The poster you quote has been ramping this stock all the way...

The poster you quote has been ramping this stock all the way down from 24p. We all know what the assets are- it does not need to be repeated yet again.

Reality of the matter is, Texas flowrates have been highly disappointing and they'll struggle to even get $100m for their share with wells producing 100-250bopd. Reserves may suggest a high valuation but the worth of a field is based on both flow rates and reserve numbers.

Georgia, forget it. Look at Frontera Resources. They never managed to achieve anything of note there and they've spent far more than Range on the acerage. Georgia's annual production of oil and gas is tiny.

Puntland the jury is still out on, but missing the primary targets and a reduction in the size of the target for the second well is hardly brilliant news. It should now be clear to all, if it wasn't already, that talk of 1 billion barrels (or even 4 billion barrels if you read 'JR's' posts on worldstocks- LOL) was pie in the sky. A few hundred million barrels on the next drill would be a decent result for Range.

Trinidad, yeah yeah, high potential, but that's all it's been so far. No news on the water flooding programme. Herrera formation drills pushed back further and further. Slow drilling progress in the shallow wells and declining production from existing ones. Range bought it for $90m. If it was so easy to make it worth $500m as some posters would have you believe it's now worth because of the publication of a piece of paper saying with water flooding the recovery rate can be increased, then I have to ask you, why did the original owners not do this and sell it for far more money? I don't really think it's worth anymore than what Range paid for it to start with. Production is around the same, maybe slightly increased, but more workers have been employed so there's higher costs now too.

No one knows what the Colombia project will be. Especially not the rampers on worldstocks. Have they ever been right about anything, even once? I wouldn't trust them to invest a child's pocket money, let alone the thousands they claim to be playing with. Regardless of what it turns out to be, large potential numbers are irrelevant to the price until you have timescales and costs factored in. Offshore Puntland stands as evidence of that- high potential, but it's contibuting next to nothing to the price currently.

Also I'd suggest everyone forgets about Nugaal, the Upper formations in Trinidad, Offshore Puntland, the Tangiers stake, and any other marginal assets people like to shout about until there's evidence that action is actually taking place on these projects.

At 7.5p, the valuation of Range is still £170m. At a normal price to earnings multiple of 8, that would imply Range has the potential to soon be making £20m a year, or the potential to be selling assets to generate £170m. In my opinion Range is still quite far away from both those criteria.