9 Nov 2015 09:02
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Don't have an account? Click here to register.Range Resources drops on discounted share issue
Tue, 17th Jan 2012 08:24
Range Resources fell back on Tuesday morning in active trading after announcing a share placing at a deep discount to Monday night's closing price.The company has placed 18.3m new shares at 11.5 cents per share. The close yesterday was 13.25p. After taking account of the exchange rate, the discount works out at around 56%. The shares fell as low as 10.5p in the opening 90 minutes of trading, before recovering a little.A further 20.89m shares may be issued on the exercise of an option at 18.98 cents by September 20 2016.Range also told investors today drilling has started ("spudding" in industry parlance) on the first well in its oil exploration project in the Dharoor Valley in Somalia. The company claims this is the first drilling in the country for 20 years.Range says the estimated resources amount to 300 million barrels of oil, with its own interest in the project at 20%.Range's Executive Director, Peter Landau, described the drilling as a "monumental achievement".Shares in the firm are up 21% on where they were this time last year, after a roller-coaster ride which saw the stock gain 150% in April before falling dramatically in the summer. BS
More News
2 Nov 2015 11:03
Range Resources says production target in Trinidad won't be met until 2016
(ShareCast News) - Oil and gas explorer group Range Resources warned it will not meet its production target at its Trinidad operations until early next year. Earlier this year, the London - listed said it expected annual production from the Trinidad wells to be 1,000 barrels of oil per day, although
Read more2 Nov 2015 10:44
1 Oct 2015 10:21
Range Resources names new non-exec director
(ShareCast News) - Oil and gas exploration group Range Resources has appointed Yu Wang to the board of non-executive directors. Wang is the nominee of Beijing Sibo Investment Management, which earned the right to appoint up to three non-executive directors, after investing $30m in the London-listed
Read more24 Sep 2015 10:12
7 Sep 2015 12:19
Range Resources gets drilling underway in first Trinidad well
(ShareCast News) - Oil and gas explorer Range Resources said the first development well in its Trinidad project spudded last week and drilling was now underway. The London-listed company said over the next three weeks the MD 42N will be drilled to a total depth of 3,120 feet, adding it expects to re
Read more2 Sep 2015 10:54
Range Resources jumps on Trinidad project update
(ShareCast News) - Oil explorer Range Resources shares jumped on news that the first of four new drilling rigs has arrived in Trinidad. The rig, the largest to be added to the Range Resources Drilling Services drilling fleet in 2015, has a 4,000m drilling capacity and is expected to be available
Read more26 Aug 2015 16:08
London close: Stocks drop as investors dwell on China slowdown
(ShareCast News) - UK equities dropped on Wednesday as China's economic slowdown continued to weigh on investors' minds. The People's Bank of China on Wednesday said it would pump 140 billion yuan into the financial system through a short-term liquidity adjustment operation. The SLO loans, introduce
Read more26 Aug 2015 10:36
Range Resources plunges despite receiving payment deadline extension
(ShareCast News) - Shares in Range Resources plunged over 8% early on Wednesday, after the oil and gas explorer said the deadline related to its payment to Lind Asset Management had been extended. The London-listed company has made a $5m payment to Lind, which has made a $7.22m statutory demand afte
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