Dodgy? Yes indeed...Why has Range spent (well over) $87m on...

Dodgy? Yes indeed...

Why has Range spent (well over) $87m on "studies" and "infrastructure upgrade designs"? Because those are the services that LandOcean (LO) provides... Before colonising Range, LO had virtually no presence outside China and no meaningful track record at all of providing physical, tangible oilfield services. LO was and still is, essentially, a company that does studies and design. That's why Range has spent untold tens of millions on reservoir "studies", waterflood "designs" and project "definitions". LO and its associates ploughed money into Range and they want that money back. Ever since Abrahams entered the picture, Range has become a vehicle for propping up LO's share price by receiving money from various Chinese entities (in the form of loans that a tiny company like Range could never hope to repay) and then spending that money on LO's services.

If any anybody doubts the command and control links between LandOcean and Range, just look up LO on Bloomberg and you will find a director on the board of LO called... Yu Chen, active since December 2014. Hmm doesn't that name sound familiar? Could it be the same David Yu Chen who served on the board of Range and still appears on lse.co.uk in the list of director dealings? Well yes indeed, he is one and the same. And Kiki Wang? Well her own career summary on Range's website has LO all over it...

The game is coming to an end, however. Range's share price has dropped too low. Conversion of the outstanding loans is now unfeasible. Range no longer has the capacity to waste money on LO services. So, it will be discarded. The directors already know it, that's why they are jumping ship.