In lieu of the presentation being covered in such excellent...

In lieu of the presentation being covered in such excellent detail by other posters, I thought I'd post my latest schedule of expected events which has been augmented by the presentation material and PL's responses to the numerous questions that were raised.

There has been a large circle around September on my Range calendar for some time now. Statements made during the presentation strengthened some views and augmented others.

Caveat: crystal balls, tea leaves and other dark arts I shall not openly admit to participating in were used to compile this list so weigh things up and form your own judgements.

ECTV
ECTV will be spudded and further information will be released on the prospects. Patterson has been involved with this field "for years" so my expectation is that the upside will be considerable in relation to both the initial outlay and the capex required to develop.

NCR
RB#1 flow rates (well already tied-in and is currently being purged / cleaned up)

RB#1 new zone productivity / commercial (PL stated that RB#1 is a "bigger find" than Smith).

Reserve report ? The following comment from the ?confirmation of discovery RNS? tells us that there will be a ?significant? increase in the P1/P2. ?The Russell Bevly #1 confirms the Company's structural and stratigraphic models across the northwestern flank of the field, which formed the basis of the recently released reserve report. Once completed for production, and depending upon final production test data, the well is expected to add significant Proved Reserves, production, and cash flow to Range's Texas operations?

The RB#1 discovery was announced on the 30th June, 2 months ago. That's adequate time to tie in, complete, clean-up, test new zone and if that new zones is good, to go after addition acerage (?). Smith results were delayed for this reason...

Notes:
There's an outside chance that further acreage will or has been acquired. NCR will be a 7-8 well program was the story before the presentation and they're now talking about a 20-25 well program. This could be to increase the density of wells in lieu of restricted flow rates from each well but on balance, my judgement is that further acreage is on the cards. Why do you think the results from Smith took so long to be released....because they were securing more acreage...when was the RB#1 discovery announced.....30th June which is 2 month ago.

P3 accounts for 70% of the reserves. There is plenty of upside to NCR from the three zones intersected by Smith with potential for the combined P1/P2/P3 figures to increase from the new zone.

TT
Sleeper month ahead while the JV deal is finalised.
Monitor need to raise funds and progress their AiM listing. Shares for the new listing have to come from somewhere. It would make sense to place shares issued during the cap raising on AiM.

Notes:
The fact that Range would have taken a larger stake in TT under different circumstances (lower dilution to raise capital) tells me that like ECTV, the license prospects and chance of success will surprise us all. So like ECTV, my expectation is that the upside will be considerable in relation to both the initial outlay and the capex required to develop.

Georgia

Seismic!

Drill targets!

Sweet, sweet price action!

Notes:
The story in Q1 was that 13 targets were identified from early seismic interpretation. This was narrowed down to 6 then to 3 after historical well data was incorporated. One of these targets is prospectively 80mmbls so success would be a company maker. 50% of 80m is 40m, ascribe a $5 per barrel for a $200m valuation, use .6 as USD/GBP rate and divide by 1.6m and you get 7.5p for this prospect alone (excuse my use of a fag packet). If the well flows at a good rate and the completion and tie-in are successful and speedy, Range will be cash rich to fund existing programs and in a far stronger position to capitalise on the "1 or 2" opportunities that float their way every week!

If the Georgia rig contract hasn't already been signed, it will be this month. That doesn't mean we'll find out about it because although the contract will be awarded, the BoD still need to finalise how it will be paid for. Remember that the option to farm-in a 3rd partner hasn't been taken off the table. See notes on cap-raising below.

Still on Georgia, one of the prospects is estimated at 80mmbl total / 40mmbl to Range. Compare that to the Marood-1 prospect in Puntland which is 400mmbl total / 80mmble to Range with a lot less uncertainty and far less risk and in my view, on a risked basis that target and Marood-1 have an on-par value. Twissso is very excited by the Georgia prospects and timetable over the course of this year.

Georgia mobilisation will be fast (indirect quote from Landau) and there's a good chance that September will be the month.

Puntland
Will there be a lot of activity, yes there will be. Will news of these activates be released to the market, not necessarily. The only certainly with Puntland is it?s a fool that ascribes a timetable to such a challenging undertaking. The political will is there, the JV is almost finalised, Marood-1 is indeed an Elephant (400m recoverable), 4 BoD?s want it to happen, a large group of private investors want it to happen, the Puntland government was it to happen and institutions are ready to get involved when it does happen. It?s all about financing at the moment and we?re getting ever nearer to the start of the beginning.

Notes on potential Range cap-raising:
Insufficient funds are currently available to drill Marood-1 and Georgia without diluting the current JV. If there's a substantial increase in price we can expect to see further 3B announcements telling us that options have been cashed which may cover the funding shortfall. The question is whether the shortfall will be covered within the required timescales. If not, there may be a cap-raising down the line this year to the tune of "$2m - $3m".

My suspicion is that any substantial increase in price makes a cap raising less likely because options cash-flow will increase.
Why are we paying for a free carried Marood-1 well? That?s because the free-carry funds were split across the two blocks and all funds have been spent for the block that Marood-1 is on. There are still $20m in free-carried funds on the other block.

This was intended to be a brief update but over an hour has past and over a thousand words have appeared on screen, so I better get back to my day job. In summary, my reading of sentiment, timelines and the whites of Peter Landau's eyes indicates a very strong finish to September for Range with lots of value appreciation of the market cap.