Here is a scenario where Range is the first ship of Pirate...

Here is a scenario where Range is the first ship of Pirate Pete's Fleet to hit the delisted.com.au vortex:

[1] Georgia Drill 1 duster and spends all the Red Emperor cash on this first drill plus an extra ~10+ million which Range must carry - reducing cash position by 1/3

[2] Georgia Drill 2 costs the same as Drill 1 and is a duster blowing the remainder of the cash position so Range has now has NO CASH.

[3] T&T needs cash to complete drilling program to increase revenue to pay the 200-300 employees - no significant strike (that is, > 1500 BOPD) and it would be running a loss sending Range into debt and if there is no significant find then T&T is pointless

[4] Puntland never happens or is a duster and drives debt levels to an extreme level cause where is the cash for this now with [1,2, and 3 above]

[5] The fact is, Texas IS NOT PROFITABLE so what is the asset worth really, not much in the current market and according to the current market cap of Range which is less than the inflated self value put on Texas - Red Emperor's Bandy estimated Texas was worth ~75 million like T&T in a video.

Anyway, with the above points in mind, no cash and moving into significant debt, a couple more dusters then Texas and T&T would need to be offloaded if possible to cover the debt leaving Pirate Ship very similar to Polly Woodside - a good story but could never hit the high seas again.

Further, the Fleet's Cash Go Round would be missing the key link and the rest of the fleet (CCC, GKP, TPT, and OPL) could follow into the www.delisted.com.au vortex.

Not a positive scenario, but one worth noting.