I have been noticing big blocks going into this stock ...so when I
saw 4 million dollars going in, I think whoever has done that has
done homework..and has better resources to do homework..
the news has been sounding very promising altho there is a rising
short position...the company appears to have been basing throughout
the 90's....I copied the following from www.newswire.ca
they also have an article on Ranger's last financial statement...
hope this helps"
Canada NewsWire
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Attention Business Editors:
RANGER OIL ANNOUNCES EXPLORATION RESULTS IN ANGOLA
CALGARY, June 11 /CNW/ - Ranger Oil announced today that
exploration well 4/31-1-3 has completed drilling on Block 4 offshore
Angola. The well flowed at a rate of 7,400 barrels per day of 41
degree A.P.I. oil and 13.3 million cubic feet of gas per day on a
48/64 inch choke from a single zone in the Tertiary sand. Although
the well was designed to explore both Tertiary and Pinda geological
prospects, the Pinda sands which contained oil shows were not tested.
The well was drilled to a total depth of 15,800 feet and has been
suspended.
The Omega semi-submersible rig will now move to a location ten
kilometers to the northeast to drill an exploration well, 4/22-1-1,
on a separate Tertiary structure with multi-horizon potential.
In order to fully evaluate the potential of the area and to
define additional prospects, a 3-D seismic survey will commence over
the western portion of Block 4 in the near future.
Fred Dyment, President and C. E. 0. of Ranger said ``I believe
the results of this well are very significant because they have
proved the prospectivity of the Tertiary play in the western part of
Block 4. This play has been the subject of intense industry interest
in Angola and elsewhere in West Africa. The Group have already
identified several leads with significant potential from existing 2-D
seismic, and the planned 3-D seismic program over this area should
enhance future exploration drilling on Block 4''.
Upon completion of the formal documentation, the Block 4
Contractor Group will comprise:
Ranger Oil Limited (Operator) 49 Percent
BHP Petroleum 31 Percent
Sonangol U.E.E. 20 Percent
Issued by: F. J. Dyment
President and Chief Executive Officer
For further information: John G. Faulds, Vice President, Investor Relations Ranger Oil Limited (403) 232-5200; Alan B.
Henderson, Chairman, Ranger Oil (U.K.) Limited, 01483 401 401
10:28e 11-JUN-96
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