780m shares in issues after RI, SP is 3.1p Which gives Range a market cap of 25m / USD$39m
Gas at US$5.481 per mmbtu; Which gives $5.4m per Bcf; Of which 25% goes to Range; So $1.4m or 900k per Bcf to Range Deduct 25% premium for taxes and onstream costs; So $1.12m or 720k per Bcf
35Bcf is needed to value Range at just over 3p (25m / 720k)
Using 720k per Bcf as a guide and 50% recoverable.
Value / shares in issue = SP (crude but for for arguments sake) 108m / 780m = 13p for 300Bcf without accounting for oil 72m / 780m = 9p for 200Bcf without accounting for oil 26m / 780m = 3.3p for 100Bcf without accounting for oil
RRS Price at posting:
5.2¢ Sentiment: LT Sell Disclosure: Held