relative valuation vs rmp

Can someone please enlighten me? RRS has a 20% interest in Puntland and @0% interest in Georgia. In addition RRS holede some relatively modest interests in T T as well as Texass.

RMP has ideantical exposure to the big plays in Puntland and Georgia but no exposure to T & T orTexass.

RRS has a market cap of $450m and RMP has a market cap of $50m (both are rough rounded numbers).

RRs has morecash than RMP but certainly not $30M.

Please explain why the market cap differential between RRS and RMP is say $350m (at the least).

There is no way on earth that this valuation difference is attributable to T & T and Texass (after allowing for cash differences).

So, my conclusion is that either RRS is way overcooked or RMP is cheap as chips Vs RRS. The Hot Copper posts I read last night made me think that UK investors are starting to wake up to this valuatuion discrepancy and are agressively switching out of RRS and into RMP.

This would explain the recent leap in RMP price in recent days - perhaps. Any thoughts?

Come on fellow travellers, what am I missing (apart from the fact that RMP is a lot less liquid that RRS at present)?

Yes, I know that RMP will list on the AIM in May.........and yes I am an RMP holder, having cashed my chips in RRSO