RMP's puntland interest alone is a 10 bagger at current levels. If they have a discovery in Puntland of which there is a reasonable chance they will given previous drilling and the basins they are in, then using a simple discounted $10 per bbl valuation for onshore drilling they will have 20% of circa $6bn which is $1.2bn. Halve that for drilling and Puntland risk and you have a $600m valuation. Dare I say that it's a punt, but the rewards are large.
Also their Georgia assets seem ok notwithstanding the first hole was a duster.
is spudding success now priced in to rmp?, page-12
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