Ann: Successful Completion of Unmarketable Share Sale Facility, page-2

Below an update from Malcy's blog of yesterday:

Range Resources

I met with senior management of Range recently, I was keen to catch up with events so here are a few snippets. Recent announcements have varied in hope, time taken to land kit was an issue but now seems resolved. Indeed things seem to be on the move in country and there are now three wells in action, with four new rigs a twenty well program is planned so 2016 should bring better news. The company has received approval for the Morne Diablo waterflood expansion and they are optimistic on that front. The production target at Range has been the ultimate of moveable feasts and now is no exception, the 1/- b/d goal is now  set for the end of 2Q 2016. Costs have been reined in significantly what with the sale of the drilling business and regarding downsizing in Texas, Puntland and with the sale of the Citation stake only Georgia and Guatemala are on the blocks. ( Colombia still a question?) In theory the company is well funded now and LandOcean provides 12 months credit on all drilling services. The equity finance of $30m is completed and trade finance is in progress for LandOcean and Sinosure to provide a facility of up to $50m for the waterflood programme.
Overall it does look healthy enough but there are still many questions to answer next year. Operationally things appear a bit flimsy so one will need proof that things are actually happening. I still dont quite know who runs the company, there is a CEO in country which is a clue, an ‘Executive’ non-executive Chairman and obviously LandOcean have an input. With such large cornerstone investors and directors invested personally, in addition to the legion of retail shareholders, quite what the free float is is difficult to call one way and another 2016 will be an ‘interesting’ year for all concerned.