puntland, page-6

From Friday's announcement:

"Site construction is complete in readiness for spudding first well January 2012."

Surely it would be incomprehensively irresponsible to put out a statement saying January 2012 when one knows it will be much later. Not meeting timelines has hammered the SP so to continue to repeat impossible targets in successive announcements is not in the best interests of the company which is why I honestly believe that PL is being told that the spud will be in January. Is he intentionally misleading the market? Highly unlikely. He can only work from the information he is given by the operational partners in Puntland. In my mind, they are the ones missing deadlines, not PL and Range. Unless PL has a really big shovel and a lot of spare time, there is not much he can do as a minor partner.

Until I see an announcement saying late Jan/early Feb then I am happy to believe the company when it says a spud will happen this month.

Range has a lot of work ahead in developing and proving their other plays such as Trinidad and Georgia (Texas looks like it may be offloaded this year). I am sticking with them for a few years so a few months delay in Puntland doesn't hurt me as much as others. Happy to keep the faith.

Good luck to all,
Wayno.