I think you might be right RussianRoolet, afterall, when you get...

I think you might be right RussianRoolet, afterall, when you get such posts as this one, it really does make you shake your head in disbelief:

"This is a junior explorer. Why are you looking at fundamentals?"

Dante941, a junior explorer can certainly be compared to other junior explorers in terms of which investment represents good value. If it could not, how would the market ever value these things? Sure, you can't compare the likes of Range to Shell or BP, but that's not what I'm doing here (other than the price/earnings comparison which I just made to give an idea of what the market is thinking Range will be in a few years from now).

Take the market cap and look at the prospects, it's as simple as that. Texas is currently worth £66m. Puntland offshore, £6m (based on Marauder). Puntland onshore and Georgia? Let's take the RMP valuation of £90m (though in my view RMP is seriously overpumped), and add on an extra £20m for our increased Georgia stake. That gets us £66m+£6m+£110m. So about £180m.

Range's market cap at the time of writing is £300m. So logically, Trinidad must be valued at £120m.

That seems fair enough based on P1 reserves- undervalued, even. But they're only worth something if Range get it out of the ground. Hence why I personally think it's worth waiting to see if Landau is going to deliver on this asset before diving in. The worse case scenario here is Puntland doesn't deliver, which will lead to a pretty big drop in itself, and then Landau still doesn't get around to delivering with Trinidad and the market starts discounting its value.

There's nothing wrong with being cautious, and there's nothing wrong with being bullish either. But from the way you talk Dante941, it's as if Landau has always delivered on everything he's ever said and there's no reason whatsoever to doubt him. You only have to look at the past promises he's made to see that clearly is not the case.

Anyway, last post from me for a bit, going out to enjoy the sunshine.