I think the 12p target for capital raising was based on AOI mobilising for Puntland (which we now know didn't/won't happen). As such targets are going to have to be revised.
We closed at 8p in London, which is 33% higher than the 6p that we had a few days ago. I just don't see this going much higher until we've found some oil in Georgia. Can't see it reaching 12p on anticipation alone (which would allow a capital raising to be done before results).
10p in my mind is the ceiling pre-results, unless the Georgia CPR has very impressive chance of success figures for our drills. I too would expect (and welcome) a farm-in but can still see funding been quite tight, unless part of the farm-in conditions is the farm-in partners pays Range a certain amount of cash to -buy in' to the project, as well as contribute towards costs.
RRS Price at posting:
12.0¢ Sentiment: Hold Disclosure: Held
