Well there's loads of things a junior oil explorer could use the...

Well there's loads of things a junior oil explorer could use the extra money for, expecially one with as many licences and connections as Range.

We've got the funds (pre-drawdown, if indeed there is one taking place) for both Georgia wells, the first Puntland well (we're free carried on the second up to $15m so we won't be paying anything towards the cost of that one) and would still have a fair few million left over to increase our percentage of Trinidad (and we're free carried on the initial development there too). Texas is self sustaining and provides us with enough cash to self-fund further wells there.

So on the face of it, we don't need anymore cash, at least not for this years activites. But as PL has said, he gets opportunities offered to Range every week. Maybe one of those was too good to pass by (i.e. the Columbia rumour).

But a big list of things it could potentially be, which is not exaustive by any means:

- Cash needed to start seismic activity on the block VIII recently acquired by Strait.

- Cash to get a couple of offshore Puntland blocks.

- A new project (Columbia etc).

- Could simply be ensuring Range has enough funds to drill plenty of Georgian wells in the future, as while we're all confident, nothing in exploration is guaranteed so it makes sense to do the raising while sentiment is high.

- Increasing our percentage in Trinidad further.

Could be any combination of those or something else entirely. One thing is for sure- Range wouldn't be stockpiling all this cash for no reason. I see any raising of funds as a positive thing- we all know PL is good at negotiating lucrative deals for Range, and he's has to operate on a tight budget before (i.e. we bought into Texas for just a couple of million dollars, and got 10 of Trinidad for $4.5m while Monitor was paying $60m for 90%, and we got the free carry on initial development. Cotton Valley, while not a blockbuster project, is good value considering the tiny amount we've paid for it- just a few hundred thousand dollars).

If we can get those kind of results with just a few million, imagine what can be done with the many millions being stockpiled. I've got confidence whatever the money is used for, it'll be good for Range.