t&t summary - .41 barrel bopd increase per day

Range bought 100% of T&T for ~75 million plus a lot of shares (some still to be awarded on production of 1500 bopd). At the time of purchase it was ~500 BOPD.

The facts since 100% purchase from the RNSs:
1. 200-300 full time employees working on site around the clock
2. Production hit 1000 bopd but has since reduced to 800 BOPD at time of take over announcement
3. Production was forecast to be 4000 bopd today and increasing not decreasing

T&T has increased in production by .41 barrel of oil per day over 2 years (it has been more than 2 years so that is optimistic).

1 barrel of oil = 158.987295 litres

.41 barrel of oil = 65.18479095 litres

65.18479095 litres / 300 employees = 217 millitres per employee

T&T was the only asset worth anything left in the portfolio after sale of Texas.

PL had to do something before the market factored in that T&T was a lemon so the merger was instigated with another company with wild cat drills and little production and a poor balance sheet.