undervalued - based on pw10 p1 & p2

Range is now valued at less than the P1 and P2 reserves for NCR, TT and ETCV.

These figures are taken from the quarterlies (and calculated in Sterling)

NCR P1 & P2 - 46.2m
ECTV P1 & P2 - 6.2
TT P1 & P2 - 12.96*

Total = 65.36m

Shares in issue = 1098m
SP = 5.4
Market cap = 59.29m

Range is currently undervalued by 6M (AUD$10.5m) on P1 and P2 data.

RB#1 announcement "confirms the Company's structural and stratigraphic models across the northwestern flank of the field, which formed the basis of the recently released reserve report" which means that the assumptions used to formulate the P2 and P3 figures have been confirmed. This means the P1 and P2 figures will increase substantially.

These calculations also make clear that Puntland and Georgia are priced to fail. My opinion is that Georgia and Puntland are actually dragging the price down.

Top up if you can while sentiment is down. We all know what is expected soon, the top three being Georgia seismic, Puntland rig mobilisation and revised NCR reserves.

My holding has clipped from over 50% up to closer to 25% up. I'm 100% comfortable with that at the moment.



* (PW10 not provided so used $27 per barrel which is the value used for ECTV)