put your money where your mouth is, page-2

If the options are in the money at the end of December, they will of course be converted irrespective of the BoD's views on Range's potential.

It's simple- even if you don't believe a company will do well, if you could pay 10c to sell shares at say, 13c (pulling a number out of thin air here, I've no idea what the real price will be at the end of December), you'd do it as you'd be making an instant 3c profit per share.

The conversion of the options therefore would not signal anything to us- they are guaranteed to be converted if they are in the money, and guaranteed not to be if they are not in the money (as why pay 10c for something when you could buy the same thing for less?).

FWIW I personally think the future is bright. Ideally I'd like us not to plough too much money into Georgia, and forget about what are in my opinion fantasies of drilling Puntland, and instead push on with our 100% owned Trinidad asset (and get Texas proved up and sold!). What escapes many people's attention is that, say, a Herrera formation drill of 50mmbls is probably worth the same as a find in Puntland of 1 billion barrels (the size of the initial target). That's because Range only have 20% of Puntland, and any find will be subject to a huge 'risk' discount. The Herrera's on the other hand could be brought to production fairly quickly and are basically risk-free politically. It's also worth pointing out that drilling costs will be significantly cheaper in Trinidad as we own the rigs- so won't be paying any huge rental fees.

That is where our attention should be focused.