Investors believed what the company were telling them. The fantastic prospects in Somalia, Georgia, Trinidad, USA & more recently Colombia. We checked, researched & checked some more and spoke to all & sundry about the competence of the Board all came out with a clean bill of health, sentiment from within institutions was riding high. Was it all too good to be true?
Over the past 12/14 months nagging doubts have begun to surface. At each and every turn Peter Landau has moved the goal-posts. We had the great Georgia oil drill which has now changed emphasis to gas; The great USA asset sale with a promise of a share buy back or a return of funds to investors, it’s apparent that this just isn’t going to happen (which is exactly what we opined to our Members when Range announced it!). That was when we began to urge caution.
Briefing the press
Now we have Peter Landau speaking to the Australian press about hiving off Puntland into a total “New” entity. Just what Landau is doing is this. He is deliberately testing the water by floating this idea in the Australian press to see how it pans out for future implementation, it’s the oldest trick in the book of spin “Briefing the press” to see how it goes down with the great unwashed. It is no coincidence that the share-price has been in free fall for the last 2 months or so. Institutions must have known. One more important point on this. How dare Landau brief the Australian press on such an important matter as this? It is market sensitive information whether Range act upon it or not! This shows Landau has a complete disregard for Private Investors. Or is it as some think that Puntland is being hived off because it isn’t going commercial? An infected leg that needs to be amputated in-case it all goes bad? Come on we want answers. We need immediate clarification on this matter via an RNS now!
Oil to gas
The share-price stands at virtually where it was in 2010. Landau has presided over a drop in value that would take a 300%+ rise to get back to where it was in 2011. We have witnessed broken promises and dilution upon dilution, failure in Georgia; Oil to Gas; Deliberate obfuscation on Puntland (which doesn’t bode well for the ultimate result). Double speak on the USA assets along with drops in the value. Who in the name of God has come up with a value of $50/70 million dollars? That’s a 40% difference between top & bottom value! Ridiculous!
All is not going well here at Range Resources Peter Landau (A likeable chap and on the surface a decent human being) may very well have sold us all a pup.