this must be positive for future of range

Well it looks like they had very high demand for shares at 2.9p/5c so arranged for additional placing at that time. these new provisions and options are for the future should the company want to fast track production. We're still significantly free carried on one of the Puntland licences and have production online from this weekend from Texas. All companies make provision for possible future funding. After the rights issue the company is going to be well funded for drilling puntland and additional drilling on Smith. We should have a near term update on Smith flow rates and then independent reserve numbers. Smith-2 in April and they may have fast track development of this play or Puntland in mind. When you strip off the cash we'll only have a very modest market cap for Smith let alone Puntland or Georgia. Some explorers have speculative value of XXXm on exploration assets alone and no production. Smith is about to change the risk profile of RRL and give it first production, a big step for a small explorer.

Captain Nelson Forties on ADVFN UK - End -------------------------------------------------------------------------- Myself I received email from Africa Oil HQ confirming that Paul Coyler is the drilling manager for Puntland. Very impressive CV has Paul as the email indicated " if anyone can get the job done its Paul Colyer he has worked for DMI exclusively since 2000, primarily on the multiple exploration projects managed by DMI in several different areas. Paul was a Drilling Manager for Occidental by his mid-20s, and continued with Oxy as their exploration single string Drilling Manager for several years. He was the Operations Manager of the mega-project Malampaya Field take a look at his CV here. - http://www.dmi-drillers.com/pdf_cv/cv_Colyer.pdf