disappointing update

PUNTLAND:

The AOI update says it all. The proposed drilling in Puntland seems to sliding around on ice with no fixed dates or solid commitment. AOI mentions Puntland last now in all of its updates giving more importance to its other projects.

No comment by RRS just a cut and paste!

The well is now 'expected' to commence drilling before the end of 2010. The work program still shows Dahroor being drilled between July and October, now they seem to be moving away from this commitment.

At the AGM PL said everything had been organised by AOI and only a final drill target selection needed to be made, to be agreed to by all parties, which was going to occur within weeks.

In my opinion AOI have other projects where drilling and seismics are happening to keep them busy, likewise Range have focussed on Texas and Georgia. Some time ago on one of the UK chat sites it was mentioned that Range may go another project - fact or fiction who knows. The reality is that the companies involved in Puntland have diversified and derisked themselves and maybe Puntland is in reality too difficult.


TEXAS:

No reserve figures??? These were apparently required by one of the partners for reporting purposes by the end of March according to PL at the AGM, yet there is no reference to it, no indication of when we could expect it.


GEORGIA:

Seismic completeion is good, but realistically based on the way the other projects are moving I think actual drilling in the 4th quarter is a long shot. Developing a drilling program maybe, with drilling sometime in 2011.