best post in along while....

I only post this on to you in order to share, which has already been deemed one of the best posts for a long time. Of course you don't have to agree? It certainly has made me feel a lot better about RRS....then, I WAS NEVER MUCH CONCERNED ANY WAY!
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POST courtesy-(karmeng1)-iii


Firstly guys & Gals, a quick description on VSP. It is used to give a more clear and accurate picture of the geographic structures ahead of the drill bit. The info (seismics) rrl has at present is shot from surface level and although helpful do not give as accurate picture as shooting the seismics from a greater depth, Think of taking a picture, then using your zoom lense, then compare the picture.
Drilling will continue until the 17th of this month until the VSP equipment arrives. Secondly, below I have composed quite a lengthy summary of the present RNS against the previous ones, With so much going on with RRL operations across the board, even I am finding it difficult to keep a grasp on current operations and expected news flow, not that I need it now with all the people in the know!, but I have decided to go back to basics and have started copy/ pasting each separate operation to a word document with the release date, reading, digesting it and getting to grips with it. When the next RNS is released, I copy/paste the same operation update underneath the past ones to make it easier to see what progress has been made. I hope you find my following summary easy to understand and worth reading.

Trinidad (28/9/2011)

Range is pleased to announce that its operations in Trinidad continue to meet
expectations. The Company is buoyed by the early success of the first 3 wells
and, with three (3) rigs now operating and continues to target an increase in
production to between 1400 - 1800 bopd by the end of year from this initial
programme.

(A more detailed update is expected to be provided during the next week. An
updated reserve report is also scheduled to be released in the coming weeks)


Trinidad (10/10/2011)


Following on from the successful completion of QUN 115 and MD 247, the Company
recently spudded a step out well - QUN 116 with Rig 1 and has successfully set
surface casing to 100 ft. Drilling continues at approximately 725 ft with a
target depth of 1,000 ft, targeting the Lower Forest oil sands.

Rig 2 recently passed final Ministry inspection on location and has spudded QUN
117, the fourth well in the Company's planned initial 21 well program. Another
step out well, QUN 117 has a projected total depth of 2,000 ft and is targeting
the Lower Forest oil sands as well as the prolific underlying Upper Cruse
reservoirs.

Rig 8 is currently being serviced and is set to join the drilling programme
shortly following recertification. Once placed back into service, Rig 8 will be
used to target deeper reservoirs, including the Middle and Lower Cruse oil
sands with target depths averaging 6,500 ft. The Middle and Lower Cruse
reservoirs have historically been the most prolific within the existing fields,
but are under developed in certain areas. The Range drilling program is
expected to add reserves and production from these sands within the existing
fields, while extending the producing trend into new areas. Rig 8 is the third
and last drilling rig to be introduced into the 2011 drilling program. The
Company will introduce other drilling and completion rigs into the fleet to
accelerate drilling and production increases early 2012. The ability to develop
reserves from deeper objectives will become an increasing focus as the Company
tests other known producing horizons such as the Herrera formation.

Lets summarise: Trinidad progression since the last RNS, which was only 12 days ago..115 & 247 completed, 116 casing set and at approx 725ft (TD of 1000ft before end of week) All this with rig 1.
Rig 2 had its maintenance work completed and had final ministry inspection completed whilst on drill location and already spudded 117, target depth approx 2000ft as stated targeting the prolific underlying Upper Cruse reservoirs., (going off 116 drill rate, and allowing time for casing set, should be completed in approx 2 week)

Rig 8….well lets wait for recertification and spud date/approx drill time, but for me that’s when it starts to get very interesting

Very interesting that at no point in the previous RNS did it state that flow rates or reserves update would be published, it stated that a more detailed update would be EXPECTED during the next week, (ok, a few days late) But that’s exactly what we got, and I for one and extremely happy with the progress made. They also stated from the previous RNS that an updated RESERVE REPORT would be released within the coming weeks. This week, next week?
People start reading the RNS, dissect it, ask questions if clarity is required, but stop listening to the prophets that suddenly seem to have appeared on the BB, or people claiming the price is being held back and aliens have stolen rig 8., 3p by next week, 41p by tomorrow it will only lead to disappointment & bad investment decisions. Base your investment on facts !!!!!!!!!!!


Texas 28/09/2011
Range is pleased to announce that the second well location in the Company's
anticipated two well program on the North Chapman Ranch project has been
selected by the Operator with spudding scheduled for early October. The Smith #
2 well will be an offset to the existing Smith #1 well and has been categorised
as a proved undeveloped location. The Smith #2 is classed as low risk and is
anticipated to provide immediate cashflow once successfully completed.

Texas 10/10/2011
The drilling rig has recently moved to the Smith #2 site, being an offset well
to the Smith #1 discovery well. The Smith #2 well is regarded as a relatively
low risk development well. Once completed, the rig is expected to move to the
Albrecht #1 well site, a step-out well that is intended to extend the North
Chapman Ranch field to the south east with the objective of adding significant
reserves, production, and cash flow. Should the Smith #2 and Albrecht #1 prove
successful, the partners will jointly consider a multi-well program for 2012
that could see as many as four additional wells drilled in the field.

The Company will look to provide regular updates as to the progress of the
Smith #2 drilling operations








Texas - East Texas Cotton Valley (25/8/2011)

Operations have resumed on the Company's Ross 3H horizontal well after fluid
samples from the well were recently collected and analyzed. The Ross 3H was
drilled with significant oil shows and strong evidence of oil saturation from
core data but experienced a high pressure salt water flow near the end of its
nearly 3,500 ft. lateral section. Range and its partners will continue to
perforate and test additional sections of the lateral. If successful, the Ross
3H could set up a multi-well horizontal development program to exploit the
shallow oil reservoir there

East Texas Cotton Valley (10/10/11)

The operator has resumed testing of the Ross 3H horizontal wells with
additional perforations being added between 7,245 and 7,675 feet in the
horizontal section. Swabbing operations have commenced looking to confirm oil
saturation before the commencement of fraccing operations to the reservoir

So ….Texas moving along nicely….should hopefully be updated reserve reports before xmas.