Tag: Range Resources

Sound has signed an MOU with ONEE, the Moroccan State Power Company for a potentially very rewarding GSA. Range continue to reorganise and tidy up, a lot to agree at the AGM

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DGO has extended its assets retirement agreement in a Kentucky, Getech has signed a $1m licence agreement and Range Resources has withdrawn its Notice of Arbitration in Georgia.

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Oil finished the week up and is nicely up again today. Hurricane has updated on the Lincoln Crestal well where flaring has indicated oil brought to surface in a DST. Petro Matad have found a very similar but better than expected oil find at Heron-1 which will now be tested. IOG have closed out their EUR 100m 5 year note and are ready to close the farm-out and go to FID for their SNS gas project. Reabold have also confirmed significant success at Parta in Romania whilst Touchstone has discovered substantial natural gas at its Ortoire block in Trinidad. Finally, Range has raised £750,000 as it carries on after the recent debt restructuring and RRTL sale.

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Rose has updated on management changes whilst Echo is making proper progress in Tapi Aike. Finally Range Resources has shot the lights out by selling their Trinidad assets to LandOcean for around $95m.

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A quiet end to the oil week but it will be an up week by around a dollar or so. Today IOG reveal their farm-out for their SNS Core Project to CalEnergy who have extracted some pretty good terms for their financing and IOG are having to restructure debt as well. Block have disappointed with flow rate at West Rustavi and Range Resources have dissed pre-school educashun and may be looking at Oil & Gas again, but where? Finally from yesterday when President announced a great offtake deal with Trafigura that pays down a fair amount of high interest debt.

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The oil price is a game of two halves, yesterday inventory levels dropped the price substantially, this morning two oil tankers have been attacked in the Gulf of Oman and oil is up 4%. Today I talk about Aminex after yesterday’s AGM where some home truths were told by all sides, its still a long haul but there is light at the end of the tunnel. I look at yesterday’s numbers from Enteq and what Range Resources are doing in Georgia as well as looking at another industry veteran joining Talon Petroleum.

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Malcy talks about the following stocks: Eco Atlantic Oil & Gas (ECO), Range Resources (RRL), Bahamas Petroleum (BPC) and Hurricane Energy (HUR).

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The oil price ended the week in positive territory with calming comments from the Saudis about Opec+production. Eco Atlantic has announced a new CPR with substantially increased resources and still looks very undervalued. Range Resources meantime has restructured the balance sheet again and is looking to buy a pre-school education business in China….

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Oil was quiet last week with the Chinese New Year and is off small time today. Coro has announced a very smart deal to add to its Far East portfolio with decent reserves and step-out exploration upside. Solo Oil has announced further rearrangement and restructuring with Chairman Alastair Ferguson taking on an executive role and Gneiss Energy providing two heavyweight advisors. Genel has updated Tawke reserves where P1 number are unchanged which is a good performance. Finally after the Brulpudda discovery bt Total last week Tower Resources confirm that the farm-out of their adjacent block goes ahead….

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A cracking update as expected from President today with more to come I suspect. Range continue to work hard and progress in Trinidad continues, meanwhile Genel has extended deadline with the KRG for GLA discussions.

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