Rose, Echo, Range
Significant Board and management changes at Rose today, not unexpected after recent restructuring of finances and the arrival of Colin Harrington. He had been Executive Chairman but in a move that will show serious intent he steps into the CEO position. Another big move is the move to Non-exec Chairman for Rick Grant, an oil industry veteran and a signal of how seriously the new team are taking things. Finally on the Board front Gordon Stein joins as an independent non-exec with a charge of bolstering its governance framework.
Rose now has a full set of leading industry people at board level and whilst shareholders will be sorry to see Matt Idiens move on he will remain as an advisor to the board during the transformation. Matt has had several years of building Rose and now with access to much bigger funding and opportunities he leaves Rose very strongly placed to move onwards and upwards.
Shareholders will be pleased to see some significant progress at Tapi Aike with this announcement giving updates on 3D seismic and potential drilling locations. In the eastern portion of the survey area, the Chiripa Oeste area has had five areas selected for surface location permits and an EIA covering these locations has been submitted to the provincial authorities.
One of these locations will be selected to drill the La Vanguardia x-1 well, the first of four wells in the Tapi Aike drilling programme which is expected to spud in Q4 2019. In the western cube, the Travesia de Arriba, processing of the 3D data continues and five areas hav3 been selected in which to initiate environmental studies and commerce surface permitting.
Ever since Echo came to the market it is the time that we have all been waiting for, now that the seismic work is showing the way to the well locations drilling is at last in sight. The initial CPR showed grounds for significant optimism and the end of this year and early next should reveal ‘material value’ for the company and its shareholders. Cometh the hour…….
Just when you thought nothing could go right for Range a significant rabbit has been pulled out of the hat. The company has signed binding SPA for the sale of Range Resources Trinidad to LandOcean in return for offset of all debt ($91m) and cash of $2.5m to Range.
This is a cracking deal for Range as in a stroke it has made the company debt free, with cash resources bringing increased liquidity and of course improved shareholder sentiment. Getting @$95m for these assets is by any matter of means incredible and should have an immediate knock on effect for other players in the area.
Range is left with the drilling company in Trinidad and the Indonesian assets, as this transaction is completed one can only hope that the deal gets completed. Range shareholders will then rejoice.
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