texas gas figures agm talk

Instead of posting the same rubbish all day long perhaps we could have some relevent discussion on the Summary of conversations and expectations at this years AGM held a few weeks ago as below,

Texas - Landau said Smith well was a success, just testing to what extent -
looks like over twice original estimate of 200bcf versus 80 - will lead to a
further well program of up to 12 wells


Puntland - AOI/Range and Punty Govt met in Syndey last Thursday with
respective lawyers. As of Friday last, all points now agreed to move forward
- signing ceremony to be held possibly first week of December, with AOI
drilling schedule at same time - rig mobilisation Jan, spud May - PSA for
first two wells extended 12 months and second two wells a further 6 months
(18 months total) - security under control


Puntland - offshore - negotiating PSA's with gov't but won't get onto this
in earnest till signing of onshore early December. Range have identified two
highly prospective areas to focus on. Intention to farm in siesmic program
with major US operator - seen as not difficult and they have had a nunber of
approaches - security will be via escort vessel


Georgia - Siesmic to commence in next month and to take 6 weeks - very
encouraged by what they know already, with several shallow targets with over
a hundred million recoverable per well - will have farmed in operator after
seismic results interpreted (May)

So lets see now, of the main items of discussion at the AGM,
1) Puntland agreement has indeed been amended and agreed to within time frame, only Puntland Parliament to approve now which apparently have been meeting yesterday and today, so could be passed this week, CHECK 1.

Georgia Seismics have been started as per time frame, Check 2.

Texas Drill results due this week, most likely Wednesday, Check 3 Almost there.

So all points spoken about at the AGM a few weeks ago have been advanced and almost complete, and people here have the hide to say the company has not changed at all, please tell me any previous time when things expected and suggested with RRS actually happened and at stated time frames, more than happy with todays progress announcement and look forward to Drilling Results from Texas later this week.

Now I will leave you with a few figures to contemplate, and discuss regarding Texas, Figures courtesy of Preempt.

Overview (For the Week Ending Wednesday, December 9, 2009)

Natural gas spot prices increased at all trading locations in the
lower 48 States since last Wednesday, December 2. The Henry Hub price
rose by 60 cents, or almost 13 percent, to $5.27 per million Btu
(MMBtu) on the week.


1,000,000 MMBtu's = 1 Bcf, therefore 1,000,000 x US$5.27 = US
$5,270,000 = AU$5,775,000 x 200 Bcf = AU$1,054,000,000 x Range's 25% =
AU$263,500,000


Based on 200 Bcf, Smith would be worth around 14 x our current Range
market cap. Therefore, 14 x 3.7c = 50c+

So a annoucement of 200BCF later this week could really set us up, 20-25c would have to be minimum value applied I would think, But we will have to wait and see actual figures announced.

Cheers

Jamit01