risked value of range, page-23

Smart - just to balance your comments above (and by no means disagreeing with you), but the report also did not take into account the farm out of 20% to RMP either.

Still their valuation matrix would be higher especially using the CoS that they have used. They mention in their report that Georgia has a risked resource potential of 32mm boe. If they have used 8% CoS, then reasonable to assume the figure would be alot higher. And they have only used $1.5/boe as part of their valuation calculation. Conservative? Possibly.

Mind you that is all just hearsay. 80% CoS still means 20% CoF. And that is always a risk you take with any stock. If the first drill fails, I would see that as a good opportunity to pick up some cheap stock prior to Puntland.