Normally drilling operations are 24 hours a day, though I don't...

Normally drilling operations are 24 hours a day, though I don't know anything about drilling in Georgia specifically. I'd suspect it's a 24 hour a day job- unless the winter freezes up the drilling equipment, which I'd say must be unlikely (one would hope they've got a rig suited to the conditions).

I remember back in early 2010, when it was stated Georgia would spud in Q3 2010. It actually happened a year later and of course Range are nowhere near TD yet.

The company has been operating for a long time, but actually doesn't have much drilling experience (so far only 2 wells have been completed in the last 2 years, and both of those Range held a 20/25% stake in, and were not the operator). I wouldn't worry too much about that though as I'd presume they're getting relevant expert help (likewise don't worry about RMP, they've got a 20% stake but have no involvement in actual drilling operations).

The problem for the long term is- while delays are ongoing, the rig workers still have to be paid, and the rig hire costs need to be paid too. The original plan was that it would cost $6-7m to drill this well (based on 45 days I presume).

We're now 90 days in (the spud was on 14/07/2011 according to the relevant announcement), so you can double that cost. RMP are only liable up to $5.6m for the two well programme regardless of how much it ends up costing (note that's for BOTH wells, not just the first one- so chances are Range will have to shoulder the second well costs alone). You can imagine the consequences this is going to have on the balance sheet- expecially if the second well also encounters this hard rock. And remember Range are nowhere near TD yet.

Of course, all will be forgiven if the well strikes oil, but if not, there are funding questions that will need to be answered. I suspect this is the reason the $15m was raised recently- nothing to do with the rubbish posted by certain individuals on LSE that Socius CG was tipped off about great Trinidad/Georgia results and so decided to pile in.

There's enough cash in the bank to fund exploration- for now. But more of these delays cannot be afforded- not until Texas is sold, at least. The worst case scenario would be Range run out of cash before Texas is sold/Trinidad production levels ramp up, and they have to try and raise more money in the currect diabolical market on the back of a duster and without a solid commercial find under their belt.

That's why it's a gamble now. Once TD is reached we'll know how much it all costed, whether any oil is found, and so can gain a better idea of what price Range should be valued at. Until then it's literally a coin flip, and I don't do that kind of 'investing'.