Sehr gutes Posting im LSE-Board:
Post on the LSE board poster DOGPOG
I posted the following post a fortnight go on ii.... Puntland is no longer our main near term play for reasons you'll read. Georgia was always a back up plan, and as it turns out AOI may have done us a huge favour.....
Puntland is now a joker up our sleeve to build on in 2011. It will happen. There is a meeting in Calgary in December to confirm timelines for drilling Puntland before the PSA is extended (expires 18th Jan 2011).
However as I say ignore Puntland for now. The market is, so it isn't even factored into the current SP.
Infact only p1&2 producing Texas reserves are currently shown in the MCAP.....
This is such a ridiculously undervalued share.
There has been a field change in sentiment on this board the last few weeks. I haven't been posting because really there has been little to say, but a lot of the longer term holders have been posting their takes and thoughts on Ranges current situation.
Firstly, I joined the Range story a little later than some having first invested in February this year and subsequently build up a large (for me) holding. The promise of wildcat plays in exciting areas targeting billions of barrels with the bread and butter of a safe US play that all went in an ISA was too good to pass up. 2010 was going to be a very exciting year where I didn't see percentage returns on my money but multiples....
This hasn't happened... my money has grown far more than in a bank account but far less than CAZA which I was eyeing up at 3.75p at the time (doh!)
For this reason I do understand some of the disappointment and impatience that is now prevailing on the boards even from some previous stalwarts. Range has definitely failed on 2010 expectation. Although I would not say it has failed as an investment as the market cap has doubled this year (and then fallen back a little...)
However, I believe our current situation to be completely outside of PL and RRL's control. I sat at the AGM only 8 weeks ago, and scribbled down PL's expectations and timelines of Puntland and Georgia. The story was still on and about to explode. The optimism in the city of London club that day was as exhuberant as the BB's that evening.
Then AOI screwed us over.
I believe PL when he said the plan was to cap raise off the back of Puntland mobilisation to go at Georgia and Puntland together. I also believe that was his honest intention at the time.
Then AOI screwed us over:
www.investegate.co.uk/Article.aspx?id=20101029090804P6253
Puntland
Range's Joint Venture Partner and operator in Puntland, Africa Oil Corp ("
Africa Oil" TSX: AOC) has recently announced in a presentation that the
spudding of the first well in Dharoor is now not likely until mid 2011. Whilst
obviously disappointing to the Company, Africa Oil have met with the Puntland
Government to secure an extension to the PSA (expected shortly) and are
currently evaluating second tier drilling contractors with an aim to secure a
more cost effective drilling for the first well. Updates on the awarding of the
drilling contract and extension of the PSA's will be made when available."
By 'cancelling' Dharoor (what a joke...) not only the gameplan had been scuppered, but all timelines given to date by PL. Their non action meant plan B needed to be swung in to action. This has taken time and delayed all other newsflow which no doubt has really phucked off, sorry 'disappointed' PL and co.....
Plan B was always Georgia but now it is our main company maker. Interesting that it is now promoted to opening paragraph in the QR.... As such it couldn't be rushed. No chance of fund raising off a Puntland mobilisation bull run, PL has had to look for other options... hence the first mention of a farmin:
"Following the receipt of the report from RPS and the assessment of the
drillable targets, the Company will elect to either:
* progress the targets at the current 50:50 equity ba
Zurück
