ASX RNS -, Production Target exceeded

[Buckz]

https://hotcopper.com.au/documentdownlo ... 92GA%3D%3D

Makes good reading boys and girls!

[Loadsamoney]

as I said an hour ago when talking about 750bopd
"IF we havent won any new contracts in the past 2-3 months & all those crews & rigs were working flat out on workovers etc, Id want to know why by now it wasnt higher than that !"

I keep saying the same thing tho, what gives us the biggest return for our money - workovers & incr in bopd or sub contract work - if we can get it ?

Either way, I stand by the fact that Range were given a big warning last Nov when Abrahams voted down remuneration. I suspect its all about the SP & it being circa 20% of what it was when they got involved.
IF the SP isnt at least 0.5p by the time they get to vote again in the Autumn, watch out !

Having said that, we have had 3x increasingly improved quarterly reports now & this last quarterly WILL be the best of the last 4. Im expecting production receipts to be over $4m net, alone. Full year bopd will average just under 700 or 30% improvement on last full year and receipts will be over 50% higher than last full year at circa $12.5m without sub contract work.

All the signs are there & have been for some time, apart from the blip in Feb/Mar bopd which they have now picked back up
And Im sure there wont be any waterflood improvement yet in those numbers

Now watch Surely, I mean Omazzz, change his tune & turn 180 degrees having bought back in ! ******* **** !

[FUBAR@Birth]

That’s a nice rns

And another 24 workovers to be done in next 6 weeks so more to come hopefully

[Razzledazzle]

Quietly closes the change.org window and tiptoes out of the room

[Razzledazzle]

This is good news undoubtedly but it does raise a concern around waterflood. If we are drilling to mitigate declines have they realised as canaries alluded to that waterflood is not the great saviour?

[Canaries60]

Exactly Raz. Nice update and i’m Really pleased, but just how sustainable is the production increase from remedial work alone? WF needs to take up the slack, but does anyone think it can?

I really really hope i’m wrong and hope to be proved so.

[rob295]

On my quick maths from H2 2017 report I get:

REVENUE: £5.4m (605bopd @ $48/bbl)
ROYALTIES: -£1.9m
OP EXPENSE: -£3.8m
FIXED (PRE-FINANCE/TAX): -£3.8m
OPERATING PROFIT: -£4.1m

Revised I get:

REVENUE: £11.3m (820bopd @ $75/bbl)
ROYALTIES: -£2.5m
OP EXPENSE: -£3.8m
FIXED (PRE-FINANCE/TAX): -£3.8m
OPERATING PROFIT: £1.2m

Could be a big improvement in future financials.

[Loadsamoney]

Rob
That supports this, that I have been going on about for some time now

Having said that, we have had 3x increasingly improved quarterly reports now & this last quarterly WILL be the best of the last 4. Im expecting production receipts to be over $4m net, alone. Full year bopd will average just under 700 or 30% improvement on last full year and receipts will be over 50% higher than last full year at circa $12.5m without sub contract work.
And lets not forget the massive wrote offs over the past 2 years - over $40m but none this year because Goodwill written down to 0 last time.

The 4th qtrly report than makes up the full year came out last year on 26th July but full year accounts (4x quarters added together !) didnt come out until 2nd/3rd Oct in last 2x years !

And when potential new shareholders see headlines like 30% increase in bopd average & 50% increase in receupts, I then expect the SP to be north of 0.5p, maybe up near where Abrahams bought in, just in time for the November vote !

[Momo]

Been a while since we've had a RNA that didn't require a change of underwear after reading.

Long may we continue to skid to success.

[miniboy]

Nice RNS. Pleased for you guys. Here’s hoping the progress continues.

[Loadsamoney]

Razz changed his before reading it !

Momo wrote:
> Been a while since we've had a RNA that didn't require a change of
> underwear after reading.
>
> Long may we continue to skid to success.

[tennents]

Very good indeed. Follows the pattern:

- not making rash promises
- over-delivering target (a little) on the promises
- telling us that they are going to start the next part of the plan as announced previously

Giving us.......

step by step improvement in performance
step by step increase in evidence of a competent management team
step by step forward in re-building investor trust
which will result in...
step by step increase in the share price

That will do fine thanks