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Range Resources

Lyon's comments , Chen fails to respond

(ASX:RRS / AIM:RRL / PINK:RGRLF & RGRYY)
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Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 9:21 am

Dear Eva,

I wrote to you last week re the new BOD providing RIG members priviliged access and ignoring the majority of investors. You failed to respond.

Lyon’s has made public comments about the threat of LandOcean taking Range Resources private and has questioned the integrity of Chen. The Company has not responded.

The Company is required to respond, even under suspension.

Unless I have a personnel response from Chen or a clarification RNA is issued by 10.00 UK time. I will be posting on World Stocks factual and referenced information from Land Ocean and Chen’s bacjground that will validate Lyon’s comments

Regards

John Murphy
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omadawn
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 9:42 am

Oma if this is factual information you have would appreciate seeing it, regardless of Range's response.
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day_tripper
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 9:44 am

Agreed, I think your information would be appreciated by all PIs regardless of any response. And, let's be honest, RRL is not great and keeping to deadlines so I wouldn't expect a response within your desired to frame...

: )
pearlexporter
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:01 am

I don’t like having to hold info back.

It is worth waiting to see if we do get any response as it may further validate the info or allow it to be read in a different context.

It is also better if RRL are seen to be proactive rather than reactive with investors
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omadawn
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:05 am

Oma
Now I know you have finally lost the place. In one sentence you criticise the BOD for communicating with RIG who, as a unit, represents 1.1 billion shares. The next minute you as an individual shareholder who says they have a large shareholding but the holding must be less than 1.1 billion are demanding a personal response from the CEO.
Many on the BB over the last 6 months have questioned your credibility but I think you, in this thread have done yourself more harm than all of your doubters combined. The problem is that by your attitude you maybe ruining an avenue of communication thro RIG.
Time to realise Oma that your white knight image that you see in yourself is quickly going grey to black.
Nedkellylandau
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:11 am

Nedkellylandau wrote:

> Time to realise Oma that your white knight image that you see in yourself
> is quickly going grey to black.

or brown....
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mmm281664
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:15 am

Lets be fair,
there are quite a few of us on here
that would like to know if we are going to be
tens of thousands of ££££££££££ down in 2015,
it certainly makes my stomach churn a bit
Thunderbird2
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:17 am

Thank you for your thoughts, my concern is my investment, not my image.

Nedkellylandau wrote:
> Oma
> Now I know you have finally lost the place. In one sentence you criticise
> the BOD for communicating with RIG who, as a unit, represents 1.1 billion
> shares. The next minute you as an individual shareholder who says they have
> a large shareholding but the holding must be less than 1.1 billion are
> demanding a personal response from the CEO.
> Many on the BB over the last 6 months have questioned your credibility but
> I think you, in this thread have done yourself more harm than all of your
> doubters combined. The problem is that by your attitude you maybe ruining
> an avenue of communication thro RIG.
> Time to realise Oma that your white knight image that you see in yourself
> is quickly going grey to black.
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omadawn
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:20 am

As entitled to an answer as you are I suspect It will be Eva's first day in the office for a good week and a half so she may a) be a bit rusty b) have a lot of emails

10am a bit unrealistic.
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:24 am

She should learn to use auto reply
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omadawn
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:28 am

Is a comment on Linkedin after an ignominious sacking to be taken as hard fact?

9 months of failed targets and then to seek to vote in new higher remuneration is rather more reliable 'evidence'

The thread title here is hardly giving time or space for a proper response as it already gives its negative verdict in that chosen title. " .. Chen fails .." And what value has any denial if the evidence is so incontrovertible?

All smacks of smear and blackmail which seems an odd way to go about rescuing OUR investment. Not just one person's hard earned on the line here.
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:32 am

Oma's posts are not making pleasant reading at the moment but its good to have a counter to the what is coming out from RRL at the moment whilst trust is established with the "new range".
I have no idea if we are screwed or not gut feel is we probably are but Chen is so far telling us otherwise in the company RNS's.
I'd grab with both hands now a take-over price of even as low at 1p just to come out with something. If they do want to take us private surely they are not going to be able to do this at less than the 0.8p? I still don't understand why we need all of the $50M in one hit at such low share price. We have the $60M overdraft/loan facility in place to fund operations. Sheer greed from CORE/LO/Abrahams already at 0.8p. No doubt in my mind that the Chinese have manipulated the shareprice down over the last 6 months also helped but that useless twat RSR who didn't tell us what was happening.
Will be interesting to see's OMA's facts published.
A full and final rebuff from Chen is what we as PI's are looking for. Some kind of commitment needs to be linked to this funding round to ensure PI's vote for it. IF the new range do have integrity as they are showing so far then then will want to get PI's on side and bought into RRL's future
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:35 am

spud57 wrote:
> Is a comment on Linkedin after an ignominious sacking to be taken as hard
> fact?
>
> 9 months of failed targets and then to seek to vote in new higher
> remuneration is rather more reliable 'evidence'
>
> The thread title here is hardly giving time or space for a proper response
> as it already gives its negative verdict in that chosen title. " ..
> Chen fails .." And what value has any denial if the evidence is so
> incontrovertible?
>
> All smacks of smear and blackmail which seems an odd way to go about
> rescuing OUR investment. Not just one person's hard earned on the line
> here.


Spud I think you have hit the nail on the head. Lyons's failed us miserably, all cloak and dagger, lying, treated PI's like shit whilst everything they did seemed to line their own nests at a time when we needed transparency and action on the ground. He made no attempt whatsoever whilst he was in charge to garner PI support. I think that he is putting this kind of statement on a linkedIn page is a disgrace and probably shows him for what he is.
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:38 am

OMA, As quite a few have mentioned already, I would question your motives, what is it you hope to achieve by discrediting new management?

Surely, if you are a shareholder, you are happy for us to remain suspended in the current turmoil surrounding the oil price?

If I recall correctly, you were happy to give RSR and crew much more time to turn things around than you appear to be giving the new people.
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:39 am

Longtermholder,

I agree with your thoughts.

I would also add that now LO are to take ownership of RDS, the $50M loan could be spent on drilling services, not just water flood.

As you suggest this raises a question mark over the need for $60M at .8 /.9 p.

You will see from the stuff that I publish later I want an assurance that none of this money will be used for an aquisition of IOP or if Chen believes this to be in our best interest this is raised before CORE / Abraham’s dominates future voting.

Oma
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:41 am

Sorry I maybe being thick here but.......I dont understand what it is you want there Oma?

If I'm understanding you have factual and reference data to show that Lyons comments that range are to be taken private are true. And you're looking for Range to confirm or deny that they are about to betaken over? But if they're factual then you know them to be true already? And Range would not respond either way other then in a formal way.

Also if you have such info would you not consider working closely with RIG?
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Momo
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:45 am

RoadKing

My motives are quite simple.

Share what I have found out, put my view on things and listen to what others think.

Investors as a whole can then focus questions on specifics rather than general comments. If a reasonable response is not forthcoming an EGM may be our only option.

This would have to be called before a vote on CORE as at that stage to vote NO would put RRL into liquidation.

Oma
Roadking wrote:
> OMA, As quite a few have mentioned already, I would question your motives,
> what is it you hope to achieve by discrediting new management?
>
> Surely, if you are a shareholder, you are happy for us to remain suspended
> in the current turmoil surrounding the oil price?
>
> If I recall correctly, you were happy to give RSR and crew much more time
> to turn things around than you appear to be giving the new people.
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:48 am

Oma

I, for one, would welcome credible evidence of LOs intentions. For me personally, the statements issued thus far have been nothing more than vague platitudes. Of deeper concern is the deals that have been done without any independent director oversight to ensure the significant risk of conflict of interest has not been crystallised. The fact these have been done whilst the stock is in suspension is of further concern.

cheers
GB
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 10:59 am

OMA - Murphy's law is an adage or epigram that is typically stated as: Anything that can go wrong, will go wrong.

2 suggestions m8:
1) change your name by deed poll,
2) do not buy AIM casino shares like RRL & restrict yourself to something like a Footsie tracker fund?

Top of the mornin to yer!!!
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 11:01 am

omadawn wrote:

Share what I have found out, put my view on things and listen to what others think.

OMA,
As you clearly state above, you are putting your view, not facts. I have no issue with this as long as you make clear that you are sharing your opinion.

We already know we will have an EGM so will all be able to vote on the 'facts' at that time.
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Roadking
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 11:04 am

If I were the Chinese I'd be saying "lets go private and get rid of these wankers ASAP"
Face it. Abraham/Core and LO now have the upper hand. If we don't work with them to get the best result for all then they will very quickly get quite rightly pissed off and do their own thing. There isn't a damn thing that the Mighty Oma or anyone else can do as individuals apart from damage
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 11:07 am

Hi

In fairness to Oma he has a valid point now LO own the drilling fleet and are supposed to be adding more rigs why do we need to raise $60m and dilute the shit out of the share when we can just procure thr drilling services of LO.
verno
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 11:09 am

well said Ned,spot on.
plasterer
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 12:26 pm

verno wrote:
> Hi
>
> In fairness to Oma he has a valid point now LO own the drilling fleet and
> are supposed to be adding more rigs why do we need to raise $60m and dilute
> the shit out of the share when we can just procure thr drilling services of
> LO.

What are you going to procure the drilling services, waterflood services, etc with exactly? The company was hardly in the best position, awash with money, etc. (The waterfloods especially aren't cheap but are probably the lowest risk way of getting production up significantly and this into a nicely cashflow positive position)

By providing large amounts of funding they've got (or will get) their position. I/We might not like the scale of it but beggars can't be choosers sadly and assuming they deliver on their plans we could still do well out of it even if the potential returns have already been weakened due to prior years management.
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RichTheNewbie
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 12:31 pm

Nedkellylandau wrote:
> If I were the Chinese I'd be saying "lets go private and get rid of
> these wankers ASAP"
> Face it. Abraham/Core and LO now have the upper hand. If we don't work with
> them to get the best result for all then they will very quickly get quite
> rightly pissed off and do their own thing. There isn't a damn thing that
> the Mighty Oma or anyone else can do as individuals apart from damage

This plan has been hatched over months not this weekend..they have an end game. If you spent your time looking at how voting with respect to benefcial owners works,,you may be somewhat wiser.
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 12:38 pm

Oma
"They have an end game"
I'd hope that they have an end game otherwise we end up in the same mess we did with RSR and Lyons.
Your approach to Chen is highly arrogant. Who are you to decry RIG and DEMAND a personal response from Chen.
I prefer to leave my future investment in the hands of RIG rather than a delusional arrogant old man high in a mountain in Spain.
Sorry Oma if it is bluntly put but that is how it is beginning to look. All your good research is being poisoned by your current approach.
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 12:50 pm

Ned

I take an objection to Chen deciding to communicate with RIG but not communicating with the remaining 65% of shareholders. If he wants to single out groups, I am my own group and expect a response as does RIG.

Again, spend your time working out why appeasing RIG is so important to him....

RIG don't have a monopoly on communications with RRL, we all have that right as we have a right to share on bulletin boards.

Oma
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 12:52 pm

Have you requested an audience with BOD when they in UK Oma?
Scotland Resources
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 12:52 pm

You sound like you're feeling a little unloved Oma. Do you want a cuddle?
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 12:53 pm

snigger.
Clarkosetla
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 1:01 pm

Give the guy a break at least he is throwing some interesting info out there for debate.
Ultimately the ball is in Chen's court and I think he will respond to Lyon's comments this week.
Longtermholder
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 1:10 pm

I am for once in agreement with OMA here. There is a major conflict of interest with zero independent oversight.
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 1:41 pm

RTN

$5OM funding for purchase orders from LO which is seperate from Core funding as they now own the drilling fleet just make the PO 's more flexible to include drilling.
verno
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 1:52 pm

verno wrote:
> RTN
>
> $5OM funding for purchase orders from LO which is seperate from Core
> funding as they now own the drilling fleet just make the PO 's more
> flexible to include drilling.

With you now. Not entirely awake. Only had a few hours sleep and Monday morning back at work after nearly a month off is not fun!
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RichTheNewbie
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 2:20 pm

HKSeal wrote:
> I am for once in agreement with OMA here. There is a major conflict of
> interest with zero independent oversight.

I'm sorry are you all talking about the drilling company having no oversight here?

Go back through the accounts and look at the money thrown at the old Range (drilling fleet) and see how much drained away to NOTHING. I for one think that money has been wasted in the Range drilling fleet and nothing has been done with it. How many times was we told that the rigs are going through a works programme and all rigs will be working?

I'd love to have the know how to look into where all the money that went on the drilling fleet had actually gone.

Offcourse LO could do the same but to be honest it'd struggle to do a worse job than we have with the fleet anyway. New investment and rigs is a bonus to me too.

I don't understand the argument of keeping the drilling fleet (Looking at how it has served us in the past) unless its managed properlly.
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 2:37 pm

Oma - did you get special treatment from RRL's BOD in the past? leaks, winks, nods, BS spreads more often and not all 100% of shareholders gets to hear it first... welcome to AIM..

good luck, best regards

omadawn wrote:
> Ned
>
> I take an objection to Chen deciding to communicate with RIG but not
> communicating with the remaining 65% of shareholders. If he wants to single
> out groups, I am my own group and expect a response as does RIG.
>
> Again, spend your time working out why appeasing RIG is so important to
> him....
>
> RIG don't have a monopoly on communications with RRL, we all have that
> right as we have a right to share on bulletin boards.
>
> Oma
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 2:56 pm

omadawn wrote:
> Ned
>
> I take an objection to Chen deciding to communicate with RIG but not
> communicating with the remaining 65% of shareholders. If he wants to single
> out groups, I am my own group and expect a response as does RIG.
>
> Again, spend your time working out why appeasing RIG is so important to
> him....
>
> RIG don't have a monopoly on communications with RRL, we all have that
> right as we have a right to share on bulletin boards.
>
> Oma

If RIG have communication with Range its made public as soon as possible so I don't understand your point?

"but not communicating with the remaining 65% of shareholders"
They are communicating with other individuals Oma, Eva quite often replies to others given the chance. We are just trying to streamline that communication rather than the same 900 people asking the same question.

I think you could do with reading "what RIG is" again?

We don't want privilidged access, we want the markets to be updated with information that it should be (failed so many times in the past)
Nothing to stop you contacting the company at all Oma, as you have. I'm sure in time they will respond.

We have not had any response to our letter sent before xmas yet so it's not like we have more priority or anything anyway.

When we ask questions we want those questions answered in RNA (if needed) or publicy in some other form (Ranges website) or via releasing their response.

Please feel free to email RIG with some of your opinions and questions and we may take them on board to ask the board them.
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 3:11 pm

oma works alone
he is a lone soldier
kemp91
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 3:19 pm

My view is that LandOcean and Abrahams got ticked off by RSR not using LO and pressing on with ramping up production. They wanted to get some control back.

The only question I have is regarding any takeover and taking the company private. I have always been under the impression that to take a company private you need to buy all the shares and to take over a company you have to offer to buy all the shares.

Chen has so far been giving out positive announcements re Trinidad and that isn't what I would expect from somebody wanting to buy the company for the lowest possible price.

What part has the Nomad to do in all this as the Nomad is supposed to be regulating the company, and what about the LSE AIM and the FCA?
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 3:28 pm

Oma
Your response of
I take an objection to Chen deciding to communicate with RIG but not
> communicating with the remaining 65% of shareholders. If he wants to single
> out groups, I am my own group and expect a response as does RIG.
>
> Again, spend your time working out why appeasing RIG is so important to
> him....
>
> RIG don't have a monopoly on communications with RRL, we all have that
> right as we have a right to share on bulletin boards.
does give some concern for your current point of view.
No one disputes your right to communicate with the company. However your arrogant approach of "demanding" a reply from Chen is worrying.
I would be horrified if the company took your point of view that they should communicate with all 100% of the shareholders. The expense and time incurred would be a terrible waste.
RIG on the other hand speak for 900 shareholders and any information is readily made public. 21% of shareholders if registered get an email and the other 79% have to access other publically available sources.
You aren't registered with RIG and there are a number of reasons you could have for not doing so. That is your right. The problem I have with those that don't join RIG are a bit like those in industry/commerce who refuse to join the union but are happy to accept the benefits. I am quite sure RIG will continue to do their best for all of us
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 3:36 pm

Rexco wrote:
> My view is that LandOcean and Abrahams got ticked off by RSR not using LO
> and pressing on with ramping up production. They wanted to get some control
> back.
>
> The only question I have is regarding any takeover and taking the company
> private. I have always been under the impression that to take a company
> private you need to buy all the shares and to take over a company you have
> to offer to buy all the shares.
>
> Chen has so far been giving out positive announcements re Trinidad and that
> isn't what I would expect from somebody wanting to buy the company for the
> lowest possible price.
>
> What part has the Nomad to do in all this as the Nomad is supposed to be
> regulating the company, and what about the LSE AIM and the FCA?

Hi Rex,

I hope you had a great New Year/Xmas?

Regarding LO/Abrahams been pissed off, I agree but not with the reasons for why. For one it wasn't for ramping up production as RSR/Lyons did an epic fail on their first target.

My opinion for their anger is for a few reasons

MASSIVE admin costs
Pay for directors (including the pay rise in the AGM) cheeky buggers
Failure to increase BOPD

I believe the reason that LO wanted more control is to do with RDS - These have failed us so much in the past and money seems to disappear when it goes there without any success. Could be the reason for buying them out.
Look at LGO to see how their drilling is going :)

Malcolm already seems to be retracting his previous statements of Range down the pipe and sell off and seems to be moving towards possible success if no take over. I'd agree with him, I'm still concerned about a potential take over but i'm willing to see if LO can do better with the drilling company then we could (we did nothing) so not to hard is it?

The price of oil is the big issue for me, Bloody Americans are killing us.
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 3:36 pm

LO will know that all eyes are on how their services can turn a minnow around, as Anterra were negotiating - a new round of bought services.

If they mess us up they will become the toxic company; that is why I fear for the fall out of all this mud slinging at the Chinese involvement. Chen should just say, read my letter to RIG and the latest RNS.

.."..Our first priority is to complete a smooth transition process and to relieve the Company and the Shareholders of the current uncertainties..."
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 3:40 pm

Jimmyrobby.

I posted this last year. I have never believed that any money was spent fixing the rigs up and would love to check the traceability of the so called money they said was spent fixing them up.
Thats my point we have been told the rigs were being maintained, but were they and if they were, how much was spent on the refurbishment work as I would guess its not cheap and therefore we, if its true that they were fixed up, are selling good rigs for probably less than we have spent doing them up and have just wasted our money.
barbus
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 3:54 pm

barbus wrote:
> Jimmyrobby.
>
> I posted this last year. I have never believed that any money was spent
> fixing the rigs up and would love to check the traceability of the so
> called money they said was spent fixing them up.
> Thats my point we have been told the rigs were being maintained, but were
> they and if they were, how much was spent on the refurbishment work as I
> would guess its not cheap and therefore we, if its true that they were
> fixed up, are selling good rigs for probably less than we have spent doing
> them up and have just wasted our money.

I've got emails going back years asking about the viability of the rigs (RIG 8) specifically and I was told on multiple occasions by both PL and Eva that the rigs/rig are in good condition and would be back to drilling in the near future. Rig 8 as per our last update was still in the workshop (nearly 4 years of doing next to nothing)

Though we were told that the rigs where refurbished I don't believe it for a second, which is why I question where this money went?

With the above in mind I'm happy that its been taken away from the previous owners (RDS) and hopefully LO plan to make better use of it. I just hope they don't see it as a gravy train.

I don't think they can do worse then we did so happy to give LO the chance at the moment.
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 5:03 pm

Jimmyrobby .
My sentiments exactly. But where has the money gone ,thats the $64000 question and we have been lied to, and if so surely we have some redress against those in charge.
barbus
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 5:39 pm

My sentiment too. Let's get rid of the hassles with RIGs, eployees , STOW , HSE etc

I just hope that LO don't drag their feet as we will be indebted to their support on drilling etc.

I'd just like to see positive upward BOPD , particularly in advance of lifted suspension.

Waterflood looks exciting and could bring us nicely up and above LGO - so we can have good bants with them lot! :P

Then there's possible activities on Georgia , Puntland , Gautemala that could come at any time. My thoughts are that Range will want to concentrate as much as possible on Trini and probably farmdown their stakes in other projects in return for free carry etc.

Well , whilst that's ongoing , I will be looking at other stocks to generate profits to invest in Range
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Invester_Tester
 
Posts: 677
Joined: Jul 2012

Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 5:43 pm

Invester_Tester wrote:
> My sentiment too. Let's get rid of the hassles with RIGs, eployees , STOW ,
> HSE etc
>
> I just hope that LO don't drag their feet as we will be indebted to their
> support on drilling etc.
>
> I'd just like to see positive upward BOPD , particularly in advance of
> lifted suspension.
>
> Waterflood looks exciting and could bring us nicely up and above LGO - so
> we can have good bants with them lot! :P
>
> Then there's possible activities on Georgia , Puntland , Gautemala that
> could come at any time. My thoughts are that Range will want to concentrate
> as much as possible on Trini and probably farmdown their stakes in other
> projects in return for free carry etc.
>
> Well , whilst that's ongoing , I will be looking at other stocks to
> generate profits to invest in Range

As the oil price continues to fall (projected) I'd say the next best bet is Gold?
Just got to get the timing right, normally as oil prices drop (if it continues) gold lifts and vice versa.

Its all about LO's intentions, do they want a succesful oil company? I believe so, so cut the costs, stream line and start producing more oil.

One thing is for certain we need the investment from these vehicles (waterflood and new rigs), as without them we are in a pretty shit situation, with no funding, no decent producing asset and falling oil prices.

I also hope that LO can make better use of the equipment and staff in Trinidad.
Jimmyrobby85
 
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Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 5:57 pm

This has just dropped in my email box from Eva


Dear

The management of Range notes recent market speculation resulting from comments made by an ex-director of the Company who was not elected to the Board at the last AGM. The Company wishes to advise that the comments are untrue and that it is not aware of any plans to take the Company into private ownership. The Company intends to remain listed on AIM and ASX and will continue to focus on growing its core business in Trinidad.

The management of the Company believes that through its strong supportive strategic partnership with LandOcean Energy Services Co. Ltd, the Company has the capabilities to achieve the incremental production plans, improve productivity efficiency and increase production in the short term in the interests of all shareholders.

The Company reserves rights to take legal action against those who provide misleading information and defamatory remarks about the Company.

Kind Regards
Eva
brgmg69
 
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Joined: Mar 2012

Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 6:10 pm

Sounds even more like sour grapes, after the wording of the opening lines. So it now falls to Chen to add his two penny worth when updating in the RNS reported as due this week.
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spud57
 
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Location: Doghouse door ajar

Re: Lyon's comments , Chen fails to respond

Post Mon Jan 05, 2015 9:26 pm

I don’t think LO will be dragging things.

The LO release indicated that the LO BOD had already approved the necessary guarantees. This enables them to purchase what appears to be a considerable amount of capital equipment for both waterflood and drilling. The fact that the guarantees are only for 1 year indicate that this will be front loaded and costs recovered in a tight time scale.

I suspect that LO will take over payroll costs from the 1st February and will need to get productivity up quickly to cover these.

RRL had revenue from oil enhanced with past fiscal recovery. LO only get revenue from completed services until profit share (if still included) kicks in.

We have lost 1 year of the fiscal benefits, so contracts will be such to accelerate things to get the benefits as these expire in 2017.

I suspect LO’s drilling subsidary have seen a downturn in work due to the oil price and this will enable them to bridge that gap as back up resources may be available quicker than normal.

Generally drilling costs are fixed , so with the low cost of oil, volume will be required to balance the books.


Invester_Tester wrote:

> I just hope that LO don't drag their feet as we will be indebted to their
> support on drilling etc.
>
> I'd just like to see positive upward BOPD , particularly in advance of
> lifted suspension.
>
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omadawn
 
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Location: Moving out of Trinidad with a wad of cash

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