what a week

The week when it all kicks off I'm suspended so can't post anything! Just my luck. :(

I think the rise is down to the Georgia helium results slowly alerting various investors in the market. We had 2 positive results out of 3- which makes the CoS 80%+ according to the AGI website.

Even using a 70% CoS, 2 wells positive is worth a risked 21.8p to Range, and once we add on 5p for Texas+Trinidad that makes 26.8p on those 3 assets as things currently stand- and that doesn't include the further upside potential in Trinidad, nor the other areas of the Georgia blocks.

There's been a rumour started up in the UK about a possible takeover due to Puntland offshore being finalised as I'm sure you all know. I do not think this rumour is credible however.

For starters, if a big player was prepared to pay major bucks for the offshore play, I'm sure the Puntland government would just deal directly with the major- the government would obviously prefer the money to be going to them, then going to shareholders of RRL/RRS.

Further to this, we've held the licenses on Puntland onshore for a long time. If it's true that the buyer is interested in the whole company, then why wouldn't they have been buying huge amounts when the share price was 3-4p and there were plenty of willing sellers at that level on the ASX?

Finally, majors normally buy out companies that have proven their reserves up. Even if it's true that we have secured offshore rights, there has not to the best of my knowledge ever been any drilling offshore. Of course, Conoco will have access to the prior exploration on Puntland onshore, and it's possible that they know the oil onshore is there for a fact- but if so, why weren't they buying us up at 3-4p?

We're still undervalued with a conservative risked valuation of 26.8p a share, so I'll be carrying on holding until true value is realised. Takeover is a good while off yet IMO and I'd strongly doubt any offer, official or unofficial has been made.