IMO Landau is the cancer at the heart of this company and it will continue to underachieve while he is here. By that I mean the company won't do as well as it could- it may still make shareholders a profit but it won't be anything like as much as it should be.
If there's a Puntland strike it'll probably take him 5 years to sell the asset and by then they'll be three times the amount of shares in issue. Trinidad will probably expand, but it'll be at the rate of about 300bopd a year rather than 2000bopd that it should be. Georgia and Texas will still be painfully slow in terms of progress. Pete can't control whether Range find oil or not, but he sure seems to go out of his way to shaft shareholders in every other way possible.
I still can't get my head around how much is spent on transport. The cash burn in this company is ridiculously high. It wouldn't be such a problem if Trinidad had been expanded as promised and Range were making significant profits, but right now that just isn't the case. Range can't afford to be lending money to other failing Landau companies while they still need lots of funding for what was supposed to be a drilling intensive year (though I can already feel the deja vu setting in- no update from Trinidad for ages now, Georgia 'weather delays', no indication of what's going on with Texas...). It's unethical no matter what size the loan is and no matter how big the company is, but to do it when Range is only a mid cap with low cash income is not acting in the best interests of Range shareholders.
It really is dodgy as hell, and that's why there's such a gap between the asset value of this company and it's market capitalisation. A hefty discount is justifiably applied because of poor management. With good management who constantly deliver on what they say, the share price could easily be north of 20p.
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