To be honest when it comes to stuff like this I don't mind so...

To be honest when it comes to stuff like this I don't mind so much about the SP- any benefit from deliverring it at the 'right time' would be short lived anyway, as it's the underlying fundementals that count in the long term.

Ultimately, if flow rates are increased without costing the earth, the share price will rise. If costs are so high the increase in flow rates is equalled by dilution, it won't rise. But the $25m debt facility we have is now $18.75m dilution we DON'T have to worry about (as they can get 25% of the requested amount as shares). No one can claim this is a bad thing- and I would hope- and I stress, it's only a hope, as I know the history of this management team- that if the $25m is used wisely, and at the end of it we have solid flow rates generating reasonable profits, an increase in that debt facility could be an option.

I don't believe Range will hit 2500bopd before year end, nor do I believe they'll have 4000bopd in June 2013. Realistically, I think we're looking at 3000bopd by the end of 2013.

But that's still $30m revenue a year flowing in at least, and it's only 15 months away. Value at 8x earnings and you're looking at a nice 60% or so increase without accounting for the exploration projects. And of course, progress will get quicker the more cash we have to play with (i.e. it will take longer to go from 1000bopd to 3000bopd, than 3000bopd to 5000bopd).

It's certainly worth a shot at these levels anyway. There's no major exploration which will lead to wild SP swings on results, it's just a slow steady increase of resources and bopd. That's the kind of thing I like.