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Range Resources

Touchstone drill

(ASX:RRS / AIM:RRL / PINK:RGRLF & RGRYY)
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Touchstone drill

Post Wed Sep 12, 2018 2:26 pm

Am I right in thinking there hasn’t been an update following the 15 day touchstone well which RRDSL started on 6th August?

Is this really an accretive business unit if we can only report results hidden in quarterly / annual reports?
Canaries60
 
Posts: 297
Joined: Oct 2013
Location: Portsmouth

Re: Touchstone drill

Post Wed Sep 12, 2018 2:42 pm

and 2 months since indo update.

Last we heard they were testing for a flow rate on the first well and had a blockage on the second. We are meant to be reopening up to 10 wells this year. Have we only done 1.5 so far.

As always who knows.
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Razzledazzle
 
Posts: 2214
Joined: May 2012

Re: Touchstone drill

Post Wed Sep 12, 2018 5:01 pm

I challenged Eva to produce a new Indonesia update and generally be more open about activities. She responded by saying that ‘they’ would not revert to news that was ‘hyped’ and that only news of material events would be released.
I suggested that the current strategy was clearly not working and that a very serious rethink was required by the BOD.

What was that a while back about regular newsflow?


It really does beg the question what are these guys doing all day.

Just pi** poor in every respect !
Buckz
 
Posts: 186
Joined: Mar 2012

Re: Touchstone drill

Post Wed Sep 12, 2018 7:54 pm

Canaries60 wrote:
> Am I right in thinking there hasn’t been an update following the 15 day
> touchstone well which RRDSL started on 6th August?
>
> Is this really an accretive business unit if we can only report results
> hidden in quarterly / annual reports?

As with the Shell drill Range will not give a result. They take the view, quite rightly to my view, that it is not Range's place to comment on another companies results. For all we know the drill could have been a spectacular success but the results were a disaster for Touchstone hence Ranges confidentiality on other companies results.

On the other hand I do think we are long overdue something on Perlak.
Nedkellylandau
 
Posts: 1959
Joined: Mar 2013
Location: Lost on the Range

Re: Touchstone drill

Post Wed Sep 12, 2018 11:05 pm

Touchstone's presentation at the Oil Capital conference in London:

https://www.youtube.com/watch?v=nFze8StRIg8

Range gets a mention at 4 minutes in, very good to hear:

"There's about three or four more suppliers on the island, one of them you might know is Range Resources who has a service division. They just finished drilling a well for us last night, so it's presented a little more competition as we've gone forward; and by the way, they did an excellent job on that programme for us."

Although the video was uploaded today, the conference was on 4th September, so that would make it 3rd September when RRDSL finished drilling WD-8.

There is some drone footage at 9 minutes which looks like it might be the WD-8 block and the RRDSL rig.

The chart at 10m 20s shows the drilling activity of each operator for the first half of 2018, with Range on a big fat zero in terms of number of wells and total feet drilled.
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day_tripper
 
Posts: 663
Joined: Nov 2012

Re: Touchstone drill

Post Thu Sep 13, 2018 6:43 am

Look at how Touchstone are constantly engaging the market, updates with meat on the bones, presentations etc. Range are just amateur in that regard. It may be their own undoing. I see the remuneration clause bring voted down a second time at the agm, well then have an egm and they will be gone. Hopefully new management will injection some interest back into this company
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Razzledazzle
 
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Joined: May 2012

Re: Touchstone drill

Post Thu Sep 13, 2018 8:47 pm

Great find DT, thank you.
Canaries60
 
Posts: 297
Joined: Oct 2013
Location: Portsmouth

Re: Touchstone drill

Post Thu Sep 13, 2018 11:37 pm

Video conference by Touchstone great find and positive news. I find Eva's attitude to be totally unacceptable. None of the management (including her) seem to be bothered with shareholders unless they want to raise some more money from us. All this hype in Q&A about a PR launch and we never hear a peep from her.

We need meetings, dialogue with shareholders. Political parties manage it within days of an election being called. Many companies do. Why not Range?.
cymrurhydd
 
Posts: 6
Joined: Sep 2018

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