only a view

SIR + any ladies
a veiw point from a bloke who works bloody hard 4 me money
I am not going 2 let this ( institution buying have )
my RRL shares
I want 2 reap the rewards of RRL in the coming months
I am not going 2 let some faceless suit rob me
we have so much going for us THANKS 2 the hard work of PL
WE know how the MMs work on us to give up are shares

Here are the calculations for the risked asset value of Georgia as things stand. I've used a conservative 70% CoS (real CoS is 'more than 80%', according to the quote on the AGI homepage), and not attributed any value to Georgia beyond these 2 positive results (there will likely be further positive results now that we have positive results in a couple of areas, so I'm not saying by any means the rest of the acerage is not valuable, just calculation using stuff we know for certain.

The 2 zones with positive targets were Kursebi 2 and Vani 3. Here's the maths:

-----------------------------------------------------------

Kursebi 2:

160mmbls OIP.

40% Range interest= 64mmbls

Recoverability of 30%= 19.2mmbls

35% Range interest after government costs= 6.72mmbls

70% CoS= Risked value of 4.7mmbls.

Oil at $100 a barrel, $30 of lifting costs give $70 profit. Apply a standard 10% discount so $63 a barrel.

$63*4.7mmbls=$296,100,000

$296,100,000= ?183.3m

---------------------------------------------------------

Vani 3:

145mmbls OIP.

40% Range interest= 58mmbls

Recoverability of 30%= 17.4mmbls

35% Range interest after government costs= 6.09mmbls

70% CoS= Risked value of 4.26mmbls

Oil at $100 a barrel, $30 of lifting costs give $70 profit. Apply a standard 10% discount so $63 a barrel

$63*4.26 mmbls= $268,380,000

$268,380,000= ?166.2m

---------------------------------------------------------

Combined value: ?183.3m (Kursebi 2)+ ?166.2m (Vani 3)= ?349.5m

?349.5m/1.6 billion shares in issue (fully diluted)= 21.8p a share based on the risked assets of the 2 positive Georgia results alone.

Add the 5p underpin from Texas and Trinidad, and fair value is 26.8p a share, not including Puntland. Do not sell for less, even if it takes a bit to get there as anticipation builds.

These results are fantastic. One positive result as I always said would have been very encouraging. 2 was brilliant