john paul jones... jack rabbit junior, page-29

Shrwed,

How the exams going?

Macrae knew when the KNOC pump and dump episode happened last May that state one securities was dumping and before broker codes where out, so some respect there please he called it before anyone. Regarding what may be happening now I think he knows jack personally.

Regarding some of your comments, do not confuse market sentiment and ramping with facts.

Fact:- Oil majors did find oil, one declared it to the government at the time another did not. Why? Read up on Nigeria and you will see politics has more to do with this than any normal oil discovery. Rather brief answer but it will be lost on most people anyway and I doubt you are going to spend countless days in trying to find this answer, cant blame you if you do not.

Fact:- Seismic have been mentioned many times before and now miraculously they have found some for the Daroon block with previously the Italians had (AGIP). In excess of 150million was spent back in the late 80s plus more unreported spending as well.

Fact:- Correct no major would deal with a failed state because big brother would not allow it, BUT do you think the Arabian kingdom is concerned, especially not when our Texian buddy sends in a few 100,000 troops, again more politics than anything so I can see how your missing the "pure oil metrics", they do not apply for the most part. The majors know that it will take a good 5-10 years before any kind of production happens, they are playing the game as I see it.
Furthermore Investing in Somalia is risky and you need to attach a risk assessment with that investment BUT if they say managed to time it well enough then they have completed a deal of the century IMHO. So far Market cap is up X6 since they started the deal, thats 600%!!! Management Trustees in conjunction with the Directors have done extremely well.

BUT you are right if its a duster this stock is ruined, pure and simple, however if they say prove up a few billion barrels as indicated in that Soole report as prepared and approved by the TSX then you could see something special. But I still think CXM is a better play than RRS for the long term.

Personally this has so much more to play out and with the Trustees of Range management running the show we have many more cycles to go, I can see $600million before drilling, but will it happen say next month or 6 months or 12 months, who knows? but its worth a trade thats for sure.

Cheers