Well, I would not say $4-5 a barrel is a reasonable short term...

Well, I would not say $4-5 a barrel is a reasonable short term target. Heritage only got $5 a barrel from Tullow- and crucially, that was in a takeover offer (which normally commands a large permium- Heritage was trading at around $3 a barrel before the takeover IIRC)- and of course Uganda was a safer country.

AIM: GKP are an oiler that is trading below $1 a barrel, because of political concerns in Kurdistan. Puntland is at least as much of a concern as there, if not more.

I say the price is overvalued because it's risen 300% on some 'oil shows' and a capital raising. Capital raisings normally lead to falls not rises, and while the oil shows is potentially positive, it's certainly not enough to justify a 300% increase. 300% is the kind of increase you might get on a proper strike, if it was high-impact (which this is admittedly, but you guys have already had your 300% rise, and the risk still remains).

Even Greg Bandy reckons this is overpriced IMO. Why else would he be conducting capital raisings at this point when RMP already had the funds for Puntland?