think about it

What can we make of the current situation?

Like me, many long term Range supporters are very unimpressed by the current SP, but do we have any real cause for concern? I don't personally think so!

Why is the SP falling?

Firstly, the Range project is possibly one of the highest risk, reward plays on the market. Only a select group of investors have the intestinal fortitude to see such a venture through - fact!

Other factors affecting the SP may include but are not limited to:

The company has just come through a period of intense, negative media attention and speculation.

While much of it may have been unsubstantiated, mud sticks.

Even the most committed, loyal share holders began questioning the integrity of the board and whether their faith was misplaced. A number of them succumbed to the negativity...understandable!

Opes Prime put a cat amongst the pigeons and intensified the media scrutiny.

This may or may not have led to the recent shuffling of the board by major share holders.

Further clarification was also needed about the roles of participants in the onshore JV.

Seismic recording delays were not sufficiently clarified to share holders.

The market as a whole went through a massive correction where even blue chips were smashed.

News from the Horn was continually negative, while a cone of silence was applied to RRS and AOC.

With no news and an apparent lack of tangible progress, buying interest dried up.

Liquidity also dried up.

All this, at a time when Pres Yusuf was being courted by Kuwait Energy and numerous others with endless brown paper bags.

So what does this mean for holders?

Well, the Puntland Gov is pulling out all stops to demonstrate its 100% support for RRS/AOC.

The Puntland Gov has reminded us that the TFG has no control over Puntland Hydrocarbon or mineral resources.

AOC are continuing the seismic program and remain confident that drilling will occur this year.

The Range Board are working on a number of initiatives that will value add.

Remember, no one really doubts there is oil to be found, it's just a question of how much?

It would seem that Pres Hersi wants some action before Nov 1, when the media coverage of the Presidential elections begins.

So to finish off, nothing has changed as far as the prospectivity of the project is concerned, it's just that some have become battle weary and lost their focus.

While not giving advice, I think the story is becoming more compelling by the day and the low SP is a buying opportunity!!!