range in the coming weeks

On the 16th March we were told this:

"It is anticipated that completion of an independent reserves report on the Smith #1 well will be completed in the coming weeks with the results announced once available."

They're working on it at present and no doubt using the current production data. Its in the works anyways so that's all that matters. We've got the safe Smith development, without it I probably wouldn't have entered. Puntland represents the mammoth upside on a solid asset base in USA. Its on an aggressive development programme and PL suggested $30-60m in reve in the next two years, significant to RRL. AOI have to carry us in Puntland to the tune of over $20m usd. We've a lower risk exposure and a more managable working interest at 20% (especially as some of that is free carried). Puntland offshore and minerals we have at 100% interest at present. Large NAV to market cap here at present too, cash pot etc etc all make RRS a sound buy at present.


Captain Nelson Forties