Confidence in RRL is underpinned by the confidence pi's have in RMP. Range, however, are now derisked with Trinidad, Texas and the share placement in Tangiers Pet, any of which could/should add value to the sp. When all the drilling UPdates start to unfold any negative news will not send the shares reeling, and it is highly probable that the sp would soon recover. The high drilling program inevitably may produce a couple of failures, but failure is not on my agenda and firmly believe in all the projects so far. Trinidad has 'discovered' light sweet crude with 36 high gravity content...What RRL have so far encountered in Trinidad is high quality with a low sulphur content. I suspect the crew are 'very excited' indeed, taking one step at a time..expect a quick revision of oil bopd soon as they increase the flow rates! High quality oil of an API above 34 is considered 'light sweet' and usually the reservoirs tend to have OIP in significant amounts.
Trinidad has gone into my book as 'the dark horse' of all their ops. This latest 'measley' 20bopd, should not be viewed as such, taking it steady as the new pumps are decided upon! I expect the flow rates here to be considerably boosted and UPgraded.
This is what I like about Range....on a daily basis,discussion priorities change and tomorrow we may be talking about TRP or Georgia! Whatever the mood takes us?
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