Not as much has changed as you think. While I wasn't around at...

Not as much has changed as you think. While I wasn't around at 3c, I was at 5c (just after the first Texas well). Since then (nearly 2 and a half years ago):

- 3 more wells have been drilled in Texas (PL said 4 a year, so by my reckoning we should have 10 by now).

- Range hit a duster in Georgia where the seismic was basically found to be worthless.

- Puntland spudded.

- PL diiluted the shares from 800 million to 2.2 billion, and bought Trinidad.

I'll give PL some credit for Puntland (albeit it was very late), and also some credit for raising for Trinidad at the right time (17p).

But the ONLY reason Range sits at 14p today is because of that Trinidad buy- and it's certainly not because Landau has developed the asset well since he got it. It's because £60m was raised at a higher share price which has provided some cushion against a fall. Fair play for raising the cash when he did, but as a CEO you can't live off past victories. The asset has only gone backwards since then and it's Trinidad that justifies most of the market cap. There's more P1 reserves now than there was but that means nothing unless it's got out of the ground.

Range now has a market cap of £300m. Traditionally companies are valued at 8x earnings. Granted, this is an exploration company really, not a producing one yet, but the current market cap suggests the market within the next few years expects Range to be making a profit of £37.5m ($60m). Landau says 1000bopd equals $12m in cashflow for Range, so the upshot of it all is Range need, after expenses are considered, to be producing 6000bopd to justify the market cap through cash flow.

Will Range be producing 6000bopd in 2 or 3 years? I don't know, I really don't. Certainly wouldn't say it with any confidence.

Yeah it can be pointed out that there could be big oil about to be discovered, but most guys here don't seem to fully understand just how much Trinidad matters to the current price. There's loads of companies on the AIM that will be drilling big prospects soon, and most of them trade sub-£100m market cap. For example, TRP were drilling for 100mmbls recoverable (with a 75% interest) back in 2010, and their market cap fluctuated between £30m-40m. Range is drilling for a 300mmbl recoverable target in Puntland with a 20% interest (meaning they're actually targetting LESS oil net to them than TRP were) and are trading at almost 10x the value.

There's so much value in this company associated with Trinidad it's quite frankly frightening IMO how little progress has actually been made with it.

Development needs to happen, and soon.