Well...thankyou very much for entering the hc RRS fray. Sincerely. Now I now we are seriously close to action time when posters like u appear out of nowhere after recently signing on to hotcooper & then proceed to go to so much effort to focus on the perceived negatives of lil ol Range Resources. It's not as if it's the most discussed African-based company on the ASX. CVI wins that prize, by a longggg shot.
As well as CVI, OXR & EQN come to mind as African plays - so I take it you are planning to spread your wings & warn readers of those forums about the risks of investing in Africa?
Note of caution - readers out there might be confused about your views due to the shifting nature of your disclosure - is this according to your mood of the hour, or.....? BTW, your tactic has been noted - venture onto the forum with a buy/stock held disclosure, ask a question of other readers, then proceed to knock the stock BIGTIME.
So, I will play your game for now.
Just so you don't accuse me of starting a new thread as a diversionary tactic (lol!) & then throw that out there as a red herring - rupe is perfectly entitled to start a new thread btw, so what? lol! this is pretty ridiculous - I will respond on this thread.
You have provided a long list of reasons as to what u feel can go wrong with the Range deal. Here we are, with drilling phase imminent - as just pointed out on another thread by Amazed, thanks Amazed - and the deal is intact and there has not been one single legal challenge to date (I'm not including Amsas' claims, as they are ludicrous). I wonder why not?
You have cited a tax writeoff as no basis for a title determination, then provide the example of BPC, a food manufacturing company to illustrate your point....lol! If u can provide a relevant example of a resources company that wrote off their land assets in a country, advised all and sundry that they were dis-interested in returning to that country, then mounted a legal challenge to reclaim those land assets - then do so. Your example is a complete and utter red herring.
You cite Conoco's US$150m of past seismic data as good grounds for a claim - are you able to explain firstly how Range came to end up with that data, and secondly, why Conoco have not said boo about it in all this time...in fact since that data acquistion, Conoco have publicly repeated that they are not interested in returning to Somalia? Range has invested considerable money and time in Puntland as well, so on your line of thinking - doesn't that equally qualify Range as having a good basis to retain their title if a legal challenge ever was mounted?
Re UBS - um, do you realise that their holding is as prime broker? And how can the sale of several million shares be significant relative to the total holding that they are custodian for? To state otherwise is just plain deceptive, blastoff.
Your suggestion is that a challenge may yet eventuate from Conoco or constitutionally - no one has a crystal ball and can accurately forecast what the future holds. And I would doubt that any Range investor is not aware of the sovereign risk elements. HOWEVER! Your repeated efforts to portray the state of affairs as highly risky based on these two issues indicates to me that you have not done enough research on the parties involved to have a full understanding. So be it. Sit back and watch from the sidelines, as befits your risk profile, and as upcoming developments unfold. Good luck with STX.
Finally, let's mention several things that u have not - funds with $20bn of assets reside in Range's top 20...do u think perhaps their legal advisers have run the risk ruler over Range and given it a big tick? - Several directors have recently tipped in around $1m for their partly paids - one of their fellow directors has very close connections with the Puntland Govt and the TFG President, while the Chairman of Range is an adviser to the President of Puntland. Do u think the directors might have half a clue as to what the real on the ground situation is? - Lastly, Lukas Lundin, the man behind Africa Oil, knows a thing or two about sovereign risk, and he has waited for many years for an elephant project like Puntland to come along. Somehow I think he has had his lawyers do due diligence on the past concession holders situation.
All IMO and as always DYOR.
G'day to all genuine Range holders.
cheers Marny
RRS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
