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PG1 21.0¢

RRS Q&A

  1. gassed

    12,485 Posts.
    61
    49 questions answered.
    Available @ http://www.rangeresources.co.uk/framework/documents/displaydocument.asp?doc=1307

    We got one direct mention, but, they included several questions into that one answer.

    46. From your answers in the previous Q&A, it would appear that the Guatemala project is not immediately in Range's disposal programme and that, with successful results, Range could very well remain as a longer term partner in Guatemala. How long does Range expect that "review" will take before a decision is made either way, and what factors will be used to determine that decision? Will you be awaiting the results of Atzam 5 well and the two Tortugas wells? Guatemala is a non-core asset for Range.
    A. The deal with Citation Resources (Texas assets sale) removes any immediate spending commitment by Range in Guatemala. Range will aim to make a decision with regard to these assets during the year.


    Interpret that any way you wish, but, from the sounds of this mob, CTR management will be under intense scrutiny.
    Also looking forward to the Chairman's Address to the upcoming EGM.

    And indirectly, but, significantly, re Peter Landau:-
    Does the previous Director of the Company Peter Landau have any connection to Range either formal or informal, and does he or any of his companies have any consultancy engagements with Range or stand to benefit from any of the deals currently being discussed? If so, please provide details.
    A. Peter Landau is a director of Citation Resources Limited, in which Range (following the Texas disposal) holds an approx. 13% equity interest. Other than that, Mr Landau has no involvement with Range and the Company has no consultancy engagements with Mr Landau.

    I'm drawing a longer bow there and suggesting that with what we see in the current market "fundamentals", the "influence" of OKAP on CTR will also be sharply reduced and you can forget about any more OKAP conspiracies.
    Their "game plan" has been destroyed with CTR.
    THE critical factors, as I see them, are all revolving around the current management of CTR (hopefully, will that see a RRS member on the Board?) and the funding from, wherever, to get Atzam#5 testing re-commencing. Until that re-testing commences we will just see that selling mountain build up and, if anything, continue to provide "opportunities" to "whomever might be interested" to continue to accumulate for bugger all.

    Personally, I'm wanting to see some announcement in the near future from both CTR and RRS re the current state of the game.

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