Range Resources. Placing or funding the only solution!

It’s been an absolute stinker of a year for Range Resources who released their annual report this week. Range certainly are the masters of under-statement describing the year as  a “mixed success”  while reporting positive developments on its producing assets, with oil in Trinidad exceeding 1,000 barrels per day in June. Trinidad is now refered to as “Our flagship”  What a monumental shift this position is! The primary focus of Range’s operational objectives are now “development plans which continue to meet and exceed expectations from a production and reserve enhancement perspective”. I’ve never read such utter rubbish in all my life. One has to go back to the days of George Orwell’s’ 1984 to read such propaganda. What’s happening here is that Private Investors are being fatted up for slaughter.  Another capital dilution. THERE’S A PLACING ON THE WAY HERE MAKE NO MISTAKE ABOUT IT.

Range also tell us  of how immensely proud they are of their success in ensuring that the first two (of many) exploration wells were completed in Puntland. It’s all gobbledygook, a precursor  to dilution. Yes how proud Peter Landau must be that Puntland was a duster x two.  That Georgia has now changed to a coal-bed methane project. “Methane” being the objective word! That the money is running out fast. That the goal-posts are being moved all the time.

Puntland & Georgia are now being spoken of as “Wildcat wells” while the “Lure” to ensnare new funding has been baited and hooked as “Colombia”  and “Flagship Trinidad” Don’t insult Private Investors just give us the facts on the proposed dilution. How much and how many?





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  1. Phil says:

    What’s happened Dan? You were once a fan of Range, now you seem so bitter. As soon as Trinidad was secured 100% it was always going to be the mainstay or ‘flapgship’ of Range, Puntland was always a risk, although yes a potential flagship if it came off, whiich it hasn’t …. yet.
    What is your basis for your claim there is a placing coming? You don’t seem too clear on this. You will know from your research that a debt arrangement is planned, why does this not get any mention?
    The South American country is spelt Colombia by the way.

    • “A debt arrangement is planned” I’ve never read such utter rubbish in all my life writing on stocks & shares. Exactly what do you think these debts are secured against?

      Phil do you actually research stocks? Every one in the City of London know that Range do not have the cash to proceed with their exploration plays. That is a fact. I suggest you get hold of some of the notes flying around try & locate the Panmure Gordon analyst Leila Reddy latest epistles. You may even find a para or two on how the company desperately need extra funding. Leila reddy says there’s a placing/funding on the way. Of course you can continue to be ill-informed and bury your head in the sand.
      You base your decisions on what you know. The exploration here has been badly managed,badly planned and badly executed. These are facts that no one could have judged until after the events.

      Range have failed. Range have no cash, Range will be tapping the market.
      Get used to it.
      By the way “Flapgship” is spelt Flagship