uk analyst ? not that good, page-7

most of the consultants fee are what i am referring to.

Either way you have proven the point - the cash burn from regular operations is much less than implied and the $20m in cash from options could well cover all requirements depending on timing.

I do expect PL will stick to his prediction and raise something like $5m if we get to 12-15p just to make sure of the required cashflow being available in the first half of the year rather than be dependent on option exercises (bear in mind $6m is from director excercises and is not comfortably in the money yet.

It still feels like you are trying to bend the wording from your original post using 1.6m shares but not knowing where the money is coming from for the year ahead.

Lets just agree that -

1. they have about $9 and their 'cash burn' under any interpretation is less than this
2. They will need another $15m+ but not all at once
3. There is currently $20m+ of in the money options that are likely to provide the cash but the timing is uncertain (although more than anyone would have expected have been exercised early)


My opinion is that PL won't want to be held hostage to option exercises but is finally keeping some price tension by not rushing to do a cap raise and will tap the market for approx $5m at the right price.

I also expect both current participants in Georgia to give up 10% each to a farmin for a larger participation in well drilling costs.

Good luck and sorry if I offended but the $9m will carry us for a while and I would expect another $5m while that runs down from option exercises in Q1 and $5m in Q2 and $5m in Q3 and 4 so if Range manage their cash well and delays occur like usual then there will not be a need for a large capital raising.