Reyni, take a look at the OilBarrel presentation in November...

Reyni, take a look at the OilBarrel presentation in November 2010- http://www.rangeresources.com.au/fileadmin/user_upload/asx/913133.pdf

Slide 11, last point: "Still pursuing offshore opportunities with the government and third parties".

I believe it's pretty common knowledge we don't have the offshore rights yet. Perhaps that is what the recent buying is all about- we have sorted them out and got a third party to agree to a farm in. That would, afterall, be a monster announcement.

Or just imagine if we found oil in Georgia, and thus gained the cashflow to go at offshore with a much higher than 20% interest like onshore...we'd be looking at a share price in the pounds, not in the pence.

Bevter- all the potential problems are still there, of course. But the helium survey significantly derisked the play.; Contrary to popular opinion on iii and other boards, I did not consider that positive results were in the bag before they were actually announced.

I was working off the idea that 20% of industry wells are successful, so on that basis the chance of NOT getting a single positive outcome out of three was 4/5*4/5*4/5= 64/125, so basically a 50% shot at it either way, and that's for one positive result.

However we got 2 positive results, and in the RNS it said the survey had been able to highlight the areas that would potentially deliver the best flow rates. That's removed a signigficant proportion of risk, with the drills now having 80% CoS and the flow rate risk somewhat reduced.

Positive results has been what has changed, not just the share price, although there is something to be positive about concerning the higher share price in itself (other than the obvious nice profits sat in our share dealing accounts)- the dilution from the drawdown ELF facility will be less if we have to call on it for future drilling.

As for what gives me the 'right' to jump on the bandwagon- perhaps the fact I'm a shareholder just like you, and have seen a return of 600% from RRL in just over a year from when I got in?