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'No news' from Range normally means that nothing is happening, rather than Landau 'storing up' news to release to the public. I wouldn't count on much happening in Georgia anytime soon. Even if it does the seismic has proven to be dodgy.

I'm not really sure Trinidad was good news. 3 rigs working out of 6, despite holding the asset 9 months isn't really acceptable progress. Herrera in Q3 is also disappointing from a shareholder perspective. There was some good stuff about their plans for the future in Trinidad but the thing is they've cried wolf once too often- far too many 'future plans' and not enough action currently taking place, as always seems to be the case with Range.

They aren't planning to drill anymore wells at NCR I don't think. Landau wants a sale, but who knows how long that'll take? Once you factor in finding a buyer, due dilligence, as well as updating the reserve report, it'll probably end up taking a long time.

There was no additional news on Puntland really except that flow testing had failed on the 12-20m zone. It was already known that there were oil shows, and the fact remains that most wells that exhibit 'oil shows' do not lead to a commercial discovery. In addition, as most things with Range, the drill is now past the alloted time schedule (60 days drilling, 30 days analysis) which will be incurring extra costs the longer it goes on. I read the Puntland announcement as a negative, and the Trinidad one as at-best neutral. The market did the same which is why Range and RMP are down from the point when it was released.

Try and think of it from a neutral perspective. You're inherently biased as you have an investment here. Progress in Trinidad was to be EXPECTED- the main question was how quickly it was been made- and I'm afraid it just isn't moving that quickly. Likewise, the oil shows in Puntland were already known about and hence were priced in. In addition RMP was severely overvalued and so is having a justifiable correction- it's still overvalued now and IMO has much further to fall.

RRS could still be a good investment, but to make it an 'investment' and not a 'gamble' things need to get moving in Trinidad. That's the long and short of it. Right now anyone buying in is just gambling on a successful Puntland result and in the last year appetite for risk in the markets has gone right down.