project funding, options and placment leftover

Looking at Range's funding position and the project budgets here ...

So the placement raised AUD$10m / US$8.7m. TT cost US$4.5 and ETCV cost US$250. That leaves US$4m (AUD$4.5m) that Range are sitting on.

We've seen AUD$1.7 in option cash over the last few weeks which raises the coffers to $AUD6.2m.

There are 400m 5c options remaining and these are now in the money. Assuming 10% aren't cashed for whatever reason there's another AUD$18m.

AUD$3m cash burn a year, so AUD$4.5 for 18 months and by the end of next year you've AUD$20m on the books.

Then there's income from Texas and TT.

More dilution? I don't think so....

It looks to me like all of our projects are funded, including 2 onshore putty drills and Georgia (which will cost a little in the form of equity payments, but you get the idea).

So....

2 putty wells funded

NCR now self-funded

TT - initial development (presumably to increase flow of proven reserves) free carried

ETCV - $4.5m is the cost to fund our share of all 20 wells, which will drip feed over 2-3 years.

Georgia - If they issue shares to Strait to take a 100% stake then farm out for development cost then there will be dilution. I've heard that this license was so cheap because it was leveraged off Puntland via Damien Conboy, so that''s the most likely scenario.

It's been a long ride but Range is looking strong as ever I reckon. If you're patient enough to wait out another 3 - 6 quarters the signs are pointing towards very rich rewards.

DYOR, IMO, posted for amusement only, etc etc