take a punt.

Many of those shareholders were eagerly awaiting a presentation in Perth yesterday by new Range chairman Sir Sam Jonah, who also serves as president of South African gold major AngloGold Ashanti. But he was a no-show at the Africa DownUnder conference due to "work commitments".

Range shares closed steady yesterday at 3.3c.}

eResearch rpt:

RRS rpt eResearch (http://www.researchconnect.com/reports/RRS_080206.pdf)

[stiger]

This mob are like St Kilda.Dyor Cheers. :eek:

[Archinos]

So I'm wondering what's behind the action on RRS today? Considering the bombing of the parliament bld & near assasination of the president on Monday (his brother was killed), what's going on now? :confused:

[tarnor]

could be leaky who knows loaded up in case, tight stop tho :)

[beach]

Tarnor, Archinos
ive been reading all the notes on this thread, Archinos i cant help laughing at all the caos that is going on with this company, why would you bother gambling with your hard earned when you are quite clearly a clever bloke that could put your resouces into more stable stocks with big gains without the risk, but mate if it comes off for you ill be the first to shake your hand because your just giving it a go. just reading the report on the 1% probability of the big one giving it a valuation of 4.7 cents. imagine what would happen if they did find massive paydirt, or who ever farms in and does all the exploring and writes the letter to ranger stating that theve hit the big one, anyway whats your take on the trading halt, has puntland been overrun by islamic militants and is now using ranges ship containers for inteligents purposes. by the way i just love all the spin on this one so to keep me interested i bought a mil yesterday and just had to laugh when at 6.30pm there was a trading halt, man what iam i doing, i should of gone to crown and put me 30 grand on black, i think i will next time. regards beach

[Archinos]

good luck guys - the next few days should be very interesting :)

[canaussieuck]

Range is a great name for this stock.....all it does is range. :rolleyes:

[beach]

well trading suspention, there is no doubt in my mind that range is in massive trouble,, the reason is the current situation in somalia, they are on the brink of civil war with the UIC united islamic courts, basically the TGF which is a US back government put in place since 2004 has been overtaken by the UIC in the south of somalia, there hasnt been much violence but the people of somalia wouldnt have put up much of a fight anyway, a transitional( a SUV mounted with a machine gun) would be no match for a few stones and a stick that most somalians would be able to use to combat the UIC, but how ever the UIC might be a good thing for the worn town country of somalia that has put up with a warlord type of clan style government for the past 15 years. well what is this got to do with range, (RRS) well Puntland is where range wishes to do all the exploration of vast oil reserves which are believed to be there. at this fragile stage there is no known UIC in puntland which is a automanist state of Somalia at this stage but this could change very rapidly as the UIC have moved well up to the north of somalia in a short ammount of time where the borders of Puntland begin, it is believed that ethiopia has possible been a helping hand in helping puntland in the case of being taken over by the UIC which in my mind is inevitable because the current government in Puntland have lost huge support due to lack of development and unable to relieve the poverty and the high taxes that the residance of puntland face with the current government. The UIC may be seen as savours in many eyes and will be welcome in puntland leaving the government which struck the deal with Range licking its wounds. where does this leave range? well i dont know how they would deal with the islamic courts but it would be very suspect as the islamist seem very anti western so a foreign company comming in to take away there oil and gas wouldnt be the done thing in my opinion, so i reckon Range is up the creek. and we are all going to lose the flippen lot. so iam now going to read out ranges last rights in this issue, they are finished. a dodgy company in a dodgy place, i just wish that range was never brought to my attention, regards beach ps you win some and you lose some

[Archinos]

Beach
check your email. Market talk revolves ard a JV, possibly involving Lundin. Could be BS, could be on the money. EGM is just over 2 weeks away - lots of things to resolve, needs solid news - hence the timing might be as anticipated. A suspension is par for course for RRS for the past 6 mths with biggish news. We will have to wait to see what news will arrive.
Sure things are afoot in the sth, but IMHO Puntland has been relatively stable for the last 10 yrs - Somaliland even more so. While the ICU have (for the moment) control of several towns, not all the locals have been content - witness demonstrations in Kismaayo. Whatever - they need stability in the sth.
As for strategic position re ICU push Nth into Puntland - Ethiopia border effectively creates a bottleneck across the Galguduud & Mudug regions - also Hiiraan & Beledweyne towns which are accessed from Ethiopia via existing rd. I don't think the situation in Puntland is as drastic as you portray, but then again I could be wrong. All this & more is why it's a spec stock at 0.03. Wait for the announcement.

[Archinos]

Oh also - being islamic does not necessarily mean you can not do business with the west. Long term stability will need (apart from law) nation building: infrastructure & raising of living standards etc. Fast tracking this, or making up for lost time will mean utilisation of natural resources - something Somalia cannot do on it's own. Hence, deals. No one I know really knows the inner working of the RRS deal, however the concerns expressed by the TFG should ring true no matter what religion - hence the press for Production Sharing Agreements etc - a way to legalise the extraction of natural resources without all the financial benefits bypassing the local community & leaving the country. I dare say even the ICU will understand standard business practice.
...who knows... so many things to play out. Wait for the announcement & then we'll revisit the topic?
cheers

[beach]

gday archinos, yes i must admitt iam portraying a very negative light on somalia, and until i can see through all the mud i will be very much on my gaurd with the current state of affairs, the big question is wether the ICU are a radical organisation about to set up an islamic republic in a very sensitave area of the world. not that an islamic republic would be a bad thing if it is genuine and is against terrorism. we could learn alot from these guys and interesting enough the US dosnt seem to be that concerned yet on the situation or does the US just have its hands 2 full at the minute, make no mistake that the US are very active in the region. a taliban stye ICU would be the US worst nightmare. ive heard of a few demonstration by some somalians with regard to some laws been set out like not being able to go to cenimas to watch movies after 9pm women not alload to swim in the sea. and a few other petty things that seem a bit rediculious to me and you, but islam is a differant religion and we will just have to respect that i suppose. ive also heard of some secret meetings with the puntland gov and the UCI in dubia just recently interesting enough if the rumours are true,, some say this might be a stunt by the puntland gov to try and get some credibitity back from the people that are not happy with the punt gov and think the ICU might be th go so to speak. then i hear that ethiopian troops have been pooring into puntland to help against any attack from the ICU, well my opinion is if the ICU show that they are the good guys in the south and have one the hearts and minds of the locals (clans) ets then it would just be a matter of time before puntland would became ICU decided by the people not ethiopian troops, maybe this is part of the secret talks with punt gov and ICU if rumoured to be true. so many ifs and but and look forward to more discussion on the region, and then theres range RRS well they have certainly got some big dudes on there board ready to get things started, amazingly i think but do we really know what is going on here. well lundin or some other big company or not there is a long way to go and would any deals done with the current gov stand up if the ICU take control, the best situation that i could see for range would be a coalition between the 2 or the ICU gone altogether from somalia and back to the US backed warlords, which i dont think will happen. or the ICU toyally in control and deal with range and its board with no hassel, so many variables here. the not so good would be all out war which is a possibility lets hope not. regards beach

[beach]

just wondering archinos did you hear of a possible AIM listing for RRS, also did read that somalia is not on LUNDINS future development plans, that was a few months ago so could of changed. well also whats the reason for a trading halt then an upgrade to suspension all about, whats the next step trading ceased altogether punters go home. regards beach

[Archinos]

hi beach
a request for suspension from trading can be made by a company once the due date from the initial trading halt comes up and (for whatever reason) the company needs some more time before release of the announcement. It is not necessarily a bad sign. Once suspended, all orders in the suspended security are automatically purged at the end of the day of suspension, and once trading resumes (once the announcement is made) the bidding game begins again.
Yes have heard of AIM listing play. Was mentioned in a previous rpt as part of their strategy. Methinks from the chat the 20:1 consolidation and capital raisings are part of the plan for eventual AIM listing. Lundin is getting a lot of mention. Being previous lease holders they probably have a heap of data - RRS could be trying to source that, or it could be JV talk. Who knows.
In the meantime waiting, waiting... gives me a chance to catch up on some work. :)

[Archinos]

so beach did you get out this mornings opening for a nice profit?

[beach]

gday archinos, well thought id off load half my holdings and see what happens there after, but after the days end wished id just sold the lot, must of been so many punters just waiting for this type of announcement and were going to bail out asap. iam just wondering if the remaining 20% is farmed out and rrs take the 60% of any agreement moneys paid then affectivley range wouldnt hold any of the future oil production if found. would i be correct. range have done alot of ground work here and are they selling them selves short or is this normal practice for such a small company to get a bigger player in rather than take on the risk them selves. or maybe investors of range raising 25 mil for half the cost for a 50:50 interest with longer term prospererity if there is significant hydrocarons found. what do you think mate are you still in. regards beach :)

[Archinos]

morning beach
check your email. That's not my understanding of the proposed deal. RRS 20% free carried till $50mill Canmex money spent within 4yrs fro Canmex to earn 80%. Further 20% farm out will come from Canmex's 80% share: backdoor for Canmex to have other company onboard (perhaps KNOC), with RRS 60:40 Canmex split of signon $. As yet I cannot confirm: Canmex a shell company for Lundin Oil director, has been looking for a start up project - typical corporate play by Lundin & history of developing monster resource plays and then onselling.
Looks like the announcement was timed as the teaser for the upcoming EGM, with bigger news afterwards (avoiding a situation re: the CDU director options saga?)? In the meantime crossing fingers that the place wont literally blow up in everyones face - lots of conflicting rpts of troop movements & threats etc in the sth. IMHO movements are designed to block major access rds & limit IUC to the sth. Who knows. Interesting times.
For now I hold
cheers

[Archinos]

I don't want to be seen as ramping this one since the risk is so hi - still not sure of the Lundin link - FYI, DYOR & I don't endourse any opinions in the following: got it from another poster - pay for view article?
http://www.theglobeandmail.com etc

-- Lukas Lundin and his family's Lundin Mining Group of companies are to mining in Canada what IKEA is to home furnishing. Both are Swedish, and both have a business model that they replicate again and again to their advantage.

For IKEA, that means making money in suburban centres among families and twentysomethings, while Mr. Lundin has at times earned his keep in war-torn countries and others red-flagged on the Foreign Affairs security advisory list, sometimes dealing with dictators.

But even though Mr. Lundin has been a Vancouver-based global resource owner for more than 15 years, he has finally arrived as a major local player with rising visibility and money to spare. He now ranks among the few big-time B.C. mining figures such as Robert Friedland and Frank Giustra. Mr. Lundin, his father Adolf and brother Ian also own Lundin Petroleum AB, one of the largest oil and gas companies in Sweden.

Evidence of the good times includes a party costing more than $100,000 that Mr. Lundin threw at his Whistler home for staff, associates and friends to celebrate a good year in 2005. There are also philanthropic gifts that include a million-dollar-plus donation to clean up the historic Britannia mine that stands out as environmental problem and eyesore on the scenic drive to Whistler, and a new foundation, Lundin for Africa, which has raised $1.5-million to open orphanages and provide fresh water.

Critics might suggest that is the least he can do, as the Lundin family has drawn heat at times for owning mining assets in troubled regions such as the Democratic Republic of Congo (DRC), which has suffered more than 10 years of ethnic clashes and five million war-related deaths. The Lundins counter that major finds are often in areas that are unpopular with the general public.

No Guts No Glory, a biography of Adolf Lundin by a Swedish business journalist, says that Lundin-owned Tenke Mining Corp.'s investment in the DRC originated in negotiations between the former president and dictator Mobutu Sese Seko and Adolf Lundin. The talks led to a deal for the famous Tenke Fungurume copper and cobalt mine in which the Lundins beat out larger worldwide mining concerns. Ten years later, Tenke Mining brought in U.S. giant Phelps Dodge Corp. as a majority partner and just received government approval to start production.

Earlier this week, Lundin Mining Corp. also invested $5.2-million in Sunridge Gold Corp. of Vancouver to be used for its copper, gold and zinc projects in another troubled African country, Eritrea, which has unresolved border issues with Ethiopia. The Eritrean government also shows signs of instability with respect to foreign investment in this sector as it shut down all mining exploration in that country just over a year ago to review its position on the issue. It has since reinstated mining as usual.

Owning projects in troubled and dangerous political regions used to differentiate Mr. Lundin and a small group of mining players from the pack, but analysts say this is about to change. Demand from Asia is forcing mining companies to choose between starting the development process on weaker deposits in friendly areas on the assumption that strong metal prices will continue or pushing ahead with better deposits in less comfortable areas, such as central Asia, according to David Coffin, editor of the Hard Rock Analyst, a mining newsletter. Phelps Dodge, for example, just announced it will open its first new copper mine in the United States.

For those interested in adding political uncertainty and risk to their portfolio of economic concerns, Mr. Lundin's business model, which has been based on finding and investing in distressed and undervalued mining assets in troubled or unfriendly environments, is worth watching. In fact, Mr. Lundin might be the mining equivalent of TV home renovator Bob Vila, because he tends to focus not on the traditional and heady fare of exploration, but rather picking up and refurbishing mines at later stages of development.

This business model has worked so well that Mr. Lundin has accumulated a group of 11 Canadian-based mining companies, most with global resource assets, that have increased their combined market capitalization to $3.8-billion in 2005 from $242-million in 2003. He readily admits that a short time ago he was holding "a lot of shells with no projects."

In fact, investors closely follow Mr. Lundin's deals. If "you stuck to the Lundin Group like glue over the past few years when the companies were dirt cheap" you would have made a ton of money, says one broker.

Mr. Lundin has such an eye for value that he helped to develop an Argentinean gold project that has generated money for three separate Vancouver-based mining concerns.

The issues associated with difficult but hot mining areas are high on the agenda for many B.C. miners. While Mr. Lundin makes finding the balance between risk and return look relatively easy, remember, he also just road a motorcycle from Cairo to Cape Town.

He can afford to wait until the right deal comes along.

[beach]

gday archinos, thanks for your views on RRS much appreciated,sold rest of my holdings @.032 this morning, after all profiting is the name of the game and sediment was slidding i felt from the initial news out the other day. for the time being thought thous funds would best placed some where else as RRS could just slide further or remain steady till more developments, or i could be totally wrong and will shoot up again next week, the situation in somalia is very edgy and has me on my toes as it could go all belly up in a second, thats why this is such a risky play for the short term atleast, as i read before that your in for the longer term so to avoid all the crap inbetween, i will be doing some more DD on RRS in the comming weeks and will be watching very closely. it is a very news related stock, well i mean seems to generate a big push for the very short term then moveback down very qquick as appose to moving higher and higher. the perfect spec stock day tradder thing IMO, regards beach. ps have a good weekend dont work to hard. :)

[Archinos]

On ya beach - can't go broke making a profit. :D

[idribble]

If Range can get Canmex over the line it will be game on! The investment community will sit up and take notice that an international major player is getting in on the ground floor.

It will speak volumes about the improving political situation in Puntland.

4 weeks and counting.

[constable]

If Range can get Canmex over the line it will be game on! The investment community will sit up and take notice that an international major player is getting in on the ground floor.

It will speak volumes about the improving political situation in Puntland.

4 weeks and counting.
Certainly think it could be value for money although still a few getting out. Puntland hey , haven't seen 'getaway' do an episode on it yet ! Penny for your thoughts anyone?

[Ranger]

Range have jumped over 20% today with no annoucements. I have been watching this one for a while unsure of where it is going. Does anyone have any info.

[blueroo]

It looks to me like a day trader play every 5 - 6 weeks.

Haven't been in this since a nice trade last April and I remember getting a bit anxious at the time because of the local Puntland politics. Very relieved to grab profit and move on.

[constable]

Not often you see 19,000,000 units go through in a single trade (was crossed), certainly made everyone sit up and take notice!

[constable]

Risen 14% in three days an holding quite well on great volume and depth. Bought in at 2.4 cents monday and this stage trying to accumulate at 2.7 cents but got beaten at the close.
As far as the stock goes, Somalia/Puntland holds some promise with interesting findings from past exploration results being "uncovered ". Possibillities are certainly there as no company to date has had much of a chance to expose their resources. Here's hoping their government and range can make a go of it.

[hevlet]

Hi everyone....

It seems not many interested in here on this one....

Went into trading halt today and you can see on the official puntland Govt website that parliament has approved the Profit Sharing Agreement (PSA) in readiness for the Joint Venture between RRS and Canmex to be approved....

Keep your eyes on this one when it re-opens.....it has a big potential if everything comes off... :)

Hevlet

[clowboy]

Another trading halt


Any thoughts?

Looks good at this stage, but thats the thing with trading halts, can go either way.

[tibby]

I just don't know where to go with this one!! I have bought and sold here for the last 6mths and no longer hold due to the increased domestic problems in Somalia- noted that puntland area is fairly stable province within this region- I ran with a very small profit, and was very pleased to get away with that- it is a 3 cent stock after all!! Just wondering if anyone else has any insight into the trading halt-- PSA approval a few weeks back, Canmex deal finalised very soon...how far can SP go on this one?? Does anyone have the energy to try and value this company with canmex deal finalised??

[Kauri]

Have never liked the management...
Beware of ann's that come out after close of market on Fridays

[hevlet]

I just don't know where to go with this one!! I have bought and sold here for the last 6mths and no longer hold due to the increased domestic problems in Somalia- noted that puntland area is fairly stable province within this region- I ran with a very small profit, and was very pleased to get away with that- it is a 3 cent stock after all!! Just wondering if anyone else has any insight into the trading halt-- PSA approval a few weeks back, Canmex deal finalised very soon...how far can SP go on this one?? Does anyone have the energy to try and value this company with canmex deal finalised??

Hi Tibby,

I posted this elsewhere a while ago when I was asking myself the same question (see below).

Since the below post the number of shares has gone up, plus some of the big funds such as RAB capital and Firebird have bought in.

Sovereign risk has IMHO fallen quite dramatically since I wrote the below as well with the Ethiopiens intervening in southern Somalia.

I am hoping for the Canmex JV to come in Monday / Tuesday (note only a hope - I dont actually know). if it does there should be a huge pick up in volume and hopefully a sustained price rise to maybe the sixes or sevens within a week of the announcement. Just my guess / hope however.

Anyway, the below is just my thoughts....if you have not seen the Independant Report on the RRS website I sugest you have a read.

Goodluck to anyone else that holds!! i wont be selling for some time yet no matter what happens after the halt.

:)

Hevlet.


Posted on: Monday 18/12/06 09:38pm

Hi everyone...

I have reconstructed the valuation model tonight done by David Archibald in the Independant Report....i just wanted to throw up some numbers for discussion

When I run the numbers they really do astound me...(don't worry I know I am preaching to the converted in here)

What I really found interesting is based on the model, a discovery of 87.5 Mil barrels at a POO of $60 gives a pre consolidation (I took the number of shares from the EGM documents after share issues to directors, Findlays etc) value per share of 5.6c...

I find this amount interesting as this amount of oil is already shown in the Conoco data for Nogal 1 with the three reported oil shows outlined in the announcement on 23 Nov. A POO of $70 = 6.6c / share.

Even more interesting is that based on 603.5 Mil Barrels (being a most likely outcome from 28-B + the Nogal 1 well already drilled) we have a pre consolidation share price of 38.6c / share ($70 POO = 45.5 c / share).

The numbers people have thrown around here in the past (e.g. 20 Bil barrels - Pie in the Sky??) are just too big to comprehend (Pre consolidation $12.80 / share @ $60 POO & $15.10 @ $70 POO)!

Now I know you will all start saying it is not discounted for soverign risk, future cap raisings etc but this is all based on $60 POO (which I think over the long term is conservative - Peak Oil??) and also only accounts for RRS's 20% share after the potential Canmex JV.

And this excludes the minerals!!

Well it is all fun to run the numbers and dream & I know there is a LOT of risk and a lot to do but I think I tend to agree with those that say the upside is too big to ignore over the long term to have at least a small flutter - for me at least.

Anyways....back to waiting for the JV.......Not long now I hope......

Has anyone else reconstructed or done a model and how do my numbers compare?

Remember to DOYR....I'm not giving advice here....just a novice having a go......and if you do invest be ready to lose the LOT and dont get greedy!!


Hevlet

[hevlet]

Have never liked the management...
Beware of ann's that come out after close of market on Fridays

What do you think of Sir Sam Jonah on the board then? :confused:

He has credibility to me, why would he join the RRS board if the management was dodgy? He wouldnt risk losing his credibilty would he??

You just need to run a google search to see his credentials.

See below for an example of Sir Sam's CV

http://www.businessinafrica.net/leisure/books/175440.htm

Aarise, Sir Jonah
Sir Sam Jonah KBE, ranked amongst Time magazine’s 25 Business Influentials for setting new global standards in management, ethics, marketing and innovation in 2004, is the non-executive president of mining giant Anglogold Ashanti Limited, and is also a director of Anglo American Corporation of South Africa and Anglo American Platinum Corporation. He was recently appointed non-executive chairman of Equinox, a Canadian-Australian listed resource company engaged principally in the exploration and development of mineral properties in Zambia. Jonah is a member of numerous advisory committees, including South African president Thabo Mbeki’s International Investment Advisory Council and President Kufuor’s Ghana Investors’ Advisory Council. He received an honorary Doctor of Science (D.Sc) degree, awarded jointly by the Camborne School of Mines and the University of Exeter (UK).

Born Samuel Essen Jonah on 19 November 1949 in Kibi, a military base in the east of the British Gold Coast colony, he grew up in the “winds of change” that presaged Ghana’s independence in 1957. The family moved to Obuasi where his ex-serviceman father was able to get subcontractor work from the Ashanti Goldfields Corporation. Sam romped through Obuasi elementary school and in 1962 was admitted to Adisel secondary school, a boarding establishment at Cape Coast. In 1969 he applied for and won a trainee position with Ashanti’s Ayeinm mine that included a scholarship for the Camborne School of Mines (CSM) in Cornwall, England. After two years at CSM, including an experience-gathering stint at an Australian gold mine, Jonah returned to Ashanti and in the subsequent 14 years worked his way up to the top and took over the management reins in 1986. At that time the group was producing an annual 210 000 tons of gold; by the time he negotiated the merger with AngloGold in 2004, output had soared to 1,6 million tons, and became, in 1996, the first African-operated company to list on the New York Stock Exchange.

He was knighted in 2003 for his contribution to global business.

In 1999, on Jonah’s watch, Ashanti was taken to the brink of catastrophe and the world’s mining birds of prey gathered to peck at the pending carcass. Ashanti owned some of the most productive gold mines on the continent, then worth over $2bn. Besides the giant Obuasi mine in Ghana, other lucrative operations were sited in Mali, Senegal, Guinea, Sierra Leone, Burkina Faso, Niger, Angola, Mozambique, Zimbabwe, Tanzania, Ethiopia and Eritrea. Ashanti’s Geita deposit in Tanzania was being described as “Africa’s new El Dorado”.

The reasons for Ashanti’s sudden vulnerability, and a lucrative target, were wildly fluctuating gold prices coinciding with a short-term liquidity, skittish stockholders dampening the share price and, critically, a gamble on gold prices continuing to fall by putting money into hedge funds, usually taken out as a form of insurance against a decline in output value.

The sudden reversal in the trend of gold prices saw Ashanti’s hedge fund become a terrifying liability, leaving the company in the red to some $570mn. Ashanti’s inability to meet the hedge collateral demands was a breach of other loans and conditions, including revolving credit facilities, project finance lenders and numerous bondholders. With a balance sheet debt of $400mn, the banks’ total credit exposure to Ashanti, including the hedge losses, touched $1bn as the gold price continued its ascent.

“A rack of missiles released by hedge counterparties, bankers, shareholders and the international press fell towards Jonah and Ashanti,” writes Taylor. “In the pause before they detonated, the beleaguered chief executive prepared to lose the job and career he’d planned and painstakingly forged from the age of 19. The bodysnatchers gathered around. Lonmin cut its original offer of $840mn down to $665mn, citing these losses. Others included the Saudi Arabian investor Prince Al-Waleed Bin Talal Bin Abdulaziz Al Saud, the Canadian-based Placer Dome mining group, and AngloGold of South Africa. Lonmin, already a substantial shareholder and management contractee, was favourite to take the prize.

However, Ashanti’s bankers, financial advisor and largest hedge fund creditor, Goldman Sachs, were not prepared to accept a quick sell-off. The crisis came to an end in February 2000 when a $100mn bridging facility was arranged by Barclays Bank as a stop-gap until a $326mn four-tranche refinancing package was concluded.

“The five-month trauma was strangely comforting to Jonah,” observes Taylor. “If he had survived this far, he told himself, then he could survive anything.”

As it turned out, the episode was Ashanti’s rebirth.

Sam Jonah’s board memberships


Director (non-executive), Mittal Steel SA
Director, Lonmin Plc
Director, Standard Bank Group Limited
CEO and Group MD, AngloGold Ashanti
Director, AngloGold Ashanti Limited
Chairperson, Limestone Products (Ghana)
Chairperson, First Atlantic Merchant Bank Ltd
Director, Defiance Mining Corp
Executive chairperson, Equator Exploration
Non-executive chairman, Equinox

[Kauri]

What do you think of Sir Sam Jonah on the board then? :confused:

He has credibility to me, why would he join the RRS board if the management was dodgy? He wouldnt risk losing his credibilty would he??

You just need to run a google search to see his credentials.



Do a google of the real movers and shakers behind the company, try Cayman Islands as well, see if you can find out who sold their current Aus leases to the company, or just ask anyone involved in mining in W.A. Check out the issuing of management options while you are at it. Do you know who sold the rights to Punterland to them? And no, I don't hold shares in RRS, and never have.

[hevlet]

Do a google of the real movers and shakers behind the company, try Cayman Islands as well, see if you can find out who sold their current Aus leases to the company, or just ask anyone involved in mining in W.A. Check out the issuing of management options while you are at it. Do you know who sold the rights to Punterland to them? And no, I don't hold shares in RRS, and never have.

Kauri,

I'm not going to get into the merits of some of management's past dealings (e.g. look at one management member's connections in the past to CCI :banghead: and how that turned out. I know there is a good chance I would lose if I did, i'm not ignorant of the past.

My question still remains however, why would Sir Sam get involved in a company with these people if there was a chance things would go really badly wrong?

He IMHO has too much to lose....Reputations can be lost in an instant in this game......and he has a very good one!

& what do you think of the recent development of RAB Capital and Firebird taking big stakes in the company? They wouldnt take big positions in such a small company lightly would they?

Also, would Lukas Lundin want a company that he controls in CANMEX (if they sign) to be involved with a company with no chance of anything good ever happening?

I'm not denying the risks involved here, its not for the faint hearted, but dont you think this one could be worth just a small flutter??



Hevlet

[Kauri]

Yep, probably worth a flutter..

By the way, who is Firebird, apart from them being based in Cayman Island ? Can't say I've ever heard of them.(that was a capital raising by issuing new shares and free options).

Note that there are now 1.7 billion shares and 1.3 billion options out there now, must be due for a consolidation soon.

[hevlet]

Yep, probably worth a flutter..

By the way, who is Firebird, apart from them being based in Cayman Island ? Can't say I've ever heard of them.(that was a capital raising by issuing new shares and free options).

Note that there are now 1.7 billion shares and 1.3 billion options out there now, must be due for a consolidation soon.

At the moment there are a lot of shares....

Consolidation coming ..... 20 - 1 in the next few months....

Should also be another cap raising considering the AIM listing they are planning....

Order of events as I can work them out....

Sign CANMEX JV

Buy out Consort share of Puntland rights...

Cap raising in UK?

Listing on AIM in the UK ......

Sign more MOU with view to JV for offshore oil rights and onshore minerals??

With regard to website for Firebird see below, they are based in New York and manage nearly $3 Billion in funds.

http://www.fbird.com/

Hevlet

[Rainbowsend_au]

Range Resources requested a Suspention this morning.

[mmmmining]

SSDD. Open high on ann. selling down to negative. It happened at least a dozen time already! I have very small holding, just like a lotto ticket, buying it for hope, not trading, least for investment!

[M1llion]

Range will post another ANN soon and I have been told it will have a dramatic impact on their shares :)
The problem with RRS shares is that they have too many, 90 million were traded the other day after the farm-in was announced. Me thinkin that Range will have have to under some kind of BuyBack Scheme.
Buy Back Scheme is explained in the link below for anyone not understanding the term...

http://www.asic.gov.au/fido/fido.nsf/byheadline/What+happens+in+a+share+buy-back%3F?openDocument

We'll have to wait and see....

[thidoan]

Range will post another ANN soon and I have been told it will have a dramatic impact on their shares :)
The problem with RRS shares is that they have too many, 90 million were traded the other day after the farm-in was announced. Me thinkin that Range will have have to under some kind of BuyBack Scheme.
Buy Back Scheme is explained in the link below for anyone not understanding the term...

http://www.asic.gov.au/fido/fido.nsf/byheadline/What+happens+in+a+share+buy-back%3F?openDocument

We'll have to wait and see....

but isnt that the reason why range is having a 20-1 consolidation? :rolleyes:

[soul]

Range will post another ANN soon and I have been told it will have a dramatic impact on their shares :)
The problem with RRS shares is that they have too many, 90 million were traded the other day after the farm-in was announced. Me thinkin that Range will have have to under some kind of BuyBack Scheme.
Buy Back Scheme is explained in the link below for anyone not understanding the term...

http://www.asic.gov.au/fido/fido.nsf/byheadline/What+happens+in+a+share+buy-back%3F?openDocument

We'll have to wait and see....


sure they will have another ann soon, as drop dead date once again closing in

the ann would tell us if is another delay or JV is done

buyback scheme? they dont have the cash?

[soul]

Yup according the the plan 20 to 1 is happening before the AIM I think not too sure when but it will happen.

[PureCoco]

well that must be the announcement you were talking about. It went from 3 cents to over 50 cents on the 10th April. Would it have anything to do with the US$50m Canmex Joint Venture Completion ?

[M1llion]

I saw this as I was googling RRS

Check this out:

http://www.wallstreetreporter.com/profile.php?id=22990

[nhill]

Anyone still hold RRS?

Trying to make light of the past week or so. Stock has bounced back very strong, while at the same time substancial holders are changing.

Who else holds RRS? Do we see a future where they end up on the AIM, and also finally drill exploration weels with Canmex. When are the wells occuring?

[Royce]

Announcement out...completion of consort buyout,,shares up 12.5 cents.

Check new range web page...and horn energy report....valuation of $7.00

next few days will be very intersting


Royce

[M1llion]

Range was definatly lookin good today and i think will somehting to hold on to in the future.
this was released yesterday on the !!NEW!!Range Resources website:

http://www.rangeresources.com.au/fileadmin/user_upload/research_Reports/Research_Note_-_May_2007.pdf

i say with every cent that i make at work i wil buy and continue to buy RRS.
but then again, thats just me.

[ben73]

RRS is looking good again this morning amongst a sea of RED.
Strong volume too. 4 million shares traded is a big day for them and they have done 1/2 that in the first 30mins of trading today.

[M1llion]

RRS is looking good again this morning amongst a sea of RED.
Strong volume too. 4 million shares traded is a big day for them and they have done 1/2 that in the first 30mins of trading today.

Yeah i cant believe they are acctuly starting to do something. i wonder if it has anything to do with the new website LOL. highest price on record again

[Royce]

Looking good again today.. up 8.5 cents...strong overseas buying and announcement about aim listing any day now....interesting week coming up .

Royce

[M1llion]

I can not believe that this stock has been valued at $7.00 even higher by some people, and no one has jumped on the band wagon. i thought this stock would be on top of the list all day. People have to start realising that this stock is so under valued at the moment. :confused:

catch
ST1FLR:)

[hoagy]

I've been trying to follow the thread, but I'm a little lost. is this "20 to 1" a reverse split where you lose a lot of your investment/shares?

I have 8,000 shares.

Hoagy

[rub92me]

It was a 20 to 1 consolidation. I.e. if you were holding 8000 shares before consolidation date at 2.5 cents each, then after consolidation you were holding 400 shares at 50 cents each. If you bought your shares after this happened then it doesn't affect you at all.

[hoagy]

OK, Thanks. I thought this was an upcoming event and did not realize it has already occurred. I bought in on May 30, June 4, 2007.


Hoagy

[irish]

Has anyone any views on rrs today? Why is nothing happening? Seems the value is not being appreciated?
Irish

[hoagy]

It may be the military action between Puntland military forces with US Navy sea/air/ground forces v. the al quaeda forces is making investors nervous. As far as I know the US forces are still in Puntland (at the invitation of the Puntland government), and still hunting al qaida.
I have a google news alert for 'puntland'.
Hoagy

[porkpie324]

Rangr Res had presentation yest at the Gold Coast Resources seminar. The speaker kept talking about the tribal polical situation in Somalia, tread carefully here. porkpie

[Royce]

Has anyone any views on rrs today? Why is nothing happening? Seems the value is not being appreciated?
Irish

Most people are waiting for Information on AIMs listing & drilling timetable..won't be much movement until then...Not too sure why Aims listing is taking so long ..but thats typical of Range management.


Royce

[ghosty]

Canmex agm announcement should be posted

about 2 am Aussie time, hopefully with a drilling schedule ..

Aim listing now July/Aug

ghosty

[2laidbak]

new here was wondering what is going on this past week with range. any help would be appreciated. i notice there hasn't been any post in over a month here, was considering picking up a few. thanks, thomas

[binginbarrel]

I think you should get them now if you`re thinking about it.
I got some CFD`s in Range two weeks ago at 56cents and they haven`t looked back since.

Only my recommendation anyway, they could go either way.

[irish]

So what is going to happen this week? Any ideas? Looks like the share is already heading north. Maybe we will be converting the options after all. ??
AIM listing could be the reason but I've the impression there is more than that going on. Talk about last minute!

[ta2693]

I feel market is going to love this one again. big resource, low to medium chance of success. Market loves SDL, ADY, AAR. They are in the similar situation but different sector and industries. So I think RRS is going to have some good day in the near future.

if they hit the oil well, under $60 per barrel price, it is estimated the price of shares at $7 per share. right now, it is $90 per barrel. So it is a least worth $10 per share.

54c is ok for me to punt. does anyone here hold RRS?

[rub92me]

Don't hold, but have traded it in the past. I think your assessment of possible success as low to medium is a tad optimistic. Huge geo-political risk it being in Puntland. Long term it may all come good, and they do have some powerful backers.
I don't see many similarities with SDL, ADY, and AAR any more so than hundreds of other speccie hopefuls.
ADY has a proven JORC iron ore and Lithium resource and are producers.
AAR has proven gold and are producers. Potential for truckloads of other good stuff.
RRS hasn't drilled a hole anywhere yet...:2twocents

[Trade wind]

Am still holding a stake in RRS, mostly because I love the wild story behind this venture. Call me a romantic, but who can resist having a flutter in a place called Puntland?

You'd think they have hit bottom now, but it might pay to wait and see how they go on AIM. Uninspiring so far, and the latest capital raising at only 22p (50c) is an even less inspiring move by Range, but you'd think they'd hold at that price - today's 49c low on ASX looks like overselling.

These shares are all about news out of Somalia, or the lack of it. Somalian news is almost always bad - no news sees the price go up, bad news and it goes down. News is bad at the moment. Puntland is fighting independent Somaliland next door over a border dispute. On top of that, the prospect of striking oil has every politician/war lord in Somalia eyeing the RRS pie, and the central government in Somalia (different to Somaliland) is always threatening to overrule the Puntland provisional govt and renegotiate all mining contracts. But semi-autonomous Puntland would probably go it alone if it did, and Somalia is in too much of a mess to do anything at the moment. The current Puntland government is stable and RRS looks secure as long as they stay in power.

It all depends on whose got the guns! This one's a wild ride but with drilling planned for next year, and assuming border skirmishes with Somaliland settle down and don't get out of hand, RRS should take off again. All the talk about big oil prospects has me along for the ride, but this isn't one for the faint hearted.



I feel market is going to love this one again. big resource, low to medium chance of success. Market loves SDL, ADY, AAR. They are in the similar situation but different sector and industries. So I think RRS is going to have some good day in the near future.

if they hit the oil well, under $60 per barrel price, it is estimated the price of shares at $7 per share. right now, it is $90 per barrel. So it is a least worth $10 per share.

54c is ok for me to punt. does anyone here hold RRS?

[*Barney*]

As you say not for the fainthearted, but everything is falling into place very quickly and with an aggressive drilling programme ahead early 08, this is a blue sky speculative stock. Just have a look at the latest announcement re: operation update and the Fox Davies report (on range website) and you will see there is great potential in this stock. Great support by institutions and AOI is not a small operator. Political instability has been an issue with Range for a while but with the "resignation" of Gedi and President Yusuf "taking control" leads me to believe that the issue is being resolved. FD states a spec buy (price range $1.17 - $5.71) and don't forget this does not include minerals or offshore exploration. Keep this on your radar. DYOR.

[Wysiwyg]

RRS s.p. might languish until firm drill dates are known i think.The long term followers will be stoked there is talk of a drill within the next 4 months.The theory of Nogal & Darin valley basins being an extension of the Arabian and Yemen basins is yet to be proven so another very high risk / high reward play.


The two basins are believed to be part of a failed rift system and are analogous to the prolific Yemen rift system found across the Gulf of Aden. The two areas were joined some 18 million years ago and are considered to be a further extension of the Arabian basin. It is therefore believed that oil reserves found in the Cretaceous and Jurassic formations in Yemen could also be present in similar formations in Puntland.

[Trade wind]

I agree. Friday's announcement has firmed the drilling program, and Range are keen to keep us keen. That's not to say there aren't political risks but I certainly think its worth a punt.


As you say not for the fainthearted, but everything is falling into place very quickly and with an aggressive drilling programme ahead early 08, this is a blue sky speculative stock. Just have a look at the latest announcement re: operation update and the Fox Davies report (on range website) and you will see there is great potential in this stock. Great support by institutions and AOI is not a small operator. Political instability has been an issue with Range for a while but with the "resignation" of Gedi and President Yusuf "taking control" leads me to believe that the issue is being resolved. FD states a spec buy (price range $1.17 - $5.71) and don't forget this does not include minerals or offshore exploration. Keep this on your radar. DYOR.

[Trader Paul]

:)

Hi folks,

RRS ... exam time, so only some brief details, right now !~!

03122007 ... minor and positive news expected here,
about long-term changes ... ???

07122007 ... minor and positive ... finances???

21-24122007 ... Merry Christmas - expect VERY
significant news here, as a positive spotlight
is focused on RRS ... this should be BIIIGGGG
..... and right on the summer solstice, too !~!

27-31122007 ... looking for a BIG move upwards !~!

02012008 ... minor

09012008 ... minor

22012008 ... minor

25012008 ... significant and positive ... finances?

More later .....

have a great weekend

paul

:)

=====

[So_Cynical]

1/Jan/2005..Even with 320 mil shares they could easily hit 60 cents or more. I own RRS and should buy more at this ridiculously low price.
And almost 3 years later At 30/11/2007 Last Price 0.45
52-wk High 1.34 or about 95 cent according to ASX site anyway wow what a ride.

The Somalia side of the story is interesting.

[Trader Paul]

:)

Hi folks,

RRS ... exam time, so only some brief details, right now !~!

03122007 ... minor and positive news expected here,
about long-term changes ... ???

07122007 ... minor and positive ... finances???

21-24122007 ... Merry Christmas - expect VERY
significant news here, as a positive spotlight
is focused on RRS ... this should be BIIIGGGG
..... and right on the summer solstice, too !~!

27-31122007 ... looking for a BIG move upwards !~!

02012008 ... minor

09012008 ... minor

22012008 ... minor

25012008 ... significant and positive ... finances?

More later .....

have a great weekend

paul

:)

=====

:)

Hi folks,

As forecast ... the fuse has been lit and the powder is
burning, ahead of an anticipated explosive move for RRS,
around the summer solstice, next week ... !~!

have a great weekend

paul

:)

=====

[Trader Paul]

:)

Hi folks,

RRS ... exam time, so only some brief details, right now !~!

03122007 ... minor and positive news expected here,
about long-term changes ... ???

07122007 ... minor and positive ... finances???

21-24122007 ... Merry Christmas - expect VERY
significant news here, as a positive spotlight
is focused on RRS ... this should be BIIIGGGG
..... and right on the summer solstice, too !~!

27-31122007 ... looking for a BIG move upwards !~!

02012008 ... minor

09012008 ... minor

22012008 ... minor

25012008 ... significant and positive ... finances?

More later .....

have a great weekend

paul

:)

=====

:)

Hi folks,

RRS ..... so far, up 25% today, ahead of big news, expected
later this week ... :)

happy days

paul

:)

[So_Cynical]

:)

Hi folks,

RRS ..... so far, up 25% today, ahead of big news, expected
later this week ... :)

happy days

paul

:)
LOL... Todays Open 0.470- high 0.625. amazing

Well done...now i really do wish i got in last week, i went for the other
African speccy.:rolleyes:

[rub92me]

:)

Hi folks,

As forecast ... the fuse has been lit and the powder is
burning, ahead of an anticipated explosive move for RRS,
around the summer solstice, next week ... !~!

have a great weekend

paul

:)

=====
That's it, you'll be getting a new calendar for Christmas! The forecast was that positive things would happen on 3/12 and 7/12. Nothing did. No forecast was made for 17/12, so to claim what happened yesterday 'as forecast' is bending the facts a bit. Let's see what, if anything, happens 21-31/12 and then you can claim your victory. Looks like the burning fuse is stamped out by the wider market at the moment...

[Trader Paul]

Posted 30112007:

Hi folks,

RRS ... exam time, so only some brief details, right now !~!

03122007 ... minor and positive news expected here,
about long-term changes ... ???

07122007 ... minor and positive ... finances???

21-24122007 ... Merry Christmas - expect VERY
significant news here, as a positive spotlight
is focused on RRS ... this should be BIIIGGGG
..... and right on the summer solstice, too !~!

27-31122007 ... looking for a BIG move upwards !~!

02012008 ... minor

09012008 ... minor

22012008 ... minor

25012008 ... significant and positive ... finances?

More later .....

have a great weekend

paul

=====

:)

Hi folks,

RRS ... posted 30112007:

"25012008 ... significant and positive cycle ... finances?"

... so, we'll be alert for some positive RRS news/moves, over
the next couple of days ..... :)

happy days

paul

:)

=====

[rub92me]

Well, no positive (finance) news end of January. News of delays yesterday though and now won't start drilling until July. Will have another look then, but they don't appear to have much else happening in between. Shareprice heading to long time lows today.

[trillionaire#1]

what the hells going on with range resources,

trading halt on the 22nd for a pending significant change in management
now on the 24th suspended from official quotation pending an announcment
regarding management changes.

maybe the somalian pirates have kidnapped the board and placed BLACKBEARD
as new ceo.arrrrgggghhhh.

[So_Cynical]

Range Resources in the news the other day.

http://business.theage.com.au/business/mining-firm-tied-to-somali-oil-pirates-20081119-6bld.html

November 20, 2008 - Mining firm tied to Somali oil pirates

AN AUSTRALIAN mining company has paid millions of dollars in controversial
fees to Somali rebels responsible for a surge in international piracy.

After signing a heads of agreement with Puntland's government in October
2005, Range Resources paid $US1.5 million up front, 17 monthly payments
of $US200,000 and an additional one-off $US1 million.

etc

[trillionaire#1]

Range Resources partner in oil/gas explorations of Puntland, Africa Oil corp
has stopped exploration for lack of funds local staff have said today.
www.reuters.com/article/rbssEnergyNews
The company had started seismic mapping in a region it believed had
strong prospects of holding rich oil deposits like those in geologically
similar Yemen,a neighbour across the gulf of Aden.

"Africa oil corp has failed in its objective due to lack of funds"Ahmed Ali
a local staff member told Reuters.We have not received salaries for three
months.Foreign staff have already flown out and the company has stopped
its operation."
A local policeman who worked for Africa oils security unit said he and local
colleagues had impounded the companys equipment until their dues were paid.
---------------------------------------------------------------------------------------
Range resources has an MOU with Africal oil in relation to spending us$50million for an 80% farm in to exploring 2 main basin areas in Puntland.

This Puntland deal has been one saga after another.
will/can Range find another farm in partner or will they head off for a bold new adventure elsewhere?

Ill keep my small parcel just in case this becomes the next poseiden NL;):D

[pilots]

RRS, is just one more the ramp team at HC got wrong. You can make good money on the ramp team, but the minute the team, leader stops posting on it get out.

[baxman]

The pro Puntland leader of the TFG has recently resigned after he was accused of being an obstacle to peace in the region [Source (http://uk.reuters.com/article/topNews/idUKTRE4BS1VS20081229)]. Warlord Abdilahi Yusuf will be replaced by either the opposition leader Sheekh Sherif Sheekh Ahmed or the current Prime Minister of the TFG Mr. Nur Hassan Hussein.

Both Sheekh Sherif and Nuur Hassan are from the Hawiye clan who control Mogadishu. Unlike the Daarood clan in Puntland the Hawiye clan is a centralist who want to establish a centralist government in which they will rule the country from the capital.

[prozac]

Been a bit quiet on this thread for a while. Understandable given the bumpy ride.

Observing the high stock volumes being traded at present, 19m traded today on ASX and about 15m on the London AIM last night. The ASX volume today is more than the total traded over the past week, and that has been higher than normal.

Something must be afoot to generate this amount of interest.

I would include a chart if I had some fancy way to aquire and post one.:)

[prozac]

The operator in Puntland for Range, Africa Oil Corporation of Canada announced today it's President Rick Schmitt has "resigned", to be replaced by it's CEO Keith Hill who is by all reports a much nicer human being.
http://cnrp.marketwire.com/client/africa_oil/release.jsp?year=2009&actionFor=1062772&releaseSeq=0

Word is that Scmitt was not much liked or trusted by the the Puntland govt., and perhaps this has been the reason for delays in Africa Oil obtaining an agreement to commence drilling operations. Trust is a large part of Somali culture. I guess President Farole is just a good judge of character.:)

[prozac]

Market reaction to news of the Texas drill (Smith #1) has been subdued IMO. I think within a month or 2 this well will be providing Range a regular steady income which will support Range's other activities.

The arrangement Range has with the operator Crest Resources provides for continued JV within the license area. I think it will also lead into other Texas opportunities with other operators. Keep an eye on this one up to Xmas for more positive news.:)

[prozac]

Range have begun to firm on the recent news. That is the Texas discovery, and the Ratification of PSA between the Puntland Govt., Range and Canadian operator Africa Oil.
Also the seismic survey of the Georgia blocks has commenced and is expected to complete early.

More news toward the end January, early Feb should be the tie-in of the Texas well to the pipeline and disclosure of daily flow rate from Smith #1 well for both oil and gas. This will be the first income earned by Range and should be received well by the market IMO.

[prozac]

Did i mention (no I didn't....:)) that the options RRSO are trading at around 4c under the shares at 2.3c. I think this represents a great opportunity to leverage into Range as the strike price is 5c and the options have 2 full years left to run, expiring on 31/12/2011.

Just quickly, if the shares run to 30c then the options could be expected to be say 25c to as high as 28c? This would allow a max of 5c for the premium. In that case then the shares would have improved about 5 times from today's close of 6.3c, whilst the options would have improved by around 11 times if they traded at the same time for 25c.

I welcome any opinion. :)

[craigj]

trading halt announced with a rights entitlement

interesting time of the year to do this right in between the holiday period

[oliviaxanadu]

Is anyone still investing here?

This stock is top of the ADVFN Australian hot stock yet the Aussie forum seems completely empty.

[Joe Blow]

Is anyone still investing here?

This stock is top of the ADVFN Australian hot stock yet the Aussie forum seems completely empty.

Olivia, I realise you're new here, but please be aware that we require those posting in stock threads to contribute some meaningful content.

If you have a positive view of RRS then please explain why you feel this way.

[noirua]

Range Resources is an Australian Company ASX:RRS that is also quoted on London's AIM market AIM:RRL. It is an oil and gas explorer in Puntland, Somali; The Republic of Georgia and Texas. Raised A$2 million in January.
http://www.rangeresources.com.au

[moses]

jumped 25% today on news, highlight below:

Independent Reserves Report Confirms Significant Find at North Chapman Ranch Field
Highlights:
• •
Independent Petroleum Engineers, Lonquist & Co LLC, have completed an independent reserves and valuation report on the North Chapman Ranch Field in Nueces County, Texas, USA Reserves report estimates total gross commercially recoverable Reserves (1P, 2P and 3P) of the North Chapman Ranch Field:
• • •
215 Bcf of natural gas (attributable to Range – 45 Bcf) 15.9 mmbbl of oil (attributable to Range – 3.3 mmbbls) 15.5 mmbbl of natural gas liquids (attributable to Range – 3.2 mmbbls)
• The planned multi‐well program is anticipated to move Possible (P3) Reserves into the Probable (P2) and Proved (P1) Reserve categories
• Independent PW10 DCF valuation of Range’s net interest of US$226m

[prozac]

Range should be in for an interesting few weeks. For starters the fraccing of Smith #1 well in texas (North Chapman Ranch) has finished and there will be news on the perforating of the other 2 zones in the well and the co-mingling. Maybe there will be some flow rates. Next also in North Chapman ranch will be the russell-bevly well report at TD. All that news is probably over the next 2 weeks.

After that will be news of the seismic results for georgia, and maybe news on a farm-in partner or drilling program, or both. News soon too on Africa Oil's rig mobilisation in Puntland, Somalia.

Have I missed something? I am sure i have. Oh yes the rumoured buy-out of Straits resources by Range looks to have legs following a write-up by Peter Nesveda of Iintuitive this week regarding same.

[Wysiwyg]

After that will be news of the seismic results for georgia, and maybe news on a farm-in partner or drilling program, or both. News soon too on Africa Oil's rig mobilisation in Puntland, Somalia.

It must be a few years ago now I saw some photos of the crew on the ground in Puntland with the drilling equipment 'being mobilised'. Unless that was a mock up photo to keep everyone interested. I will have a dig around in the archives for the photo as I have a distaste for these dog oilers and the bulldung they print.

p.s. no it was the seismic truck convoy in photo. But this also.


Rig mobilisation for Dharoor planned for 4th quarter of 2009. Minimum of 2 back to back wells followed by 2 wells in Nogal Valley.

Oh and Landau was on the board of NUENCO NL(name since changed) another dog stock oiler.

[prozac]

I hope things have changed then. I would hate to think it is another false alarm and Range treads water for another year.

[prozac]

Boy, things can happen slowly in the O&G industry. There may be some news out this week at least with the impending release of the quarterly report due 30 July.

News of flow rates from North Chapman Ranch wells could be included. The first well, Smith #1 has taken much longer to bring back on line after fraccing of all 3 producing zones due to extreme caution being exercised by operator Crest Resources. This is because of very high bottom well pressures which were the cause of the collapse of the original deep well drilled by Crest more than a year ago.

As a result of this now invaluable experience Crest are taking their time releasing the choke on the Smith #1 well as the high well pressure if released too quickly will create a region of very low pressure (a vacuum) higher up the well casing which could cause the casing to collapse by implosion! This well is likely to show very good flow rates once back on line.

590m away the Russel Bevly appraisal well is also due to be reported. With a greater pay-zone encountered than Smith #1 it is likely to produce better reserves as well. The pay zone for RB is reported as being 130' in total.

In the North of Texas at Cotton Valley word is expected on the commencement of horizontal drilling from the first well in place. Hydrocarbons have been discovered and the construction of a horizontal well will enable the field resource to be better accessed.

[prozac]

This has been a bit of an orphan with no-one dropping in for some months so i thought I would resurrect a thread for Range.

For those that do not know this is a dual listed stock with representation on both the ASX and on London's AIM market for 2nd tier companies where it's code is LSE:RRL. To set the mood the total shares traded on ASX yesterday 20 Sept 2010 was about 300,000. Not much. Last night however on the AIM it traded 28m shares and was up at one point by around 13% but settled the day up around 10%. Today on ASX mid afternoon the SP is also up by about 12-13% at 9.4c with 3m traded.

What has suddenly breathed life into this stock? There are a number of announcements due over the coming months that shareholders have been told to expect, but just when is anybody's guess and perhaps that is what the markets are doing right now.:)

[Balder]

Latest update shows P1 Texas resrves up 67% this comes on top of an upbeat directors report, ECV to be spudded later this month, who knows what J.V in Puntland to be announced? Not to forget Georgia etc

So whats the negatives? It is a quiet board, came here looking for some help as to downside risk, personally can't find any at this level.

[prozac]

Latest update shows ..............

So whats the negatives? It is a quiet board, came here looking for some help as to downside risk, personally can't find any at this level.

Looking at the current shareprice you would think there were lots of negatives. Very few shares turning-over on ASX and even in London the volumes are well down on average. News is the driver and there just isn't any.......at all.

I bought more over the past 2 days as i think news must be any day on seismic results for Republic of Georgia, and who knows they may even announce that a drilling company has been chosen to drill the first georgia well and is on it's way to the drill site! Fingers crossed.

[Balder]

Looking at the current shareprice you would think there were lots of negatives. Very few shares turning-over on ASX and even in London the volumes are well down on average. News is the driver and there just isn't any.......at all.

I bought more over the past 2 days as i think news must be any day on seismic results for Republic of Georgia, and who knows they may even announce that a drilling company has been chosen to drill the first georgia well and is on it's way to the drill site! Fingers crossed.

Hi Prozac,

Did wonder if it was a case Peter Landau in Australia had maybe over promised in the past? Puntland seems discounted as nothing happening for now as per http://www.africaoilcorp.com/s/Presentation.asp

Georgia's uncertainty seems reflected with the price, but could be anything and Texas is generating cashflow. Just seems like there is massive caution probably based on operating areas more than anything else. Gerogia looks the driver but scratching around to find any expectations and can't see much downside with Texas operation, though inevitably if Georgia doesn't excite the market will no doubt punish.

Was fishing for views on downside though.

[prozac]

Balder, i do not see much downside from here. As I said i have been buying more this past week as the price is only weak on lack of news.

The market has already punished for non-performance in Puntland. Texas North Chapman Ranch is a champion, pound for pound a performer that will pay the office operating costs very soon and much more over the coming year. Not understood by the market at all.

Trinidad when it gets absorbed into the company structure will have a high rate of return. The formula is simple; it produces now and has cash-flow which if returned into cap-ex will return better dividends in around 2 years.

Georgia. I feel this is the elephant in the room right now. There is so much expectation of something happening that the lack of news is crippling the share-price. Perhaps better not to have suggested a time-line at all and the share-price may have remained stronger. As it is the company is waiting on the seismic interpretation for the drill targets if it does not have these already. Once these are considered expect them to announce drillers have been contracted and the show is on the road. I would expect this would have to happen very very soon. That is why I have been buying whilst the shareprice has been loveless.

[Balder]

Prozac your elephant in the room called Georgia would be nice. Not trying to talk it down or anything, but that's just it, Georgia could be anything and for now appears zero value.

Did you see this recent broker note by Old Park? Know they should be taken with a large shovel, but suppose what i'm getting at, the Texas finds virtually underpin the price if taken as per these figures (found O.P to be reasonably conservative, given rightly also had a low puntland expectation).

http://www.rangeresources.com.au/fileadmin/user_upload/research_Reports/RRL_08-10-10.pdf

[prozac]

You're right Balder, the shareprice is totally underpinned by the Texas licenses with little or no regard given to the potential value of Somalia or Georgia. Hopefully the seismic report for Georgia will be signed-off in the next couple of weeks and a report released for investors to re-assess their goals. Everything I have read about Georgia suggests it's oil and gas potential, whilst largely unrecognised could be sizable.

Frontera have had mixed results in the east of Georgia in the Kura field. I would suggest that this has little correlation to Range as firstly Frontera is burdened by debt and secondly are operating in completely different geology.

Range has no debt and the field being targetted, the 'Rioni' field has been written about as having some potential analogous with exploration results on the northern (Russian) side of the Caucuses (1.). Rioni basin is on the southern or Georgian side of the Caucuses. The report quoted suggests similar discoveries on the Russian side are at only 2,500-3,000m depth, having 50% recoverable reserves, and daily flow rates between 3,000-15,000bbl. I would be delighted if Range made a discovery, producing at the lower end of that scale. Then Georgia would factor in the share-price!


Source: (1.) "Cretaceous Play - New Exploration Potential in the Eastern Georgia" D.Morariu & V.Noual

[prozac]

The quarterly report released Friday was reassuring across a number of subjects. Firstly the company carries no debt and has $7.98m in the bank. That is enough to pay for it's first well commitment in the Republic of Georgia without the need to raise further capital at this level. That is significant as the company could be re-rated if the well is successful.

It looks like this may well be the case with the company announcing it had been provided by its seismic analyst RPS a total of 58 possible targets with "the most prospective 6 specific targets awaiting the final report from RPS, which will provide an assessment of the potential recoverable volumes of these targets.". Noting that "The Company is extremely excited about the identified prospects and is eagerly awaiting the final report from RPS, which is anticipated to be received in the coming weeks."

So the quarterly is either a beat-up or indeed the company has good reason to be genuinely excited about Georgia. The coming weeks will be the deciding factor once the RPS report is released. If it is all the quarterly suggests then this could attract the right attention that will see the share price heading north once more.

The Texas license in North Chapman Ranch (NCR) has been producing well and according to the company the 2 existing wells are about to undergo a work-over with the fraccing team to move back in soon to open up more producing zones in these wells. The Russell Bevly well "continued to perform above expectations" however from just the one 11ft thick zone. It has 3 more pay zones which will be perforated in the work-over.

The next well in the NCR program is expected to be spudded by January 2011.

No updates on Puntland however, and it seems the company is getting it's updates on this project from the same place the shareholders are, from the Africa Oil presentations. A sad indictment of the working relationship between these 2 companies. Just as well Range had the foresight and acumen to de-risk itself over the past 2 years into new regions that could prove company makers in their own right.

[Balder]

Think the s.p of the last few days is saying Texas now finally (almost) underpins the value.

The lack of clarity on Puntland suggests as you say AOI is the only source of information and with that, might as well forget it for at least 6 months or more i.m.o

Georgia is a complete unknown, which seems a gamble, but worth taking and i've also been loading up, given the quarterly report on Texas. Thanks for sharing your thoughts, you have company fella.

[Balder]

[QUOTE=prozac;587535]Georgia. I feel this is the elephant in the room right now. QUOTE]

The elephant just jumped in front of the camera stark butt naked and it's waving a big sign Prozac!

From Oilbarrel presentation:

2 Billion barrels o.i.p, 600m recoverable (give or take a few mill) :p: thats just a conservative recovery of 30%.

6 immediate drill targets with 728 mill o.i.p (50% due to Range!)

Even better, well planning advanced, contractors identified - expect more news on this front soon enough.

WOW!

[prozac]

Well I did warn you he was hiding in there somewhere Balder. :D Now, there may be some other critters hiding behind that pile of books over there as well.

I won't try and predict any price momentum as that is quite pointless. For anyone just dropping in for the first time read the extract of the Georgia Paper I posted earlier for the potential of this asset. The market has not yet had time to swallow yet alone digest this news, and after the company present tonight at the Oilbarrel Conference in London there may be more than a few institutions who rue not having paid attention earlier and taken a position just in case. They will be scrambling for the exits by the time the presentation is over, trying to beat the headlines.

It needs to be remembered that this is listed on both the ASX and the LSE AIM market. Two thirds of the issued capital has migrated to LSE (68%) already with roughly only 300m shares left on ASX. Trade on the London exchange tonight may be brisk and it will be interesting to see how this affects the shareprice on the ASX tomorrow.

[prozac]

..............................................
It needs to be remembered that this is listed on both the ASX and the LSE AIM market. Two thirds of the issued capital has migrated to LSE (68%) already with roughly only 300m shares left on ASX. Trade on the London exchange tonight may be brisk and it will be interesting to see how this affects the shareprice on the ASX tomorrow.

Brisk, well that was an understatement!!! Approximately 20% of the issued capital currently held in the UK traded on Thursday in a what could only be described as feverish turnover. 164 million shares of 810m on LSE changed hands.

Certainly the chart has a gap to fill and the story now has to be taken-up in old Blighty, but it is apparent the Brits have a hunger for oil minnows with big prospects such as Range Resources and it will be interesting as this story unfolds over the coming months. This sort of trade cannot be ignored by the institutions and I think a gradual take-up of shares will occur now the initial flurry has subsided with higher average turnover now the norm.

Will this then lead to inclusion in the LSE All Aim Index, something akin to the ASX 200? If it does then every fund manager of UK weighted-funds will have to add Range to his or her fund. News of commencement of a Georgian drilling campaign will further fuel demand, and a successful drill will establish a stronger base for the share price.

Watch this space, but don't blink.

[prozac]

Thought some may be interested in some Georgia statistics.

Georgia Gas Consumption
1999 41Bcf
2008 61Bcf purportedly all imported

Georgia Oil
2000 Produced 2,200 barrels per day (bbl/d)
2008 Producing 980 barrels per day (bbl/d)

2008 Oil Imports 12,000 barrels per day (bbl/d)

In 2000 Georgia imported 98% of its natural gas requirements. In the drought of 2000 Georgia could not produce enough hydro power to supply it's capital Tbilisi, and because Turkmenistan and Russia had stopped supplying gas due to non-payment Georgian citizens across the country were restricted to less than 6 hrs of power per day. This in the midst of the Georgian winter with daily sub-zero temperatures. In reality the residents of Tbilisi, Georgia's capital received only around 2 hrs of power per day.

Even today Georgia is still considered to owe substantial sums for imported gas which remains unpaid. Georgia desperately needs a reliable supply of natural gas!

Range could probably sell every last cubic centimeter of gas it could produce to the Georgian Republic.

That nice I hear you say, so Range can sell some product. That's right but here's the rub. Range will probably be looking to commercialise any gas off-take from it's first well straight into the Georgian domestic network to immediately subsidise it's drilling program. Exepct this to be sooner rather than later and the first well to be not the most prospective, but the target most suitably located to supplying the domestic gas network of nearby city Kutaisi.

[prozac]

Range's Georgia play is running on track and just waiting on the final report from RPS. Meanwhile the company has not been sitting on it's hands and is n advanced stages of target work-up, with well and well-head design completed and ready to implement upon confirmation of these targets by RPS. I incorrectly suggested in last post the first well may not be the most prospective. Of-course Range would want to increase their Chance of Success of the first well to be as high as is possible and so will be targetting the most prospective location. The fact is the 6 targets selected are all reasonably well located anyway, and some are naturally better than others. Some of these targets are expected to turn out to be "stacked wells" where more than one field is expected to be intersected.

Texas NCR is only being held back by the lack of securing a fracing team. These specialists are in high demand in America at the moment so it is a matter of just waiting your turn. The oil majors seem to have these blokes tied up right now. When they are able to get on location they will perforate the remaining 3 zones of the Russel Bevly well & also re-visit the Smith #1 well in which the original frac remains incomplete. This came about because the individual zones were not isolated from one another when the frac job was performed. The well has not been performing to the model forcast, and when re-fraced flow rates should improve dramatically by all reports.

The new Albright well is soon to be spudded and will test Anderson Field.

Each new well in Texas NCR is costing Range $1m on a pro-rata basis. Once producing each is anticipated to return $2m p.a. after Opex, Capex, and royalties / taxes. Tidy.:)

[Balder]

News of commencement of a Georgian drilling campaign will further fuel demand, and a successful drill will establish a stronger base for the share price.



News being helium mapping? Now that's interesting, seems the Russian big boys have used this to a high success rate.

[prozac]

balder, helium testing relies on the fact that Helium as a basic element helium forms no bonds or compounds with any other elements, unlike hydrogen which is not too selective in its associations. It is possible to measure with some precision the absorption of helium within water, within oil and within gas.

Uranium and other radioactive substances within the earths crust give off helium. The passage of Helium is not impeded by fault lines or by chloride domes, crystaline structures etc. By measuring the concentration of helium in surface sub-soil over a grid of say 100m x 100m it is possible to determine the nature of any water, oil or gas structure through which the helium may have passed.

A bit Shirley MacLaine but evidently it does work.

[prozac]

This interview was released today and worth the watch imo.
http://www.rangeresources.com.au/MiningMaven-Interview-with-Peter-Landau.101.0.html

[Balder]

This interview was released today and worth the watch imo.
http://www.rangeresources.com.au/MiningMaven-Interview-with-Peter-Landau.101.0.html

Cotton Valley almost overdue then as next news?

[prozac]

Cotton Valley almost overdue then as next news?

I think Cotton Valley will pale into insignificance with other news-flow announcements. Don't get me wrong, ECV (East Cotton Valley) is a great return on capital (8-10 times investment), but it is small by comparison to the other projects.

Range will increase their holding in ECV 13% to 20%. Does this suggest that Crest the operator are strapped for cash, which is the reason Range got a stake in this project at an attractive rate in the first place? Is this partly the reason for delays in the North Chapman Ranch (NCR) licenses, Crest (a small private company) are short on available cash? Maybe we will see Range taking a larger percentage interest in NCR which is now essentially self-funding.

[Balder]

I think Cotton Valley will pale into insignificance with other news-flow announcements. Don't get me wrong, ECV (East Cotton Valley) is a great return on capital (8-10 times investment), but it is small by comparison to the other projects.

Range will increase their holding in ECV 13% to 20%. Does this suggest that Crest the operator are strapped for cash, which is the reason Range got a stake in this project at an attractive rate in the first place? Is this partly the reason for delays in the North Chapman Ranch (NCR) licenses, Crest (a small private company) are short on available cash? Maybe we will see Range taking a larger percentage interest in NCR which is now essentially self-funding.

Not sure on a larger stake in NCR when they had to reduce from 25-20% not that long ago; are they really that strapped?

However, many mutterings on Range's Trinidad partner issues being resolved soon-ish seem to be adding to the Georgia expectation pre new year.

EDIT: Take it you noticed P.L's mining maven interview?
http://www.rangeresources.com.au/MiningMaven-Interview-with-Peter-Landau.101.0.html

[prozac]

Not sure on a larger stake in NCR when they had to reduce from 25-20% not that long ago; are they really that strapped?

However, many mutterings on Range's Trinidad partner issues being resolved soon-ish seem to be adding to the Georgia expectation pre new year.

EDIT: Take it you noticed P.L's mining maven interview?
http://www.rangeresources.com.au/MiningMaven-Interview-with-Peter-Landau.101.0.html

Balder the reason Range had to reduce from 25-20% on subsequent NCR drills had to do with the original farm-in agreement that allowed for a claw-back to this level on future wells. I do not know fully the extent of this agreement except to say that there are 2 other partners in the farm in and perhaps the claw-back somehow relates to them. Regardless I consder that the license owner/operator would always try and excersize it's power of this clause for want of owning the biggest slice of the pie. I do not think that they have elected yet to state the arrangement for the next well, so it is not conclusive if they have the capital available or not.

In any event I am expecting a stellar performance and I have picked this stock for the January competition as I think there will be plethora of announcements over the coming month and that some will affect the share price.:)

[Balder]

Prozac, yes it was the claw back that made me question whether they were cash strapped? Should have explained my thoughts better, but agree it's inconclusive. Either way there is enough going on with Range. Just wondering if Trindad might move quicker than many think, small beer on the scale of other's, but more to the pot.

[prozac]

Prozac, yes it was the claw back that made me question whether they were cash strapped? Should have explained my thoughts better, but agree it's inconclusive. Either way there is enough going on with Range. Just wondering if Trindad might move quicker than many think, small beer on the scale of other's, but more to the pot.

Balder, I don't think Trinidad will be small beer. In fact I think it may be quite sizable and will surpise many.:)

This month (January) I believe will see a huge re-rating of the share price as the company are due to provide a raft of announcements that should see the release of 2 a week. Mostly these will be significant in nature imo.

[Balder]

This month (January) I believe will see a huge re-rating of the share price as the company are due to provide a raft of announcements that should see the release of 2 a week. Mostly these will be significant in nature imo.

Duly confirmed today :rolleyes:

Like the subtle reference to the fact it has recieved a "2011 stock to watch" tip in the U.K

1c a day will need a breather at some point, do you think farm-ins will be the way forward to raising additional finance? Be good to clear that intention up with Georgia data.

[Balder]

So far then ECV increased stake confirmed and now Puntland extension to give a "little" more time. One wonders why :rolleyes:

NCR spud news should come in before the month end, hopefully Georgia news soon? Will they possibly announce rig news with helium mapping findings do you think Prozac?

[prozac]

So far then ECV increased stake confirmed and now Puntland extension to give a "little" more time. One wonders why :rolleyes:

NCR spud news should come in before the month end, hopefully Georgia news soon? Will they possibly announce rig news with helium mapping findings do you think Prozac?

The Perfect Storm
Balder, I may have mentioned I thought January would be when it all happened. Now we have all the conditions for the perfect storm imo. I believe in the next 2 weeks we will get the results of the Helium Survey in concert with the Siesmic Survey results for Georgia to confirm the drill targets. The company has stated as much. This would logically be followed with an announcement of rig mobilisation for Georgia. Trinidad should warrant a mention but perhaps should be removed from the equation as Range do not have full control over the timing of Trinie given Monitor Energy need to finalise their financing. But the last one could be from left field.

Did you notice in todays announcement of the granting of the extension of PSA in Puntland the timeframe for the dates by which drilling must commence? 27 July for 1st drill and 27 September for 2nd drill. Drilling of similar depth targets in neighbouring countries usually runs to 4 or 5 months. To spud the 2nd well by the due date I would suspect the 1st well would need to be drilled almost immediately. Let's say 1st well spuds on 1st March. Drilling takes 5 months. This takes you to 1st August, leaving only 1 month and 26 days to dismantle the rig move to the new location and set up again ready to drill by 27 September. I would expect, and I do not have a road map of Puntland nor the location of the targets, moving the rig location would be easiy a six week affair. This does not leave much contingency. So we are drilling by say 1st March, but that is only 6 weeks away!!! This could be the final part to the perfect storm imo.

[prozac]

I stand corrected on time-frames. What follows is a post on another bb by someone I can vouch for, "mingle3" on the advfn board. Some time back he made contact with a geologist employed to study seismic in various east african locations. This is their most recent correspondence with an explanation to begin.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Most of you longtermers will remember about a year ago I had correspondence with the gentleman that carried out the World Bank coordinated study in 1991 which was intended to encourage private investment in the petroleum potential of eight African nations where Somalia and the Sudan topped the list of potential commercial oil producers! His name is Thomas O'connor......

To refresh your memory you can see the email/post here:

http://rangeresources.narutorpg.org/t7-oil-in-puntland-mr-right

Today I decided to follow him up and ask him a few questions on whether he thinks it would be possible to drill both exploration wells as set out in yesterdays RNS before the expiry dates. His response was very informative and helpful............Here it is!

Dear Thomas

I hope you are keeping well and enjoying life.

Do you remember I emailed you a while back regarding oil in Puntland and the complications drilling in such an area could prove to be due to the Geology??

Our Operator Africa Oil have stated that they will drill two exploration wells this year, One must spud before the 27th of July, the second must spud before the 27th of September. Looking at the dates do you think it would be possible to drill the first well and then relocate the rig to spud the second well before the dates set out. How long does it take to drill a exploration well in this kind of Geology? Looking over recent drills in similar ares it takes 5-6months minimum and usually some difficulty occurs due to high gas pressures. What is your View? The basins where we will be drilling are Dahroor and Nugal.

I hope you can offer any information and many thanks for taking the time,

Kind Regards

xxxxx
-----------------------------------------------------------------------
Yes, good morning xxxxxxx:

I too saw the note regarding Africa Oil's drilling plans in yesterday's trade press and had the same thoughts as you have had. On reflection however, my thinking has changed somewhat.

As you recall, Africa Oil had planned to drill its first well, at Dahour, I think, last summer. I have not heard anything direct from Africa Oil since I met with them last Easter, so the remainder of what I have to say is speculation.

Firstly, there appears to have been an issue with commencing the well last year; this could either be a case of rig non-availability, in which the rig had to be used elsewhere first, or something to do with political risk and/or security. Either case is equally possible.

Secondly, in the type of area in which Africa Oil is operating, these things are fairly common and work obligations are often renegotiated with the Government. This appears to be the case here, in which, in return for extending the "Drill before" date for the first well, AO has agreed to drill the second well immediately thereafter, without releasing the rig, evaluating the results of the first well and making fine tuning adjustments to the second well location. Since the two wells are in what are thought to be two different basins, this is a reasonable compromise.

I have briefly seen the seismic from the first location, but not the second; as I recall neither well were programmed to go too deep; something on the order of 9,000 feet comes to mind. This is not a great depth, does not require a large, heavy duty rig and depending on the rocks encountered, 60 days should be sufficient to drill, evaluate, cap/plug the well and move the rig to the second location.

Unless there are major and unanticipated problems with the drilling, I don't see where either well should take longer than 30-45 days from spud to completion. The information which you have referred to, seems to me to be inappropriate. Having said that however, very little is known of the subsurface in Puntland and analogies made from elsewhere such as southern Sudan or Yemen ............(continued next post)

[prozac]

continued from previous post...........................................

Unless there are major and unanticipated problems with the drilling, I don't see where either well should take longer than 30-45 days from spud to completion. The information which you have referred to, seems to me to be inappropriate. Having said that however, very little is known of the subsurface in Puntland and analogies made from elsewhere such as southern Sudan or Yemen may or may not be relevant. If you could provide me with the general location of the similar areas in which there was high pressure gas, I will provide whatever information I can regarding the appropriateness of the comparison. At the moment, I don't think there is much indication of high pressure gas in either proposed location, but that is of course, speculation.

Having said that, 60 days is a tight schedule; there are likely few roads between the first and second location and considerable work will have to be done on the transportation infrastructure during the drilling of the first well in order to accommodate the rig move.

The worst case scenario is that, should there be a timing problem with the commencement of the second well, the deadline will have to be renegotiated. It is in the Government's best interest to have the second well drilled, rather than revoke the license for non-compliance. In order to achieve governmental concurrence, there will clearly have to be an inducement to the Government to accommodate AO in this case, and that could entail either additional work, or a cash bonus.

My guess is that AO is committed to start the first well by the agreed upon date and it would be very difficult to renegotiate that date, in contrast to the second spud date.

I hope that this has helped you in your thinking. Good luck and please let me know what happens.

All the best,

Tom O'Connor

[Balder]

I stand corrected on time-frames.

Thanks those posts look fairly genuine, well no reason to suspect they are not.

As for your timeframes, you might be readjusting again next week? Interesting news on Red Emporer capital raising, now how much and what can that possibly be for :rolleyes:

[prozac]

Thanks those posts look fairly genuine, well no reason to suspect they are not.

As for your timeframes, you might be readjusting again next week? Interesting news on Red Emporer capital raising, now how much and what can that possibly be for :rolleyes:


It looks as if they will target a depth of approx 8,000'now instead of the original 14,800'. The well I believe will still take around 45 days to drill + 6 weeks mobilsing at start + 4-6 weeks strip-down re-camp.

I do not change my view that rig-mob will commence in next few weeks.:)

[prozac]

Thanks those posts look fairly genuine, well no reason to suspect they are not.

As for your timeframes, you might be readjusting again next week? Interesting news on Red Emporer capital raising, now how much and what can that possibly be for :rolleyes:

Balder i realise I did not directly answer your question re Red Emperor cap raising. No doubt this will be to raise funds to participate in Georgia drills. RMP share is 40% of drill costs to a maximum (capped) of $5.6m. The question is will they raise the full $10m allowed for in their last AGM, resolution 4., or will they just raise what is necessary for this drill, $7-8m approx.? I wouldn't think they would want to dilute any more than necessary.

Oh I see...I just noticed your roll-eyes after the question! Never mind, I'll leave it in as some might find it useful. :)

[prozac]

Announcement today regarding ongoing funding and a new free-carry arrangement for Puntland - http://www.asx.com.au/asxpdf/20110127/pdf/41wcyr30885x1l.pdf

Precis;
1. Range get free carry by AOI on 2nd Puntland drill to tune of US$15m in lieu of current spending shortfall by AOI.
2. Range have secured a 3 year Equity Line Facility for £20m for ongoing capital requirements. Only drawn down on an as-needed basis. No debt established as draw-downs will be exchanged for shares at 7% discount to market at the time of each draw-down which will be at a time of Range's choosing.

This is GREAT news as it enables some certainty regarding funding as and when needed and also mitigates Range's finacial commitment in Puntland.

[Balder]

Prozac are you looking at the Red emporer $0.20c shares or trying to, my broker is not being very helpful.

Wondered if you had any joy or was of interest?

[prozac]

Prozac are you looking at the Red emporer $0.20c shares or trying to, my broker is not being very helpful.

Wondered if you had any joy or was of interest?

They are not offering a great many to supporters. :mad: Seems it is a case of looking after the bigger institutions first which does not seem to be the way to reward those who are taking the larger commensurate risk (the smaller bloke). :(

There is only $800k up to a possible $1.8m available to shareholders of Range and RMP, though they haven't actually made the offer to RMP share holders.

I will make the observation that there was keen interest in RMP today with 500,000 shares sold, on the higher side than normal and at an 8% plus higher share price. Makes me wonder if Range are only a day or two away from making another significant announcement.:(

[Balder]

Apparently high net worth individuals, who have a couple of grand in loose change :o

Guess those with a few cents wait , bring on the drill bit!

[Balder]

Summary interview from P.L

http://www.iii.co.uk/tv/