It doesn't matter who's to blame for the well overrunning its time schedule. The costs will affect all parties and rig hire doesn't come cheap.
Everything with Range tends to get blamed on someone else: Horn with Puntland, Strait with Georgia, Crest in Texas, Petrotrin in Trinidad. Sorry but I'm not buying it. nd even if Range really has been an innocent party who gets shafted time and again by their partners or by Petrotrin, Landau still took the decision to go into business with them all so let's not act like he's completely blameless here. Finally, the market is still going to punish all parties for the extra costs and as an investor who thinks of shares as a vehicle to make money rather than as a religion, why exactly would you buy in now if you were on the sidelines? It's those people you have to convince in order to make the price go up. Seeing delays, which cost money, and no major progress in Trinidad is hardly going to be interpreted as a positive by a neutral investor, so they don't buy in- and the price drops. Nothing to do with manipulation.
RRS Price at posting:
16.0¢ Sentiment: None Disclosure: Not Held
