Just to add a bit more, as I was in a rush at the time of my...

Just to add a bit more, as I was in a rush at the time of my last post.

I do feel Range has made some 'progress' since February- but I'll also say that that 'progress' is not even close to what I would deem acceptable. They've drilled 1 well so far (discounting irrelevant 20 bopd wells in Trinidad) and even that isn't complete yet. For a company with 4 projects supposedly on the go this year, that is an awful level of advancement. There's no use glossing over this- 2011 has so far been a year of a lot of talk, and very little action. Very similar to 2010 in this respect. The share price fall from the 20's partly reflects the global problems, but the overpromising/underdelivering has to take a major slice of the blame too.

There's signs of promise (Texas looks like it's shaping up to be good, and Trinidad as well), but Texas is fairly small, and Trinidad is a long term play until the Herrera's are drilled. The 'big' projects- i.e. Georgia and Puntland- are not doing so well. The top zone of Georgia will not flow if the lower zone didn't, and it must be costing a fortune to keep the rig all this time. There's still no indication that Puntland will ever be drilled (I dispute the idea we're nearer to that date now than we were in February- there's nothing from the company that suggests a spud is near, not that I'd believe it anyway after all the previous false dawns). The Puntland PSA expires in January 2012- there's no guarantees it will get renewed, the government would be well within their rights to tell Range/AOI to relinquish the licence. If spudding news does arrive one day then great, but having been following Range for 2 years, I wouldn't hold your breath. There's people on these boards who were told the same thing in 2007 as well!

As for RMP, I wouldn't read much into their lack of fund raising. Perhaps they were gambling on Georgia being a success? They've already got funds for one Puntland drill, so why raise for a second, when we all know a Puntland spud would increase the share price anyway and allow fund raising then? I hate to say this, but another interpretation of 'RMP haven't raised enough money for Puntland', is that they don't think they'll need the cash as Puntland isn't happening anytime soon. Either way, plenty of oil explorers go into drilling having not raised enough funds to cover themselves if the wells are failures- they either strike it big and make big cash, or they don't and eventually go bankrupt/dilute heavily. It's too early to tell which of those scenarios will happen to RMP.

VSP results are the next big thing for both companies. Trinidad CPR is important for Range as I've got a feeling that will be where the major value is achieved over the long term.