I don't know, I didn't think the update was bad at all.They're...

I don't know, I didn't think the update was bad at all.

They're not using the 'high' estimates, they're using the 'best' estimates (which is the middle value, it even highlights it on the report if you want to open the pdf). That's standard practice in the oil and gas industry.

The debt agreement (up to $25m, and we really should be getting close to the 1500bopd mark soon) can only be seen as a good thing, and it allays fears over the financing of Trinidad for now, which was a major risk with Range.

The SEDA is potentially a bad thing- one would hope with the debt facility they wouldn't need to use this until the share price is a bit higher as more bopd comes online. To be honest though, it's no worse than a placing would be- and we know Range isn't ever shy to do those, so it's really just changing one undesirable funding method for another. Pretty neutral, really.

CoS of 25% is pretty decent for the Herrera's. 40.5 million barrels to aim at though it's annoying we don't know how many targets this represents. Nice jump in P1+P2 resources as well, though it's really flow rates that count more at this point- need to get cash flowing in to prevent dilution.

Didn't think it was a bad update by any means, though.