risked value of range

Hi all, thought I'd just do some calculations to show what I think we should be valued at right now based on what we know.

Assumptions:

- 35% recoverability rates in Georgia.
- Oil at $110 a barrel.
- 70% CoS figures for the first 2 targets (AGI quotes 80% CoS on successful helium surveys).

Kursebi 2+ Vani 3 (the 2 targets identified positively by the helium report)= 305mmbls oil in place total.

35% recoverability= 106.75mmbls.

40% Range interest= 42.7mmbls.

$80 profit a barrel ($110-$30 for lifting costs)= 42.7mmbls*$80= $3.416bn.

35% of that to Range after the governments takings= $1.195bn

70% CoS= $836.5m.

$836.5m= 514.2 million pounds.

10% discounted valuation (as per the NCR report)= ?462.8m.

?462.8/1.7 billion shares in issue= 27.2p a share.

So 27.2p a share fair value based on just the 2 initial Georgia targets, not including the rest of the acerage, nor the block VIII we've got a 50% stake in.

Add on 7p or so for Texas/Cotton Valley/Trinidad (which will have increased in value as the oil price has recently risen) and it's not hard to see how this could quite easily be pushing north of 30p quite quickly.

If we get a Puntland rig mobilisation in the meantime, then we'll be laughing all the way to the bank.