I met with Range Resources at the end of last week to try to get a feel how things are going on the ground and also in the ever important lawyers offices. It seems as if things are actually going pretty well on all fronts, they announced the spudding of the GY 684 well at the Beach Marcelle field yesterday and I get the impression that the water injection is progressing quite nicely. The RRDSL acquisition is due to be voted on on 30th November which will be followed by a re-listing in ‘December’. The Indonesian deal has completed and will provide significant operational interest next year and the deal with Trinity is going through the regulatory approvals at present.
‘New Range’ as it may finally be nicknamed looks like it may be a good collection of assets, still firmly based in Trinidad with the rig company and a decent portfolio there but the management have clearly decided with the Indonesian deal to give it some diversity which is no bad thing. If the RRDSL deal is approved, and there is no reason to believe otherwise, I get the impression that re-listing may only be a few days behind it, giving patient shareholders a quoted holding again.
RRS Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held
