RMP have until the 31st July to close the 10% by placing US$2m...

RMP have until the 31st July to close the 10% by placing US$2m in escrow then until the 31st August to close the additional 10%

Max Capital have been appointed (minor alarm bells) and from the look of the terms they plan on rinsing RMP of over 36m full ordinary shares spread across 4 milestones. This is for $2.8m only and seems cover due diligence on Puntland not the drilling costs (another alarm bell). They will have to issue many more shares to fund drilling costs.

It seems clear that Africa Oil still have two milestones to clear before the rig is mobilised. Firstly to reduce their stake to 35%-45% and to gain assures that whoever they farm in can actually pay their way, and secondly to find a drilling rig and contractor at a competitive price.

Adjust your expectation for rig mobilisation because there's ground to cover before we get to that point.

I have long suspected Max Capital of dumping shares into Range SP peaks over the last 6 months. At least they'll have another target to take aim at now.


RMP ASX RNS - http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01071892

AOI TSX RNS -
http://cnrp.marketwire.com/client/africa_oil/release.jsp?year=2010&actionFor=1276205&releaseSeq=0