A few months ago I covered five oil and gas stocks currently in the ‘penny share’ range that could warrant a place on the research and watch list.  The five were included based on either potentially company making high impact exploration drilling and/or planned company changing production nearing.  The key aim and remit for the previous article was to try and identify an O&G company who could potentially one day be the next Premier Oil (LON:PMO), Afren (LON:AFR), Dragon Oil (LON:DGO) or even Tullow Oil (LON:TLW) and who needed a slice of luck from near term activities to set them on the right path.  The five stocks covered, Aminex (LON:AEX) who are currently drilling the Nyuni-2, to be followed by the Ntorya-1, San Leon Energy (LON:SLE) are about to spud the first of a 13 well 2011 programme, Ascent Resources (LON:AST) are currently drilling the Pg-10 and working to unlock one of the largest gas fields in Europe, Range Resources (LON:RRL) are involved with high impact exploration and increased production activity and Tower Resources (LON:TRP) are edging ever closer to the multi billion barrel potential structure spudding within the offshore Namibia licence, have all made good progress and are about to potentially enter a transformational period. 

Among the five stocks to watch, Range Resources (LON:RRL) is currently making good strides towards the ultimate aim of being eligible for promotion to the big league, mainly based on its recent 100% acquisition of 3 producing oilfields in Trinidad and Tobago, one of the wealthiest countries in the Caribbean.  Not only is Trinidad and Tobago famous for producing the gifted footballer Dwight Yorke, but it also boasts large reserves of oil and gas and has been in continuous production for over 100 years, with the current production rate standing at around 100,000bopd.  Range Resources also has interests in 3 other geographical areas, namely in, Texas USA, Republic of Georgia, and Puntland Somalia. Over the next 6 months key activity is expected across the Range portfolio of assets which include a…

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