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To: miningoz who wrote (15)	4/25/2014 8:31:28 AM
From: miningoz	Respond to of 28

Range Resources maintains focus Range Resources ( ASX:RRS, LON:RRL) is continuing efforts to build up its onshore Trinidad oil assets while elsewhere it is allying with one of China’s largest listed oil service companies. The fourth rig in the company’s drilling fleet has undergone preliminary regulatory inspections prior to becoming operational while maintenance continues on its remaining two heavy rigs. It recorded average oil production of 533 barrels per day (bpd) for March and is currently awaiting further regulatory approvals for its Beach Marcelle waterflood programme that is targeted to add between 3,000 and 3,500bpd to its production for at least eight years after receiving Petrotrin approval. Range has also completed a memorandum of understanding (MoU) to form a strategic alliance with China’s LandOcean Energy Services for the development of international oil and gas projects. In addition, a number of financing opportunities, including the previously announced reserve based lending option, for its development projects in Trinidad are currently being reviewed by the company’s new management team. The company is also seeking to refinance the existing convertible bond issues. Chief executive officer Rory Scott Russell commented: “Since joining Range in February I have been working to restructure and focus the company’s portfolio, implement appropriate financing for our projects and bring in an experienced oil and gas management team. “We are making progress on all these fronts and the new management team is excited by the opportunities ahead, particularly in building on our world-class onshore Trinidad asset.” At the Morne Diablo field, the company has completed and placed the QUN 148 well in the Morne Diablo field, Trinidad, into production. Range has also drilled the QUN 149 well to a total depth of 1,400 feet in the Lower Forest horizon. The well was completed and is under production test. Drilling is currently underway at the QUN 150 well at about 700 feet. Following delays in sourcing equipment the sidetrack on the deeper well MD 248 kicked off from 3,234 feet, targeting a depth of 6,500 feet. At South Quarry, Range has drilled the QU 452 well – the first development well to be drilled in the South Quarry field since 2007 - to a revised depth of 1,945 feet. Approvals are currently being awaited to carry out further perforations at the well. This outstep development program is expected to extend the field’s shallow producing trend into new fault blocks and result in additional proved reserves and future development targets. The company is also drilling the QU 453 well with rig 2 below 700 feet. Range is continuing to pursue sale completion of its Texas assets with the buyer after it failed to meet the agreed timeframe. It is simultaneously running a process to remarket the assets in order to divest this non-core development project. In Guatemala, operator Latin American Resources is drilling the Atzam-5 well with results expected to be released soon. The company is also continuing with non-core asset rationalisation in Georgia and Colombia. The MoU with LandOcean significantly increases Range’s technical capabilities while also providing additional options for the funding of future projects. The understanding between Range and LandOcean is set out in a non-binding term sheet, which is subject to final, legally binding documentation. LandOcean provides a wide variety of services across the upstream development cycle, from frontier geological studies through to engineering and procurement for development and production projects. The company has appointed Terry Motley as its operations manager in Trinidad. He has extensive global experience in all aspects of drilling and production operations, including Trinidad. Notably, Motley had previously managed multiple rigs to increase oil production onshore Yemen from 2,000 bpd to 25,000bpd over a two-year period. He also has technical expertise in horizontal drilling, high-pressure wells, and multi-well developments.

To: miningoz who wrote (15)	4/25/2014 9:04:40 AM
From: miningoz	Respond to of 28

Gotham "gutter rats" slammed as Quindell takes legal action Legal action has been initiated by outsourcing company Quindell Portfolio (QPP) against Gotham City Research in response to a research note published earlier this week, which it calls a "coordinated shorting attack". In a statement released on Friday, the company reiterated that it considers the publication to be "highly defamatory, deliberately misrepresentative and entirely rejects the conclusions that are made". The research company made a number of claims, including that Quindell's shares are worth "no more" than 3p, with between 42% and 80% of its profits being "suspect". Quindell's share price dropped in Friday morning trading by over 5% to 23.68p, after edging back up from its 40% plummet on Tuesday. "The board notes the short positions that were taken in the company's shares prior to the publication by Gotham City Research and also the reference in the report admitting to readers that they should 'assume that, as of the publication date of the report, Gotham City Research LLC stands to profit in the event the issuer's stock declines'," Quindell said. Short selling is the sale of a borrowed stock motivated by the belief that its price will drop, which will allow it to be bought back at a cheaper price to make a profit. The software, consulting and technology outsourcing company, which has a market capitalisation of £1.5 billion, expects to update the market with a more detailed response later today. Investor viewMost users on the Interactive Investor discussion board were pleased with the update. 'Fruit n Veg' said: "Legal action has been taken. That is a good start. It is a warning that this scam is actionable and that one or more market participants have already been targeted. Quindell should spare no effort in tracking down those within reach of the authorities." 'Westie11' agreed: "Hope the gutter rats are squirming in their lairs. About time this kind of slander was followed up with severe penalties." 'Don Van Vliet1' said: "The key is to rebut the headline findings. Addressing the historical trivia is of secondary importance at this stage, as it simply has no bearing of where the company is today and how it is presently structured. Banging on about a country club and [founder and executive chairman] Robert Terry's wife is a desperate red herring. I personally would have been embarrassed to have included that in the report had I been the author - it immediately strips away any gravitas it might have had." However, in response, 'winningstreak' said: "It did not strip away 'gravitas' on this occasion, at least not in the eyes of the private investors' who couldn't sell quick enough." But 'Don Van Vliet1' said: "Not for one minute do I (or do you) believe that 99% of the private investors had even read the report by the time they sold. In fact I'm not sure that many would have even read the headline findings in full. They saw two things - the words 'quicksand' and 'target price 3p'. In fact I would go so far as to say that even today probably only 5-10% have read the report in full and I'm being generous. "In the space of an hour the shorters managed to take out a whole raft of automatic stop losses, which, in turn, triggered more sells, which, in turn, spooked private investors who saw a plummeting share price, who, in turn, sold in panic, which, in turn, took out more stop losses. It was a vicious self-fulfilling downward spiral. Classic herd mentality and undiluted panic, nothing more. Rationality played no part in this." 'Andy0000' agreed and was concerned fighting the claims would also harm Quindell. "I can't see a way round this that doesn't hurt the business though. There is an implicit warning is this debacle. When you invest on AIM your cash is never safe. It really is the Wild West. "The other point is that this becomes self-fulfilling as management time and resources are divert to this non-productive activity. Our accounts will have exceptional legal and accounting fees at next update." Although 'Fruit n Veg' agreed, he believes Quindell cannot stand by doing nothing. "I take the point but I don't think the company can ignore any abuses if the alleged abusers are within reach, i.e. in the UK. It sends the wrong signal if they are seen not to be acting. The costs will be factored into financial expectations." Some users believe institutional investors hold the key for share-price recovery. "The stability of the share price will depends on one factor in my opinion; the support of the institutional investors," said 'Pipos'. "They will have been speaking to and meeting the board of directors, they are the ones who can support or let the share price go with their buying or selling activity. There are several tactics they can use to help, such as stock recalls to squeeze the shorters and or just buying more stock. But the choice is theirs of course depending on how they view the attack and the allegations," the user added.

To: miningoz who wrote (15)	4/26/2014 10:27:49 AM
From: miningoz	Read Replies (1) \| Respond to of 28

Range—oil production at 533 barrels a day Range Resources Ltd has announced that it achieved average production of 533 barrels of oil per day (bopd) in March this year. This is Range’s first report to the London Stock Exchange (LSE) of actual oil production in T&T. The company also named Terry Motley as operations manager for Trinidad, a territory which Range Chairman Sam Jonah said will be the company’s main focus going forward. On April 10, at a reception at Prime Restaurant in Port-of-Spain, Jonah said the company took the decision to make T&T its main focus following the announcement of the new tax incentives for oil and gas exploration in the 2013/2014 national budget. Ghana-born South Africa-based Jonah lavished praise on T&T’s Energy and Energy Affairs Minister Kevin Ramnarine at the reception, telling guests that in his 50-plus years in the extractive industries, he found Ramnarine to be “the best minister of natural resources” with whom he had the pleasure to work anywhere in the world. Regarded as one of the richest men in Africa, Jonah made his fortune in mining, oil and gas, and equity trading, according to the US’ Business Week magazine. “The company is also delighted to announce the appointment of Terry Motley, as operations manager in Trinidad. Motley has extensive global experience in all aspects of drilling and production operations, including Trinidad. “Most significantly, (he) managed multiple rigs to increase oil production onshore Yemen from 2,000 bopd to 25,000 bopd over a two-year period. Additionally, Motley has technical expertise in horizontal drilling, high-pressure wells, and multi-well developments,” Range told the LSE. Operations continue without any safety or environmental incidents and have been free of loss time incidents (LTI) since September 2013. “Average production for March was 533 bopd. Three of the fleet of six drilling rigs are fully operational and drilling ahead. The fourth (rig 1) has now undergone preliminary regulatory inspections prior to becoming operational. The maintenance programme for the remaining heavy rigs 6 and 7 continues,” Range said. Giving a field development drilling update on Morne Diablo, Range said its QUN 148 well has been completed and is on production. Its QUN 149 well has been drilled to a total depth of 1,400 feet in the Lower Forest horizon. The well was completed and is under production test, Range said. QUN 150 well is drilling with the rig at approximately 700 ft with a target depth of 1,400 ft. Following delays in sourcing equipment, the sidetrack on the deeper well MD 248 kicked off from 3,234 ft targeting a depth of 6,500 ft. On its South Quarry field development drilling, Range said its QU 452 well was drilled to a revised depth of 1,945 feet. The well was logged and partly perforated, showing an influx of oil with no water produced. Range said it is currently awaiting regulatory approvals for further perforations. QU 452 was the first development well to be drilled in the South Quarry field since 2007. This outstep development programmw is expected to extend the field’s shallow producing trend into new fault blocks and result in additional proved reserves and future development targets. The QU 453 well is drilling with rig 2 below 700 ft with a target depth of 2,000 ft, Range said. The company said it received Petrotrin approval for its Beach Marcelle waterflood programme and is currently awaiting further regulatory approvals.a number of financing opportunities, including the previously announced Reserve Based Lending option, for the company’s development projects in Trinidad. The company is also seeking to refinance existing convertible bond issues. Negotiations with funding providers are ongoing and Range said it will update the market when these are finalised. In its most recent results reported to the LSE—the half-year ended December 31, 2013—Range posted a net loss of US$18.1 million, almost double the US$9.6 million loss for the same period in 2012.