Post by JimmyRobby85 on May 8, 2014 7:15:12 GMT
Dear RIG member,
Please see the compiled list of questions ready for your vote.
We will be choosing 5 from the list, so you will have 5 votes for this pole. As some of the questions are pretty big they wont fit into the Poll itself so please see the bottom of this page for the full questions numbered 1 to 14.
The poll will close at 11.30 tonight and only RIG members votes will be taken into consideration, however all board members can vote on the questions.
PLEASE NOTE THAT YOU WILL NOT BE ABLE TO SEE PREVIOUS VOTES UNTIL YOU HAVE VOTED!
Some of the questions do require some tweaking and if chosen we may amend them a little bit to how they read now.
Please email us or PM a mod if you have any queries.
Regards
RIG representatives.
TRINIDAD
1) Can you please give a comprehensive update on what phase our rigs are in the maintenance schedule and when they are due to be finalised and re-certified? An approximation of how long the re-certification process is liable to take would be good too! It was said before that rig 7 had been "cannibalised" to keep other rigs in service, if this was the case and with our current financial problems and long lead times for major components, can you inform us if they have been ordered as of today please?
2) Could you inform us of the plans for Rig 8 now that it is/has demobilised from MD248 and have the new T&T focused BOD members made any new recommendations for drilling going forward. What is the current update on the 135 well? We haven't heard anything since November.
3) In future announcements could you give expected approximate date/s for each well to TD as well as the depth please? Also, if a well is going into production can holders expect to hear flow rates at that stage?
4) How significant is the recent confirmation that the Herrera formation in the South Quarry block is shallower than elsewhere on the acreage? And has this led to a rethink of the drill sequence/plan for the FDP?
5) Are current levels of production STILL self-funding? In an interview recently Rory Scott Russell declared that Trinidad Revenue was $1m a month – what are the costs per month? What are the netbacks per barrel?
COLOMBIA
6) On 7 May 2014 it was announced that PetroCaribbean Resources were selling 100% of the Putumayo-7 licence to Suroco and PetroGrenada in exchange for $141.5k each and the agreement to pay a future royalty of 10% on future production to PetroCaribbean Resources.
As PetroCaribbean had farmed down 65% to Range please confirm:
• whether Range have already forfeited their farm-down
• whether Range will get 65% of the 10% royalty (i.e. 6.5%)
• whether Range are now released from their $3.48million Colombian Performance bond freeing up this cash to be used elsewhere
• why this has not already been announced?
TEXAS
7) What is the expectation of the current valuation (ballpark) of the Texas assets (has an independent valuation process been carried out?) and what stage has the "remarketing process" reached as stated in the company update of 22nd April? Have you considered selling Texas by auction with a suitable reserve figure attached?
PUNTLAND
8) The last thing we heard of Puntland offshore was that we were due to sign documents - nothing heard about offshore since - was it a figment of Pete Landau's imagination or do we still have the offshore Puntland block?
INTERNATIONAL PETROLEUM
9) What is the nature of the security held in respect of the IOP loan, and why don't we just exercise that security and get our money back?
CORPORATE/FINANCING
10) Please confirm whether Range will be moving from Perth to London and delisting from the ASX? What benefits are there to remaining listed on the ASX?
11) Did Platinum partners sell the 100 million CTR shares held in escrow as collateral? If so, what’s the default on the part of RRS/RRL that permitted Platinum Partners to do so? If so and no default, what steps have Range taken, or will take, to recover these shares? Who authorised the PP loan and why was this not announced? Range announced that the loan would be repaid by 30 April – please update us as to whether this has actually happened and if not why not.
12) Many shareholders are incredibly frustrated at the dilution of their holdings over the past year(s) and fear a consolidation would signal the start of a repeat of the process. The company or its representatives have previously given assurances that a consolidation would not be (or isn't being) considered at anything like these historic low share prices (in many cases well north of where the SP currently resides). Can the new management please reiterate this assurance - ideally with a commitment to not consider consolidation until the share has made a significant recovery in price - at the very least to a token level of 5p as an example?
13) How can the current BoD size, makeup and remuneration be justified given the catastrophic operational and share price performance over the past 3+ years? What role do you see Peter Landau, Anthony Eastman and Marcus Edward-Jones playing in our new look RRL as we aim to move forwards as a company?
14) How much do Range pay Buchanan a year for Investor Relations? As Buchanan refuses to talk to the private investors who make up the vast majority of Range’s shareholders, do you think that they provide a meaningful investor relations function for the amount Range pay them?
Please see the compiled list of questions ready for your vote.
We will be choosing 5 from the list, so you will have 5 votes for this pole. As some of the questions are pretty big they wont fit into the Poll itself so please see the bottom of this page for the full questions numbered 1 to 14.
The poll will close at 11.30 tonight and only RIG members votes will be taken into consideration, however all board members can vote on the questions.
PLEASE NOTE THAT YOU WILL NOT BE ABLE TO SEE PREVIOUS VOTES UNTIL YOU HAVE VOTED!
Some of the questions do require some tweaking and if chosen we may amend them a little bit to how they read now.
Please email us or PM a mod if you have any queries.
Regards
RIG representatives.
TRINIDAD
1) Can you please give a comprehensive update on what phase our rigs are in the maintenance schedule and when they are due to be finalised and re-certified? An approximation of how long the re-certification process is liable to take would be good too! It was said before that rig 7 had been "cannibalised" to keep other rigs in service, if this was the case and with our current financial problems and long lead times for major components, can you inform us if they have been ordered as of today please?
2) Could you inform us of the plans for Rig 8 now that it is/has demobilised from MD248 and have the new T&T focused BOD members made any new recommendations for drilling going forward. What is the current update on the 135 well? We haven't heard anything since November.
3) In future announcements could you give expected approximate date/s for each well to TD as well as the depth please? Also, if a well is going into production can holders expect to hear flow rates at that stage?
4) How significant is the recent confirmation that the Herrera formation in the South Quarry block is shallower than elsewhere on the acreage? And has this led to a rethink of the drill sequence/plan for the FDP?
5) Are current levels of production STILL self-funding? In an interview recently Rory Scott Russell declared that Trinidad Revenue was $1m a month – what are the costs per month? What are the netbacks per barrel?
COLOMBIA
6) On 7 May 2014 it was announced that PetroCaribbean Resources were selling 100% of the Putumayo-7 licence to Suroco and PetroGrenada in exchange for $141.5k each and the agreement to pay a future royalty of 10% on future production to PetroCaribbean Resources.
As PetroCaribbean had farmed down 65% to Range please confirm:
• whether Range have already forfeited their farm-down
• whether Range will get 65% of the 10% royalty (i.e. 6.5%)
• whether Range are now released from their $3.48million Colombian Performance bond freeing up this cash to be used elsewhere
• why this has not already been announced?
TEXAS
7) What is the expectation of the current valuation (ballpark) of the Texas assets (has an independent valuation process been carried out?) and what stage has the "remarketing process" reached as stated in the company update of 22nd April? Have you considered selling Texas by auction with a suitable reserve figure attached?
PUNTLAND
8) The last thing we heard of Puntland offshore was that we were due to sign documents - nothing heard about offshore since - was it a figment of Pete Landau's imagination or do we still have the offshore Puntland block?
INTERNATIONAL PETROLEUM
9) What is the nature of the security held in respect of the IOP loan, and why don't we just exercise that security and get our money back?
CORPORATE/FINANCING
10) Please confirm whether Range will be moving from Perth to London and delisting from the ASX? What benefits are there to remaining listed on the ASX?
11) Did Platinum partners sell the 100 million CTR shares held in escrow as collateral? If so, what’s the default on the part of RRS/RRL that permitted Platinum Partners to do so? If so and no default, what steps have Range taken, or will take, to recover these shares? Who authorised the PP loan and why was this not announced? Range announced that the loan would be repaid by 30 April – please update us as to whether this has actually happened and if not why not.
12) Many shareholders are incredibly frustrated at the dilution of their holdings over the past year(s) and fear a consolidation would signal the start of a repeat of the process. The company or its representatives have previously given assurances that a consolidation would not be (or isn't being) considered at anything like these historic low share prices (in many cases well north of where the SP currently resides). Can the new management please reiterate this assurance - ideally with a commitment to not consider consolidation until the share has made a significant recovery in price - at the very least to a token level of 5p as an example?
13) How can the current BoD size, makeup and remuneration be justified given the catastrophic operational and share price performance over the past 3+ years? What role do you see Peter Landau, Anthony Eastman and Marcus Edward-Jones playing in our new look RRL as we aim to move forwards as a company?
14) How much do Range pay Buchanan a year for Investor Relations? As Buchanan refuses to talk to the private investors who make up the vast majority of Range’s shareholders, do you think that they provide a meaningful investor relations function for the amount Range pay them?
