Posted on III on Wednesday after the meeting.
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Presentation questions summarised as best as possible. If I have missed something please amend as my shorthand was rubbish! Enjoy.
1. How confident are we that there is 400m BO recoverable in puntland?
This is our size of the target/prospect but will only know on drilling. Drill success rates vary from 1 in 4 to 1 in 7
2. Puntland PSAs can expire, what is the plan.
AOI Determined to get extensions, Dharoor formalised to drill.
3. Will Range announce mobilisation and not on route due to security fears
Logistic plan is in place most likely a barge on a beach and not in main port. Will announce mobilisation
4. Georgia 50/50 partnership?
Range funds Straits, RRL gets costs, may bring in a farm in partner at some point.
5. What is ranges technical competence?
2 people within RRL one geophysicsist and one operational. Other external consultants available.
6. Raise Capital, what is RRL strategy?
11m in cash currently which covers Puntland. May raise money for Georgia if the share price hits 10p 14p prior to Puntland spud.
7. Again ask about fund raising, PIs or IIs?
To early to tell at present but prefer IIs and target funds.
8. AOI 45% Puntland share
RMP have extend there option on the additional 10% until 31/10 due to 2 month delay in contracts with AOI.
9. Seismic 2D or 3D whats difference?
2D wide lanes, 3D narrower lanes but costs higher and is more accurate.
10. Can 2D/3D see the difference between water and oil?
No. with laughs. Will not know what is in Puntland until they drill.
11. AOI tactics if a discovery on first well.
AOI will leave rig and not move on and will target a second appraisal well.
12. RMP details.
Per 8 above plus RMP pay 30% drill costs for 20% interest. RMP to raise capital within 2 months. May be opportunity for RRL shareholders.
13. Georgia Seismic any comparison to Russia and water contents?
RBS energy reviewing and not noticing lots of water.
14. Puntland and Chinese rights to reserves.
RRL happy agreements in place and legal contract with puntland government.
15. Finance when breakeven?
PL believes this is not a good way to review a junior oil company. He looks at market capital and liabilities. He wants to drive Market Cap from 60m to 200m.
16. 4-5m to fund Dharoor, if we find oil what happens.
Possibly the Americans or Chinese come calling
17. Share consolidation?
No! Worst thing to do right now and any bad news could knock 30% off share price.
18. Who is the operator in Trinidad
RRL.
19. Is it hard to raise money?
No can raise if needed but at what price and benefit.
20. Why are you in London?
They are over on their other companies but as AGM coming up thought it would be good to talk to the AIM investors.
21. Market Cap 200m how optimistic or pessimistic are you?
They know their targets, there is potential there and Texas is underpinning.
22. Equipment in Djbouti?
Still there since 2008 in AOI containers with head gear and casings for Puntland drilling.
23. Texas?
4 potentials, 3 wells a year to drill. 7.5m net to range in additional income. Increasing net cash flow.
24. Smith Frac a success?
Yes very much so. 2 out of 3 layers open with 4mcf coming out. Have to keep pressure low to preserve well.
25. Spud in Georgia when?
Drilling tender out with 4 companies. First drill to assess tenders. Spud end 2010.
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