Rns - Indonesia update

[FUBAR@Birth]

https://www.asx.com.au/asxpdf/20180706/ ... c3k7vj.pdf

Only quick scanned it but from what I can see, it’s a decent flow rate from first well at around 145 bopd but needs to be stabilised so likely will be less but hopefully not much.

Second well in progress but has a block down hole they are attempting to remove, I’m hoping it’s Landau and he’s been stuffed down there by unhappy institutional investors.

However as we were hoping to get 200bopd gross out of all the planned 10 workovers this year, a rate of 145 so far for the first well bodes well if they can keep it performing up near those levels and others come in similar.

Fubs

[rob295]

So 125bopd over target pre-stabilisation?

[Canaries60]

It does not say that, it says 145 produced intermittently over a 117 hour period.

Terrible update.

[rob295]

Did we both not say pre-stabilised or equivalent? Bet you were the popular kid at school all those years ago...

[rob295]

Can believe they even published initial rates on first given how we all want less updates.

That is sarcasm btw

[rob295]

A bad update would be... O.M.G well literally gushes oil... town drowning in supply... fears sun will never be seen again.... Range rocket ship set to fly.... £1 imminent let alone 1p... billions to be made.

[Wiggy]

Rob, it's about 30bopd surely if we produced 145 barrels over 4.5 days odd?

W

[Razzledazzle]

How much of the estimated gross 200 bopd by the end of the year would be Range's?

[citizen79]

I'm with you Wiggy, approx 30bopd; which if all 10 work-overs follow suit, stabilised to say 35% less, we get to the 200 bopd they are aiming for, give or take a bit.

Lets hope they under promise and over deliver hey :)

[rob295]

Take it all back... it is a shitty update. Hadn’t noticed that.

Apologies...

[rob295]

Genuinely read as 145bopd :(

[rob295]

That’s my balloon well and truly burst

[citizen79]

Its not that shitty mate, its on course, (if we have got 30bopd or thereabouts) with their plans.

Nonetheless, I am sure Malcy will be over the moon ! ;)

[Nedkellylandau]

A peculiar way to test and then announce flow rates. Surely they could have established a bopd rate.
One positive that everyone seems to have missed is that this flow is from one of multiple production zones - what about the rest of them?

[citizen79]

Very good spot Ned, I need to teach myself to read read and read again all RNS's !

[Wiggy]

Nedkellylandau wrote:
> A peculiar way to test and then announce flow rates. Surely they could have
> established a bopd rate.
> One positive that everyone seems to have missed is that this flow is from
> one of multiple production zones - what about the rest of them?

No I didn't miss that......but until any additional flows are announced I wouldn't get too excited.

W

[FUBAR@Birth]

Excuse my ignorance but if your going to the bother of re opening this well and getting a rig there, why did they only target one zone? Would they have done the work for other zones at same time with the intention to re open these when they want at a later date or will they have to take rig back each time they want to tap into a different zone.

Surely it’s more cost effective to connect all zones at once if possible and have well producing as best it can across those than one at a time ?

I have little or no knowledge of drilling, re entering so would appreciate any of our more techy minded posters to explain.

Ta

[Nedkellylandau]

Yep. I'd have thought 3 times as much oil from 3 different layers would have more impact. We know the layers were there but it is possible that when the well was originally drilled they only drilled to they hit the top layer.
It was a well reopening and not drilling a new well.
The problem that effects us all is that the drip, drip of good news is having no effect on the SP.
Do we need to wait for 1000 bopd to make a difference or will that figure simply be overlooked by investors.
Range is in a much better position than it was before suspension but it doesn't reflect in the SP.

[Razzledazzle]

Ned, personally I think it's because we are 18 months away from owing 80 million dollars spent on sfa and a board who seem sincere but generally a bit clueless and beset by bad luck

[day_tripper]

FUBAR@Birth wrote:
>
> Surely it’s more cost effective to connect all zones at once if possible
> and have well producing as best it can across those than one at a time ?

In Trinidad comingling of different API oil produced from multiple depths/horizons is not generally permitted.
Maybe Indonesia also require each zone to be produced from and depleted before the well can be used to produce from another interval?

[day_tripper]

Razzledazzle wrote:
> How much of the estimated gross 200 bopd by the end of the year would be
> Range's?

23% interest currently, which equates to a whopping 46 bopd!

[Razzledazzle]

The comment in the q and a that bothered me the most was the self righteous statement that they would not seek short term share price gain through news for the sake of news and that they "hoped" the market would recognise the value in the company in th time.

Management are treating range like a ftse 500 company. Look at trinity... They know how to tell the story and excite the market.

I fear under current management no matter how much operational success we see range will never be a hot stock again. Somewhere between Landau and complete indifference to promoting the company would be good.