re: Ann: RB 1 Well Confirms North Chapman Ran...
You already know this I'm certain, but the $226m is Range's share of the asset. From the RNS 'Confirmation of Significant Texas Reserves', look at pages 1, 2 and 3.
For some crazy reason however, the ASX seems to be under the impression that only P1 reserves are worth anything. Hence we're going to have to wait until the updated reserve report to see this valuation realised in the share price, as the RB #1 intersection of the same payzones as Smith #1 will move a whole heap of that P3 to P2 and P1, and from early indications it's looking like we may get even more upside than that as we've intersected another possible payzone.
RRS Price at posting:
8.8¢ Sentiment: Buy Disclosure: Held
