The interesting part of Georgia that the market has overlooked is it's NOT a wildcat drill. The soviets drilled hundreds of wells on these sites and have proven oil, gas and CBM exists. Many gas wells drilled ( approx 22 ) displayed potentially commercial gas flows. So the 2bn barrels is not a stab in the dark. The company had privy to huge amounts of data. It would take a decade for Range to gather all that data themselves and would of cost hundreds of millions of our good old British pounds. Other information Range has access to is seismic, gravity and magnetic, well info, structural mapping, field analogues and structural data. All this info gives Range more than just a head start to proving the value of this asset. The oil is located at very shallow depths and most between 600m/2500m which enables drilling to be carried out very economically. This is highlighted when compared with Smith/RB1 which were drilled to a TD of 4260m . The topography and infrastructure is also extremely favourable and again reduces complications and expenditure. Pete is very bullish about Georgia and its not difficult to see why. Although, I believe the market has not taken any of this info into consideration. Of course Georgia is just part of this company which is well undervalued in my opinion but once the games finish the SP will much higher than today. GL all and don't give your shares away. TT --------------------------------------------------------------------------------
RRS Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
