Weekly Q&A with Peter Landau
Why apparently, do you keep telling people that the Stockmailer is going out this week and have been doing so for the previous 4 weeks with no sign of it, are people claiming to have received ficticious emails off you?
Because we get told from the us guys - it is in the hands of the postal inspector who then goes through stockmailer
Can we have a definitive date that stockmailer will go out by, preferably a realistic one and not “this week”, unless of course it really is this time?
No - but we are told this week
Is the deal making finished for the time being, or if another opportunity say the size of Georgia or TT comes along, would you be happy doing another placement, or would you look to other other methods to fund it and if so what would these methods be?
Never finished but equity cap raising is so we unless we get offtake financing or texas sale etc - pretty happy with what we have
Could you provide an explanation of what it is exactly that you are expecting the stockmailer and the US listing to achieve considering the SP has gone down considerably since the US listing was announced?
600,000 new sets of retail / family office investors looking at the stock - potential for 10% of these to be buyers on average
Assuming we strike oil in Puntland and the sp increases accordingly, do you plan to leverage yet again to buy into more exploration, or do you now intend to consolidate for a while and build reserves from the existing assets in Texas, Georgia, Trinidad, Puntland and Colombia?
Consolidation time
If you do leverage yet again, will it be at the expense of the PI’s?
See above
Is the 100 mil insti still holding? In the last set of questions from me last week you said you would get back to me and you did not.
Not that easy to trace through nominee accounts - verbally yes still holding
The following presentation -http://www.rangeresources.com.au/fileadmin/user_upload/asx/ASX_Announcement_-_PDAC_Presentation__7-3-06_.pdf - suggests that in the event of a discovery there is a ready pipeline access to the coast within Puntland State for immediate export and early cash flow. Is this the case and if so, is the intention to swiftly move into production/export in the event of a commercial discovery?
Are you looking at a preso 6 years old ? - development in horn hands - would be 2 years for production - massive 3d seismic and drilling program would happen sooner
Is Rig 8 in TT now working and do we have a date for the first Herrera spud penciled in?
Working but petrotrin sign off for first 6500 ft well - 2-3 weeks for spud - Herrera we have 2- wells scheduled - q3 first one
How far off is the sale of Texas and what is the present thinking on a 'return of capital' and/or 'share buy back'?
Agreement q2, compete q3 - thinking will be based on where we are at at the time
We have always felt that Trinidad is a sleeping giant. From Range's current list of assets, what do YOU consider to be the jewel in Range's crown?
Trin - 10,000 bopd in 2-3 years from no exploration success is huge
Is it true the rigs in Trinidad are in poor mechanical condition and this is a reason for the delays?
More lack of spare parts, qualified labour, petrotrin delays - combination of many factors but improving every month
Is the consort (for which the shares will be issued) agreement still in place or is there any other mechanism that is to the benefit of Range in place with the Puntland Government for future licences etc, or is it more of an unofficial thing?
More unofficial
How far down is the drill bit now and what is current consensus on how much deeper the intention to drill is. Are we at the depth of Primary target and if HC's are found will it be reported immediately (with caveat of course that significant testing remains to be done before declaring size of payzone and flow testing results)?
Horn need to answer this
What is the latest on the Trinidad volumetrics and seismic which is holding back the CPR and Herreras process?
Was set out in last announcement - may/ June is best guesstimate
What is the plan with the 1st Georgia well, will it be returned to and when?
Doing seismic over it as part of current program - starting may
Delays happen, but with range it seems delays are longer than you'd reasonably expect. Is there anything the company is doing to manage the delays better such as better project management and timescale estimates. A prime example is ECV - this was spudded over a year ago now, we know that there were issues but it's now several months since it was last mentioned in an RNS?
Not material to range does - we would have updates every day otherwise - ecv update will be iin quarterly
I think we all appreciate the need to raise funds now and then, however many people have expressed concerns about the frequency of share issues. Are you planning to release more shares? The general feeling among long term PIs such as myself is that it's time to stop diluting and actually use the assets we have to generate cash. Also last week you made a point of investors having short term views on the company and that it was impossible to generate the gains AIM investors were looking for in that sort of time frame. I have been holding now for 18 months and i will continue to hold, but whilst i see that RRL is acquiring excellent assets i feel that it's time for the company to make some money would you not agree?
Agreed
Puntland - As Range now have 2 onshore blocks and one offshore block is Range precluded from involvement in any other blocks, either onshore or offshore?
No
Georgia – Will the Tkibuli shallow appraisals be instead of or additional to the Kursebi 6 drill?
Still deciding - both look good
Trinidad – Does Range have the opportunity to become involved in any offshore blocks in Trinidad?
Yes but focus is purely onshore
How much is Colombia costing, when is it being paid for and how is this being funded?
See announcement coming - funded from current cash
Do you think after all the delays (Trinidad) and ambiguity (Georgia) in news over the last 6+ months new investors will see RMP as a better proposition? Less shares, Puntland involvement in all areas virtually on a plate. The market does only seem to be focusing on Puntland at the moment?
Couldn't care - I don't run range on the basis of comparisons - sentiment comes and goes - fundamentals and growth will always remain
Do you think RUM (managed by David Scanlen) may of damaged Range's reputation amongst PI's, who may I add have helped you get Range to where it is today, by some members posting often incorrect info early? To clarify; oil strike Georgia, Trinidad production a lot more advanced than it is, Trinidad CPR due mid last year, early Puntland strike with 400m shows in first 1600m of drilling, Colombia alluded to months ago but no official news to name a few. Is it possible that institutions will start to 'pile in' on more progress rendering PI's insignificant holders?
Don't know , never read it so don't know what people were reading or relying on - very dangerous investment territory to be involved in
What is happening with Stockmailer, is it you holding it back for a Puntland find? If it has little effect will you be after getting the fee back?
It hasn't happened yet so bizarre how you can say it has had little effect
What is the latest strategy for Georgia?
See announcement coming in the next few days
As long term holders in RRL, we have always had an open mind regarding imeframes etc, (Always very loose in this business) and understandable that these timeframes can lapse. You must admit, of late several projects have lapsed more than usual, which can of course be extremely un-nerving for a lot of investors/traders both of which we feel should be just as important as each other to RRL. There is a general feeling
currently that Institutions are more important. We feel that it has to be remembered that the little guy is just as important as the big guy investing, his house might be smaller but his loyalty is just as important if not more so, (and there are lot's of them).
We feel it has to be remembered that the big guy with just one push of a button can easily wreck a share price, whereas the little guy will usually stay with his intended investment, more of a marriage than just a fling, bread & butter not just cake, we need both. Our point here is that the BB’s are full of many little guys who are invested in RRL at many differing levels but each one has in their minds as much to lose as the next guy, and collectively help each other with info and moral support when needed. This is a simple request rather than a question, to please give more clarity to RNS's and any info given out in Interviews etc and to simply add more detail as to why sometimes things are delayed/changed etc, to somehow give reasoning and peace of mind to your loyal investors. The way things are currently, unfortunately allows for far too many rumours etc and share manipulation that we have constantly seen of late.
Could you please provide honest timelines for;
1) Herrera Volumetrics - may/ June
2) Georgia Spud - see above re shallow and k6 tbc
3) Texas flow rates and P1 upgrade - Albrecht fraccing now so 1-3 weeks
4) Debt Facility - 2-4 weeks
5) Colo Details - 1-3 weeks
What is a realistic timeline for first Herrera drill? When will we know about UC licences so we can drill deeper than Herrera?
Q3
Can Range do share buy back and consolidation without shareholders approval?
No
When do we get the 2 million back from Continental Coal and is there any chance we will get it back in the form of shares?
Up to us - if we make more money that the interest we will consider but more likely to just get cash and interest in may
You recently talked about re-entering a well in Colombia in 2012 or 2013, could you please tell us how much (bopd) it was producing before production was halted?
Not at this stage
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