10c level important, page-9

I'll only give the good news.

They are raising $9m very easily and the SP is rallying strongly into the supply. The money will be spent fairly quickly as the have participations all over the place this year but there is a proven payoff in Texas which is pumping cashflow from next month. There is some promising seismics due from Georgia within a few months and talk of well targets later this year. Puntland is the elephant in the room - massive soveriegn risk but Range has survived 2 governments and Africa Oil is their $$ partner with a USD 50m spend and min 2 wells to drill starting around the middle of the year. They own 100% of the offshore and plenty of talk that there could be deals done to farmin $$$ partners on that in the first half of this year.

It's a wild ride but there is some serious techncial favoring a run to somethere between 15-35c and there is a cashflow producing asset coming online immediately (talk has been that this is far better than they have announced but you know how to treat that chatter). They have 5c options out there that are in the money but reality is they will not be excercised unless there is an incentive or the discount gets too great. If they do excercise there is 15-20m for the company and that would be all they require to carry them through I would imagine.

There is some pretty chunky volume going through on AIM (RRL LN) and there has been a new broker - Old Park Lane targetting ultra high net worths which if true can throw $1m sterling at punts like this without a thought. There has been reputable Hedge funds like Tudor capital involved in the past and there are apparently interested middle eastern parties that keep a lazy eye on it cause of the potential mirror geology to Yemen.

Hope that helps.

If you want the bad news - there are plenty who can accomodated your thirst for knowledge here.