Over the years the one area of growth where Range Resources (RRL) has really excelled has been the number of shares in issue, with 8.5 billion of them now trading following the latest placing. The oil and gas company, which has interests in Trinidad and Indonesia, announced last week that it has completed yet another placing, and this time it raised £1 million at a share price of 0.11p.
Those who have been around the AIM market for a while will probably remember a company called Range Resources (RRL), and its infamous CEO Peter Landau.
As he only visits those boys and girls who have been good this year I guess that Santa will once again feel no need to drop in on the Landau household, headed up by Pirate Pete of Range Resources (RRL) and many other companies, infamy. But for the rest of us there is an early present with news that the Pirate is in Court again. Happy days.
Over the weekend I published documents and articles such as this one which make it clear that Pirate Pete Landau may well soon be about to "go to jail, do not pass Go, do not steal another £200 from shareholders, Go direct to jail." But say what you want about the Pirate he knew how to play Bulletin Board Morons. His chat up line by email to any moron who contacted him went like this:
A major shareholder in Range Resources (RRL) who was , in the good old days, a major ramper of the stock on Aussie chatrooms has made some quite extraordinary claims about how Pirate Pete Landau appeared to use Range cash to pay off other debts he had racked up. This was posted on an Aussie chatroom on behalf of David Scanlen the victim here. My source verifies that these claims are genuine. If true. they are extraordinary and beg questions aboout how Range's current management appear not to be making claims against the Pirate - who is clearly in deep trouble already. The post follows:
Oh dear. Oh dear. It gets worse and worse for Pirate Pete Landau, formerly boss of a range of AIM dogs including Range Resources (RRL), all of which he fleeced via is Okap Ventures vehicle. At the weekend I served up a document showing that the Pirate stands accused of forgery, fraud and half inching A$2 million. But other members of his gang appear also to be in a spot of bother. Step forward Jane Rosemary Flegg who was company secretary to most, if not all, of the Landau stable of shite companies.
Oh dear the curse of ShareProphets today falls on Pirate Pete Landau, formerly boss of AIM dog Range Resources (RRL) and several other stockmarket hounds and a man who sent me a string of lawyer's letters because he did not like my investigative journalism. I now have an official document where the Pirate stands accused of theft, fraud and forgery, of half inching more than $2 million and much else. The victim is Citation Resources, an ASX company linked to Range and now in administration.
One of the happiest moments of my Christmas was learning that Aussie scumbag Peter Landau of Range Resources (RRL), Continental Coal (COOL), Black Mountain Silver (BMZ) and Okap infamy has had his assets frozen by an Aussie Court. As Wildes would say...Karma.To celebrate the fall of Pirate Pete, I invite you to post a suitable caption for the picture below in the comments section. Please do not hold back.. Deadline Monday morning
Oh happy days, oh happy days. This may be a small crumb of comfort for investors in Range Resources (RRL) or Black Mountain Silver (BMZ) but Pirate Pete Landau has had his assets frozen in Australia by the Federal Court in Perth. As I remind myself of the numerous lawyers letters I received for exposing Range and our great work on exposing Black Mountain I feel it is almost ouzo o'clock already.
Featuring shares in BMR Mining, Petro Matad, Oilex, Oregon Gold and Range Resources with share price targets set for all five stocks.
News has just crossed the wires to remind us how abysmally “New Old” Range Resources’ (RRL) board of directors handled the transition after last November’s Abraham coup. The Western Australian Supreme Court has dismissed Range’s appeal to reverse the judgement made against it in paying the balance of the money it owes to Lind Asset Management. Range remains on the hook for at least $2.2million. Those Rangeologists that still exist might shrug their shoulders and say what after this summer’s Chinese refinancing of the company, but anyone considering buying this stock needs a timely reminder what they are getting themselves into.
Featuring shares of Gulf Keystone (GKP), Kibo Mining (KIBO), Pathfinder Minerals (PFP), Range Resources (RRL), Reach4Entertainment (R4E), Trinity Exploration (TRIN), together with some share price targets.
If you want me to analyse shares in a company listed in London for you just drop me a line at email@example.com - Today I look at Frontera Resources (FRR), Range Resources (RRL), Servicepower Technologies (SVR).
The disclosure standards at Range Resources (RRL) are truly abysmal. As a mere blogger (certainly not a financial journalist!), this is clear to me. Under previous CEO, Rory Scott Russell, it looked like the company was turning the corner and adopting a more candid approach towards investor relations. Then came last November’s coup and the rise to prominence of Peter Landau’s close business associate, David Chen. All progress was immediately abandoned and old Range was back. Buried in today’s quarterly report there is a crucial bit of information, not previously announced. Range has voluntarily paid Lind $5million.
After eight years, tens of millions of dollars spent, the building of an “airport”, a failed two well drill campaign, an oil to water controversy, an absurd contemplated plan to drill in pirate infested waters and one of the most hyped stock promotions in recent years Range Resources (RRL) has announced this morning that it is pulling out of Puntland. Shareholders are left with nothing, other than a greatly overvalued stock price.
This morning, Range Resources (RRL) returned from its self-imposed six-month suspension. As of writing, the stock is up 70.7% at 0.96p. After the issue of 650million shares to Sibo, for the £5.2million lifeline announced last week, Range will have 5.77billion shares. This values the company at an eye watering £53million and leaves only one question. Has the market lost its mind?
Last October, Peter Landau’s disastrous Continental Coal (COOL) announced the cancellation of its admission to AIM, after its shares had been suspended for six months. On April 28th, Range Resources (RRL) announced (to the shock of everyone, I am sure) that Core Capital Management would not be able to complete its $60million funding package, by the end of that month. Range granted Core an extension until today. We’ve just been told that Core has failed to meet that deadline and the funding deal is off. Worse still, Range has been suspended for just over five months, meaning it is one month away from an automatic delisting.
Disgraced Aussie promoter Peter Landau has no shame. Investors have lost almost everything on Range Resources (RRL) while Landau has trousered millions via his Okap Ventures Company. Shares in Black Mountain Resources (BMZ) remain suspended. Yet the money grubbing bastard is back for more as he plans, I can exclusively reveal, his next IPO.
How many more appalling RNS announcements can New Old Range Resources (RRL) release before the company’s shareholders finally wake up to what is happening, right in front of them?! No sooner had I published my piece detailing the shady links between Range Non-Executive Chairman David Chen and the rapacious Peter Landau (laced with generous payments, naturally), Range’s board shoved a poisoned pill down the company’s throat. Having engineered a deliberate default of the company’s $15million financing package from Lind Asset Management, Range’s directors have cornered their shareholders. The threat is clear. Accept the Core funding or die.
Scratch away at the surface of New Old Range Resources (RRL) and it is obvious nothing material has changed since Peter Landau left the company in disgrace. The same cabal of business associates appear as intent as ever on bleeding the company dry. At the head of this group, at least as far as Range is concerned, now stands new non-executive Chairman, David Chen. Mr Chen has no operational oil and gas experience. However, he was paid 42,742,654 unlisted 1p options as an “advisor” in the murky Abraham investment. It certainly pays well to be an associate of Mr Landau’s, less well if you are misfortunate enough to be one of his shareholders…
New Old Range Resources (RRL) just gets better and better. With each announcement it releases, there is less and less hope for the company’s long suffering shareholders. It looks more and more like the old guard at Range never really went away. The only question that remains after today’s latest, appalling RNS is why this wretched company doesn’t just drop the pretence and officially welcome back Peter Landau into the fold?
The merciless asset stripping of Range Resources (RRL) accelerated yesterday. Under the cover of a smokescreen letter to the Range Investor Group and the extremely vague forecast that 3,000bopd is possible at the company’s Beach Marcelle waterflood project, LandOcean has grabbed itself Range’s drilling services subsidiary for next to nothing. This doesn’t bode well and I am now more convinced that it is curtains for Range’s long-suffering shareholders unless they can get themselves organised and gain direct representation on the Range board of directors.
Range Resources (RRL) was telling its stockholders by unofficial channels two years ago that its US assets cou;ld be sold for $150 million funding mammoth share buybacks. Today they were sold for $1.4 million. This Bearcast covers the role of Greg Smith in the range tragedy, questions the value of Range's Trinidad assets, points out how Pete Landau misledinvestors and calls on the FCA to investigate Landau for market abuse and to ban him as a director of AIM Casino listed companies. It covers the legal threats I received from him and the spineless approach of other publishers that caused me to set up ShareProphets.
Shareholders in Range Resources (RRL) have less than three months to save their investments. If it wasn’t clear already, Friday’s announcement was little more than a low-ball takeover offer. Dressed up as a $110million pair of funding packages, in fact all the company’s Chinese suitors did was drop the pretence of the last six months.
Any hopes for “new” Range Resources (RRL) were obliterated this morning, with the announcement of a $300,000 share payment to Empire Equity as a final “termination payment” for financial advisory services.
We’ve hardly been chief cheerleaders for New Range Resources (RRL) here at ShareProphets. However, the efforts of CEO Rory Scott Russell and his team were slowly starting to win me (but not TW) over. In dealing with the Augean stables left behind by Peter Landau, Mr Scott Russell had embraced an openness, never before experienced by long-suffering shareholders of this wretched company. It is true that there were some justified complaints about the level and speed of some of Mr Scott Russell’s disclosures, but for the most part this man was a paragon of virtue compared to his predecessor. To be dumped from his job, because shareholders couldn’t be bothered to vote in the latest AGM is a travesty.
It’s another day & another truly shocking piece of news lands via the London Stock Exchange RNS news service. This time it comes from Range Resources (RRL) that shining example of how to lie, cheat and defraud UK Investors.
Today’s epic disaster of an annual report from Range Resources (RRL) cannot have come as a shock to anyone. Worse is still to come. By any stretch of the imagination Range is vastly overvalued. At 1.07p (last seen), Range is valued at £53.4million. The company has just announced a $102.5million loss, has never been able to cover its costs, has substantially written down the value of its “assets” and has just been forced to borrow another $15million (what happened to the “game-changing” LandOcean deal?!). To top it all off Chief Executive Rory Scott Russell made the hugely embarrassing admission the company is “unlikely to meet [his] previously stated target of an exit rate of 1,000 barrels of oil a day by the end of 2014”. Apparently Mr Scott Russell is now confident of achieving this goal in H1 of 2015. Given the steaming mountain of manure he has had to shovel his way through since he took charge of Range in February, perhaps Mr Scott Russell has earned a little leeway in hitting his production target. This doesn’t change Range’s overvaluation problem. Nor does it solve the cash flow problems. Nor does it answer a far more relevant question. Just what has happened to all of Range’s money?
In its eagerness to convince all and sundry what a brand “new” company it is, Range Resources (RRL) has adopted an innovative approach to board appointments. It looks like the company’s “new” directors will only last six weeks, thus ensuring the board always has “new” faces and the company can stay on message that this is most definitely a “new” stock. On Thursday, Ian Macliver quit Range “with immediate effect”, having only started his “new” role on June 27th. Apparently Mr Macliver tendered his resignation based upon his “increased commitments in other endeavours”. This doesn’t sound at all convincing and immediately calls into question Range’s recruitment process to “strengthen” its board. This is not least because Mr Macliver’s successor has been found very quickly and comes from… wait for it…yep, you guessed it… Perth, Australia.
Back in April 2013 Range Resources (RRL), then run by Peter Landau agreed to buy International Petroleum Limited, a company stablished and run by convicted heroin dealer Frank Timis. IPT was technically insolvent but Landau was happy to hand over 40% of an enlarged Range share capital to get his hands on this POS and so also loaned International Petroleum $8 million. The cash was repayable of the deal fell through and Range got security over IPT’s Russian assets. The deal fell through. Range has today given us an update on getting the cash back which is truly laughable. It is sheer comedy genius.
Range Resources’ (RRL) CEO Rory Scott Russell has one hell of a job ahead of him. The latest quarterly production figures won’t have come as much of a shock to anyone who has followed the company closely. I must admit I hadn’t seen the bulletin board disappointment at the release of the country’s production figures from January to May this year, by the Trinidadian Ministry of Energy and Energy Affairs. However, Range has now confirmed that Q2 this year was another very disappointing quarter production wise. In his accompanying statement, Mr Scott Russell talked of a “transformational quarter”, but like his repeated claim of “world class assets” in May’s conference call, there is only so long the market will continue to buy this hype. At 1.81p, Range is valued at £91.35million and it is very hard to see fundamental reasons to justify this.
Perhaps the winds of change are genuinely blowing through Range Resources (RRL). After I wrote my first piece on the company earlier today, highlighting the 1.14% dilution of shareholders just to pay fees, I spoke with Buchanan. Given our recent history with the PR firm that no longer plays dirty tricks on Range’s shareholders (sorry – I couldn’t resist, that line still makes me chuckle), I was surprised to get a call back. But I did and I have to say the conversation was far more constructive than others I have had with the firm. This time, rather than being summarily dismissed or just downright ignored, Buchanan responded to my questions and confirmed one fact, which could prove most telling for Range’s future. Range Resources no longer has any relationship, whatsoever, with Okap Ventures.
I’ve waited a few days before reporting on Range Resources’ (RRL) announcement on Friday. I wanted to see if a holdings RNS was released. So far it hasn’t been, but more on this another day. In the meantime it is worth focussing on the various share payments that Range made at the end of last week. I’ve received a lot of comments from Range’s shareholders about “New Range”. This might be true. Perhaps Rory Scott Russell is a genuine breath of fresh air. The current 2.1p share price at least suggests he might be. The problem with this line of argument is that Friday’s RNS was very much “Old Range”, as shareholders lost 1.14% of their company in share payments made to settle fees on old debts and, what appears to be, a new mystery consulting agreement.
Range Resources (RRL) has seen a dramatic turn-around recently, but now needs to start delivering. As recently as mid-April it was sat at an all-time low of just 0.61p and there were fears for its future as it struggled to re-pay debts that were due. Then along came a financing deal with Abraham Limited which cleared pretty much all of the money owed and triggered a change in sentiment.
On Monday, I published a public call for the AIM Investigations Team (AIM Regulation) to investigate the Platinum Partners loans scandal. This morning, we heard that Peter Landau and Anthony Eastman (directors at the time the loans were entered into and throughout the period they weren’t reported) have stood down from the company. Range claims that this is “part of a corporate restructuring initiative”, but the timing doesn’t look like a coincidence to me. If I am correct, then today I want to take the opportunity to applaud AIM Regulation for moving swiftly.
The timing of this piece probably could be better. However, after last week’s revelation, about the 100million Citation shares held as collateral against the Platinum Partners loans, it surely must now fall on the AIM Investigations Team to examine the conduct of Range Resources (RRL) and its former Nomad, RFC Ambrian, over this matter. Irrespective of how the share price has performed over the last week or so, it appears that a material breach of the AIM rules has occurred. Range appears to have admitted this, so how will the London Stock Exchange respond?
This morning, Range Resources (RRL) slipped out yet another crucial detail concerning the controversial Platinum Partners loans, which it had previously failed to inform shareholders adequately about. It turns out that as well as the 100million shares in Range held as collateral, Platinum also held the 100million of Range’s shares in Citation Resources, held in trust. Together, these blocks of shares are worth roughly £1.91million, based on last seen prices. It is anyone’s guess what else Range has failed to update the market properly about, but if you really believe this is a company experiencing a new dawn then dream on.
Despite the market’s reaction, this morning’s announcement by Range Resources (RRL) leaves shareholders in this company with many of the usual guessing games we have come to expect. Why can’t new CEO Rory Scott Russell prove he is his own man and break from the past? Why do RNSs released under his watch still leave more important questions unanswered than answered?
Nominations for the 2014 AIM Cesspit awards close at 7 AM on Friday so you have less than 24 hours to nominate for the six (of nine) categories which are voted on and can do so HERE. Already Pete Landau of Range Resources (RRL) looks to be widely supported in ALL categories. But we welcome other nominations. If you are stuck for ideas:
Range Resources’ (RRL) recent announcement, about the proposed $12million investment from Abraham Ltd, based in Hong Kong, sounded like quite a triumph for new CEO Rory Scott Russell. After all, Range was on its knees, production has been falling, money was running out, debt repayments were overdue, legacy projects continued to drag and the company was forced to issue new equity almost every two weeks to cover financing costs. At a stroke, the cash injection bought Mr Scott Russell some desperately needed time, but no one seems to have asked who is Abraham Ltd?
Apparently I damned Range Resources (RRL) with faint praise yesterday. While the ramping brigade worked themselves up into a lather over what an incredible deal the $12million placement is, the realists recognised that 1p is a pretty dreadful price. The market clearly agrees. Only about £980,000 worth of stock changed hands (c.130million shares). It remains to be seen what Range’s new management team does with the slender lifeline it now clings to, but assuming it can genuinely turn the company around, then there is still a massive prize to play for in a few years time; Puntland.
What better way to shut up a pair of loud mouth agitators than to announce a $12million funding package? And at a 49% premium to the previous close no less! The headlines are certainly impressive enough that even the travelling clown parade employed at Buchanan couldn’t anti-spin these into another PR disaster for the company. Even so, the underlying numbers do require closer examination. The muted market reaction confirms that all is still not entirely well aboard the good ship Range (RRL), but at least it looks like she isn’t going to sink. Yet.
The investor call for Range Resources (RRL) today was a total disaster as we reported here. The company is almost out of cash and the mess left by former boss Peter Landau is now evident to all. Yet Landau remains on the board of Range as a non-exec (presumably on an obscene salary) but the shock results of our ShareProphets poll show that investors want Pete out NOW!
To cap a month of PR disasters off, Range Resources’ (RRL) conference call this morning, to try and restore faith in the company’s alleged new direction, was the icing on the cake. New-CEO, Rory Scott Russell, did not sound at all confident that he has what it takes to turn this company around. If you are a Range shareholder and were hoping for at least some small crumbs of comfort then I imagine you were sorely disappointed.
Ben Turney and I have this morning lodged an official request to put three questions at the Range Resources investor call tomorrow. This is an acid test for range as to whether this event is anything more than an IR smokescreen.
Ben Turney and I have this morning lodged an official request to put three questions at the Range Resources investor call tomorrow. This is an acid test for range as to whether this event is anything more than an IR smokescreen.
Our editor, Ben Turney, has just published an article HERE outlining the arguments why he believes it is time for Peter Landau to step down as a non-executive director of Range Resources (RRL). Do you agree? Take part in our poll below. Voting closes at 4.30pm on Tuesday May 13th.
We trust that no-one from Buchanan PR is voting in our poll on whether Peter Landau should leave Range Resources (RRL) once and for all. We would not any more allegations of dirty tricks and sleaze against the City’s biggest financial PR firm would we?
On February 3rd this year, Peter Landau stepped down as Chief Executive of Range Resources (RRL) and became a non-executive director. On Wednesday morning, Range will host a live web conference call with its beleaguered investors. Whether or not this call will be a white wash remains to be seen, but I’m fairly certain that the directors will not deal with arguably the most important question facing the company. Is it time for Mr Landau to step down from Range Resources?
Part of the WPP (WPP) Group, financial PR firm Buchanan acts for more AIM listed clients than any other PR firm. But today I ask if the odours from its lavish Cheapside offices are not of expensive perfumes worn by glamorous PR birds, but from the stench of a dirty tricks campaign against those investors seeking management change at AIM Cesspit listed Range Resources (RRL)? There is no suggestion that Range itself is aware of this. So....
Range Resources (RRL) has today announced the start of its withdrawal from Colombia but the spin it puts on this volte face is just that, it is spin. Does it think we are all stupid?
In a week’s time, Range Resources (RRL) hosts an investor conference call. It promises to be lively. With questions outstanding about the non-disclosure of the $6.5million Platinum Partners loans and Range’s true unrestricted cash position, attention now turns to non-executive director Peter Landau’s pay packet. Brace yourselves...
While trawling through the quarterly reports of Range Resources (RRL), I stumbled across yet another mysterious and sizeable transaction. In the quarter ending September 30th 2013, Range suddenly referenced a “US$3.48million performance bond for Colombia” and included this as part of its cash balance. What is odd about this reference is, as far as I can make out (again!!!), this is the first time Range mentioned this material amount. In the two subsequent quarterly reports this “performance bond” continues to appear as a footnote and it now forms over half of Range’s apparent cash balance. Given how cash-strapped Range is, shareholders would do well to ask what on earth is this all about?
Range Resources’ (RRL) investor relations people, Buchanan, don’t want to talk to me. Range’s Nomad, RFC Ambrian, doesn’t want to talk to me. Perhaps they all think I’ll just go away? Perhaps they think that remaining silent about the undeclared $6.5million Platinum Partners loans, received by Range in October 2013, aren’t that big a deal? Perhaps they believe that the AIM Investigations Team is little more than a paper tiger, so they can do as they damn well please? Let’s see...
Despite Range Resources’ (RRL) best efforts to paper over the cracks with yesterday’s RNS, it was last Thursday’s announcement which really caught my attention. According to this, the company owes $6.5million to Platinum Partners, in separate loans, and this amount is due by April 30th. If news of these loans comes as a bit of a shock to you, I’m not surprised. Let’s just say that Range’s approach towards revealing details about this material change in its financial condition was, how to put this, a little unorthodox...
I attracted an unprecedented (even by my standards) amount of grief from Bulletin Board Morons for being persistently bearish on Range Resources (RRL) all the way down from 5p until December. Then at 1.28p I did not tip the stock but merely ran it as a trading buy in my Christmas trading challenge with Steve Moore.
The on again, off again saga of Range Resources’ (RRL) failure to offload its Texan assets has been a frustrating affair. A year after it was announced, today could be the day that Range has told us the latest deal is finally off. If I’m right, this could spell real trouble for cash strapped Range.
Ten days ago I suggested Range Resources (RRL) would be a buy if you hated it enough! After this morning’s announcement I’ve had cause to revisit this view. As much as I like to buy stocks which others hate, I can’t help but wonder just how bad are things at Range that they’ve had to issue yet more shares to pay debt?!
What a mess. What an absolute shambles Range Resources (RRL) is. God knows how many pension pots this company has decimated over the years, but do I sniff a whiff of capitulation in the air? I think I might...
Range Resources (RRL) used to be one of the hottest oil prospects on the AIM market, but things are very different these days. At one time Range was a favourite with private investors and its CEO Pete Landau could do no wrong in the eyes of many. But then the wheels came off.
The big mistake as far as Range Resources (RRL) goes has been to underestimate the magnitude of the bear market in this stock and get sucked in by the all too brief rallies.
This is going to shock, horrify and stun you. My seventh trade in my Christmas ETX Trading Challenge with Steve Moore is to buy Aussie oil explorer Range Resources (RRL) at 1.28p at £60 a penny. “What the Castlemaine xxxx” I hear you say, are you not a mega bear?
Do I think Range Resources (RRL) is overvalued ? Yes. Where are the shares going short term? I am not sure.
Pete Landau, the head honcho at Range Resources (RRL) has been busy emailing shareholders about my weekend opus magnus. Good for him to come out fighting. Low life CEOs would resort to hiring bully boy City lawyers to try to gag me. Landau seems happy to debate the facts. For that I really do give him full credit. Pete: you are THE man!
As the late great Max Bygraves might have said, I wanna tell you a shtorrry – and this tale comes to you all the way from Central America. Read carefully for it is a bit complicated.
Range Resources (RRL) shareholders have just voted through the annual report giving their approval on executive pay. Hmmmmm.
I had never done a spread bet in my life until Monday. However, I am challenging Steve Moore to a trading challenge to run until Christmas. And I have just completed my third and fourth trades. A bit odd but let me explain.
I was sitting down with a pal last night and we were trying to work out how much cash Range Resources (RRL) has left. I think the answer would not make pleasant reading if you are long. I am short and cash (or lack of it) is why.
It has been easier to give the benefit of the doubt to shares in Range Resources (RRL) in the recent past than to be a bear, if only on the basis that you know most of the diehards of this company will never give up on their chosen favourite and therefore this is what most readers want to hear. However…
Well here goes…I had never done a spread bet in my life until yesterday. However, I am challenging Steve Moore to a trading challenge to run until Christmas. And I have just completed my second trade.
If you are a shareholder in Range Resources (RRL) the last year has been a tragedy with the stock slumping from almost 5p to little over 1.5p. If you are merely an outside observer its public statements have been pure comedy. There are many to focus on but as an illustration I confine myself to the issue of its US Assets. Here is the timeframe – all statements below are from Range itself.
Last December 17th I penned an article on Range Resources (RRL) then at 4.86p rating the stock a sell with a 1.5p target price. That piece produced a great response from a Bulletin Board Moron – A certain “Savvyunlikeyou.”
It would be great to be able to stop saying of range Resources (RRL) “sell into strength” but there is no other conclusion. It is not a popular message as most private investors here are currently long and wrong.
Today’s news that the Company is increasing its exposure to the Atzam prospect in Guatemala is a welcome lift for Range Resources (RRL) claims its house broker Fox Davies. In a note out this morning analyst Zac Phillips argues that the deal provides the Company with further exposure to near to medium-term cash generating assets, which in turn will support its development of assets elsewhere in its portfolio.
Range Resources (RRL) has announced that it has increased its acreage in Trinidad by 280,000 acres by farming into Niko’s Guayaguayare block which covers both onshore and offshore areas. House broker Fox Davies says that the farm-in will “provide Range with vast exposure to both onshore and offshore potential and creates excellent synergy between Range’s three existing blocks and the Guayaguayare block”.
Trinidad seems to be flavour of the month for oil juniors but how to play the game? The two obvious candidates on AIM are Range Resources (RRL) and Leni Gas & Oil (LGO) both of which have served up production updates of late – Leni, today. It seems to me that the obvious trade is to sell Range and buy Leni and here is why.
Range Resources (RRL) today announced that its associate, Citation Resources, in which it has 24% indirect interest, has reported the results of its well test on the Atzam #4 well.
Even if I live to be 99 I may still be asking why there was a need to question ask the question “Range Resources: A Buy Under 3p?”
On the face of it we can say that the loss of the initial 3p support level of 2013 for Range Resources in the second half of May suggests that not only is a new bear phase about to begin for this highly followed stock, but that the target is now as low as 2p. But is this too negative view on a company where most traders are long and still expecting great things?
The article dated 21st May contained one factual error for which we apologise. We would like to make it clear that while International Petroleum announced on April 5 that it had secured a $15 million loan it had not received the cash. We apologise for not making this clear and there is no suggestion on our part that announcements with regard to the loan were not made in anything other than an appropriate manner. The original article has been withdrawn.
I posted 8 questions for Range Resources (RRL) the other day. So far no response has been received.
The noise from the non announcements is deafening. The silence on what matters is frightening. What the hell is going on at AIM Cesspit and ASX listed range Resources (RRL). With my call not returned today I guess I have to pose a few questions in print. But if I was a shareholder I’d be shitting bricks.
Range Resources (RRL) shares will be unsuspended today as it has announced a merger with an Australian company founded by convicted heroin dealer Frank Timmis and also a placing.
Although it may not look like it, as far as most of the AIM resources stocks are concerned my bias is always to the upside, and to give the benefit of the doubt wherever possible.
Range Resources (RRL) shares will be unsuspended today as it has, as we predicted, announced a merger with an Australian company founded by convicted heroin dealer Frank Timmis and also a placing. Regrettably we got the wrong Timis company in our story, which got the shares suspended here – Range is merging with International Petroleum.
A rather hurried RNS has just appeared from AIM and ASX Listed Range Resources (RRL) telling investors that the shares have been suspended. I guess I did after all ruin a few weekends with my scoop of yesterday.
Correction. Whilst we were correct in breaking the news that Range was planning a placing at 4p and a merger with a NSX listed company established by Frank Timis, we identified the incorrect merger partner. "Full details of the merger can be found here
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