The valuation is what I believe the market is placing on it, not...

The valuation is what I believe the market is placing on it, not an expert independent valuation. If everything was priced according to NAV, Range would be sitting at 20p- it is not, so clearly the market is valuing the assets lower than the experts.

Range currently trades at around a 20% discount to NAV, and that's without pricing in Puntland or Georgia at all. These clearly aren't worth nothing- so I'd say it's more like 40% of NAV that is discounted ($290m for the Beach Marselle, $150m for Texas, and $90m for the rest of Trinidad gives Range a $530m market cap in theory, without factoring in Puntland/Georgia).

So assuming you don't think Puntland are Georgia are worth absolutely nothing, the market must be discounting the values of Texas and Trinidad, hence why my 'market valuation' is lower than the independent one.