13 Feb | Range Resources
A positive bit of news from their operations in Trinidad followed by an update on their interests in Guatemala (via a recent investment in Citation Resources Limited) has seen Range Resources put on 30% in 8 days – from 3.00 pence at open on 5th February to 3.90 pence, as I type.
On the Trinidad find, Executive Director Peter Landau had this to say:
We are extremely pleased with the results of the ongoing drilling program in Trinidad, and particularly with the discovery of new oil reservoir. The QUN 135 well confirms once again that the development potential on Range’s Trinidad blocks remains largely untapped. Once production testing of this new zone is complete, we will make a determination as to how best to develop the reservoir as art of our expanding portfolio of exploratory, development, and secondary recovery opportunities in Trinidad.
On the daily chart, Range’s price has crept above the 50 day moving average for the first time – with the exception of a day’s outing in January – since October last year. In fact it’s just now testing the 100 day MA, which if breached, will be the first time it’s been in those waters since April 2012.
Chart made available from IG Markets.
Are things turning around for the Aussie based oil and gas explorer/producer? Potentially yes, but then potential has never been Range’s problem.
To cut a long post short, on the back of recent updates, we’ve just yesterday opened a CFD on Range, buying up another 15,000 shares at 3.75 pence. We were averaged in at a smidgeon below 8 pence for our 25,000 shares. This latest purchase has bought that average down to 6.28 pence across our 40,000 shares.
For those looking to delve a little further in to happenings at Range Resources, there’s a recent interview (recorded on 28th January 2013) with Peter Landau at Mining Maven and the Range Resources website features a bunch of videos under the news and media centre tab.
Oh, and don’t forget to check out Range Resources’ ranking over at AIM Soiree. It’s always floating about in the top ten there somewhere.
Thanks again for dropping by.