double duster, page-35

Smart, let me make it clear. I do not have a problem with negative or positive posts which are backed up by facts. Let me also make it clear that I do not have anything against you. As a matter of fact I have given you the thumbs up on a few occasion where I thought that you do make sense. I’m ok with you pointing things out but going over and over the same thing again and again, it does get annoying, hence the reason you come across as a selfish trader. You seem like an intelligent person after all so I hope you understand where I’m coming from.

Now to the points that you make…..

Predicting share prices it’s hard enough to do on stable companies let alone oil explores. There are just too many external factors out there that you cannot predict. Giving an x amount valuation to RMP and even Range is pure nonsense, especially if you go by this drill alone. If they do find commercial oil it will all come down to volumetrics, market sentiment and future drills expectations. You can’t predict that RMP will be 60p or 10p after the completion of this drill.

I’m glad you agree that PL is a master at securing funds and yes it could very well be at a short term cost, although that is becoming less likely now with future Texas proceeds, debt option, and let’s not forget RMP. They will pay big time in any projects that Range brings to the table. It will be a win-win situation.
I do not need to ask anyone who bought before the consolidation. I am one of those people and I very well know, but considering the options, PL did not really have any other choice. He could have just waited for Puntland and done nothing. Would that have secured the future and the risk profile of the company? I don’t think so.

Trinidad…..
I am not “glossing” over Trinidad problems. I am fully aware of the problems, but as I said, things are starting to move in the right direction. That alone is a good sign. Let’s not forget that we only have a few months since the completion of this deal. Give PL 12-15 months, see the progress or the lack of, and then we can judge him. This asset could prove to be a cash cow and fund the company on its Colombia and any other future projects. All I’m saying here is don’t underestimate Trinidad.

Puntland…..
As we all know, this was the dream we all had pre-consolidation days. That was then, this is now and in case you haven’t noticed, it is happening and the world is watching. I know it took a long time to materialize, but let’s not forget where we are drilling. Many things had to be put in place before attempting to do something no one else dared to. For that I hope you can at least give some credit to PL, our partners and the Puntland government. Speaking of which, not sure if you realised, but the constitution Farole has worked so hard to implement has now passed with flying collors. I don’t think people realise just how important this actually is. It will pave the way forward for Puntland and have everyone working towards a common goal instead of having clan disputes. Success in Puntland will make this work and see Somalia as a different state in a few years time. I really hope this will be the case, not just for my own selfish case but more so for Somalian people. They have all endured nothing but starvation and bullets for decades. This is their moment to shine and I really hope they will.
Shabell 1 is the first drill in Somalia for more than 2 decades now. That alone is an astonishing achievement. This well will be a success regardless if we find commercial oil or not. A lot it will be learned from it and it will only increase the chances of our next drill and the next and so on. What do we know about this drill so far?
• We encountered a 400m section with oil and gas shows.
• We confirmed a working petroleum system.
• We know that so far the geology is very similar to that of Yemen.
• We have a potential pay zone of 12-20m. Testing to be done upon well completion.
• We confirmed the presence of an active petroleum system.
• Drilling towards primary and secondary reservoir targets where the main productive section is in Yemen.

The above is what we have been told and I do not see anything negative so far on this drill. I am not saying we will find commercial oil here. That we do not know yet but the chances of success have increased dramatically. I am convinced Puntland has oil and lots of it. We just need to find it.