Hi Smartinvestor, As you might recall I have been holding RRL shares since last July and I have added all the way upto 22p. I used to read your posts with interest both on the LSE and afterwards on here(hotcopper). The main reason I joined hotcopper was the fact that you had started to post on here. A large majority of my questions were directed at you because I felt that your responses were not of a deramping nature but erred on the side of caution and consequently helped me to keep my feet on the ground. Yes I can recall that nearly every one of your replies mentioned the timescales that were being missed by the RRL board. I know that on most occasions timelines will not be met in this industry but when an RNS states that after approx 60 days of drilling we have reached c1300 m on the 12th of sept and TD of 3500m will be end of sept then that is insulting the intelligence of anybody with a modicum of common sense. You were correct in your observation that very optimistic timelines are a norm with RRL it seems. You might also recall that I hold RMP which I bought with the proceeds of RRL/RRS shares that I had sold. The situation then was that my RRL/RRS shares were in profit at the time and therefore the leverage and risk of RMP was not of great concern. But with the top ups of RRS shares upto 22p leaving me staring at a loss on the RRS shares the Risk/leverage of RMP has now become a cause for concern. The positive He results was the reason I shifted some part of my holdings to RMP. My understanding was that were there have been He tests carried out and +ve results have been generated then the COS increases dramatically. So why is there talk of a duster when we've only reached 1500m? In fact the He results indicate were the sweet spots are and therefore the ideal place to drill from. So why is there a talk of a duster?
Do you still think TT was a good investment? Do you think they will still manage to drill 21wells by the end of the year? You say that the RNS today was not bad, so what do you think are the chances they might abandon this well? Or are you of the opinion they have spent so much so far that they'll see this through? The funny thing is RMP might end up paying less than 20% for their 20% share of Georgia because their costs are capped at $5.6m.
Smart you stopped posting all of a sudden when you sold your shares and it seems you haven't bought back in, so please don't misunderstand me, but I was curious as to know why you would have started to post again before you have bought into RRL. You don't have to answer that part, as I said I was just curious.
RRS Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
