Range reassures investors over Puntland progress

[AYOUB]

Range Resources*(RRL) released a statement to the market on Wednesday stating that it was aware of negative statements and commentary being circulated in respect of progress with the Shabeel-1 well currently being drilled in Puntland.

 

"The company wishes to confirm that the well has not yet reached depths targeting the primary reservoir," it stated, referring investors to its update released on 12 April.

 

The forward plan on the well is to drill ahead to the originally planned depth of 3,800 metres to evaluate the primary and secondary reservoir targets in the Lower Cretaceous and Jurassic intervals equivalent to the main productive section seen in the analogous fields in Yemen. A testing programme including the zones of interest seen to date and any deeper potential pay zones identified will be agreed with partners at that time.

 

Upon completion of the well, the joint venture plans to move the rig to the Shabeel North location where construction is nearing completion for the second well.

 

Shares in the company, which have lost a quarter of their value over the past month, jumped more than 8% on the news.

 

http://www.iii.co.uk/articles/32947/range-reassures-investors-over-puntland-progress

[AYOUB]

LONDON (SHARECAST) - AIM-listed oil and gas group Range Resources has assured investors that the Shabeel-1 well currently being drilled in Puntland, Somalia, has not yet reached target depths, despite ‘negative statements’ being circulated.*

 

The company said that it still plans to drill to the originally planned depth of 3,800m to evaluated the primary and secondary reservoir targets in the Lower Cretaceous and Jurassic intervals equivalent to the main productive section seen in the analogous fields in Yemen.*

 

The joint venture operator Horn Petroleum had so far drilled to 2,953m but has not yet reached these reservoir targets. Range Executive Director Peter Landau has assured that there is still some drilling to be done.*

 

Shares were up 4.88% on Wednesday afternoon. However, including today’s rise, the stock is still 12% down on the week and 32% lower over the last month. Red Emperor Resources, the other joint venture partner, has also suffered a sell-off as of late but was trading nearly 13% higher today.*

 

"We are very pleased with the progress of the drilling programme and the results seen to date,” Range’s Managing Director Greg Bandy said last week.*

 

“Confirming an active petroleum system is particularly significant, especially given that we are yet to reach the primary objectives of the well. We look forward to updating the market as we get closer to target depth,” he said.*

 

BC

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=20036014

[Carafaat]

I told you so. Check the stock share. http://www.iii.co.uk/investment/detail?type=&code=cotn%3ARRL.L&it=&display=chart

 

It went up during the propaganda month of february, poor folks kept hearing again and again about the oil in the news, bought some shares in march and then went from 16 dollars to 11 dollars. loosing value.

 

 

Disclaimer: My statement focusses on the media propaganda and gossip to boost share value for the financial scheme behind Range Resources and other oil explorers. I am in no way doubting that there is oil and gas in Puntland. And that one day there will be oil production in Somalia, but it will take +/- 10 years or so and it will not happen so long folks still have guns. No way a company will invest billions in a country where everyone seems to own guns and there is no political stability. this also goes for Somaliland.

[AYOUB]

^ Waryaa the shares bounced back.

[Carafaat]

when did they bounced back:D

[Somalia]

Hah, I pity you secessionists. Get an oil rig and then come back.

 

Oil has already been found.

[AYOUB]

^ Blame the Market forces not SL forces for this one.

 

Waaryee Carafat, the shares have bounced back when the gringos hit the deep Jurassic rocks. I've got someone selling their stock if your interested.

[Somalia]

You posted this as a negative story against Puntland but failed in the progress because the stock regained its value.

 

I mean, get an oil rig first, then come back to us and tell us about stock markets and investments.

[AYOUB]

^ Are you going to buy the Jurassic rock shares from my friend?

[Somalia]

No, I ain't gonna buy shit.

 

Come on man, this is 2012, lets not hate but love one another. I plan to go to Somaliland to marry a girl after the oil check comes through, in the name of Somalinimo.

[AYOUB]

^ In the name of Somalinimo off- load these Range Resources shares from my buddy.

[Carafaat]

waryaa Ayoub imisa ayuu ku iibsaday saxiibka shareska? imisa ayee mariyaan iminka?

[AYOUB]

Saxiib Burnt Notice is better at selling these shares than me. Just look at the angry fella above.