In 9 months, Range has gone from 600-700bopd in Trinidad, to 'close to' 1000bopd (assuming all goes to plan). That's not an acceptable rate of progress no matter what shade of rose tinted glasses you're using. The plan was for 3600-4000bopd in 3 years, not includin the Herrera structures. Optimistically, Range has increased production by 300bopd so far in 9 months.
If Range wasn't heading into a period of so much cash burn we might be able to afford to stand still in Trinidad. But offshore Puntland, Colombia and the next Georgia well don't come cheap, and nor do PL's air fare tickets.
I notice in the above email a consolidation is talked about. I wonder how long we'll have to wait next time around before PL issues another 2 billion shares?
RRS Price at posting:
16.0¢ Sentiment: None Disclosure: Not Held
