In fairness, it wasn't the ASX leading the rise from 8p to 20p....

In fairness, it wasn't the ASX leading the rise from 8p to 20p. ;)

But yes, a strange share. It just pays to remember the fundamentals on days like this. Loads of cash in the bank with huge prospects. Days like today are only a concern if you're planning on selling soon. We've actually had a decent couple of weeks in terms of company progress- the NCR is going to finally start producing some decent oil flow, and we've got 120 feet of oil pay at Cotton Valley. Not amazing, but steady progress all the same. If we get to the 320bopd target for each well (looking on course for this) we'll have enough cashflow to fund our other activities once we drill a couple more wells, making success a matter of 'when' not 'if' (if we drill enough holes, eventually one will find oil).

Last quarter we produced 2588bbls of oil (plus some gas), and this generated $388,000 (figures from the last quarterly report).

If we get 320bopd on both wells, that's 640/5 (Range 20% interest)= 128bopd net to Range.

128*90 (number of days per quarter)= 11520bopd (i.e. a 4.5x increase in production). Assuming that translates to a 4.5x increase in profits, that's $1.7m per quarter, or alternatively $6.8m a year. A couple more wells this year and we'll be generating $12m a year, and that's not factoring in Cotton Valley and Trinidad. If we get positive results there too, we can look forward to having a fully self-financed company for the first time, and so would have free reign to drill without the downside in most oil companies that if the drills fail a placing or rights issue would have to take place. Then of course the slow- but rewarding process of identifying bigger oil fields and bringing them to production would take place.

So while the SP hasn't been all that amazing the last couple of weeks, we've been a bit spoilt by the rises of January and February, and we have actually got some good news with regards to the company over the past couple of weeks.

Be happy everyone. :)