I saw the light a few months ago regarding PL. A terrible director and a terrible CEO, and quite frankly RRL/RRS survived in spite of him, not because of him.
Let's face it without that lucky discovery in Texas we'd be seriously screwed right now. Puntland has been delayed for an eternity, Trinidad seems to be going nowhere right now, and there seems to be one list of excuses after another to avoid mobilising a rig for Georgia. Oh, and let's not forget we'll need another placement to pay for the drills. Bet current shareholders won't be offered any cheap shares, no, they're reserved for PL's mates.
Given that Texas upholds most of this stocks value now, imagine what the dilution would be like if that lucky discovery hadn't been made? PL has already taken us to 1.6 billion shares fully diluted. Without Texas I'd say we'd easily be at 3 billion shares right now as a minimum.
RRL/RRS's share price increase thi year has been one small chink of light in an otherwise depressing story. I'm fortunate having only been invested for 12 months so am showing a decent profit now, but that doesn't mean I can't see the problems with the management.
Unfortunately most of my fellow investors in the UK seem to think the man is some sort of God, and won't hear any arguments to the contrary.
Hopefully shareholders can have success in Georgia next year. I won't be holding my breath on more than 2 wells drilled though, despite the fact PL reckons we can drill two drills in the first half of 2011.
A good rule of thumb, I've found, is whenever PL gives a timescale, double it, and that's closer to the real timeline.
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