Yes, there is plenty of stuff that potentially needs funding....

Yes, there is plenty of stuff that potentially needs funding. The larger finance facility is just a theory as to why it's taken a bit longer though, I don't have any evidence for it and we are still within an acceptable timescale for just one drawdown of the remainder amount so for sure confirmation by the company is needed before thinking along these lines. I'm sure if needed Landau would get us additional funds. The more funds we raised obviously the bigger our ambitions (in terms of projects), so view the raisings as a positive thing even though in the very short term they keep the share price static.

Trinidad was costing $90m for 90%, though $30m of that was for working capital (so $60m for the actual licences). Even just increasing our stake here could quite happily burn through $30m if we wanted to take on a large slice, nevermind any additional projects and financing our existing ones.

We'll always need at least $5m in reserve in case AOI mobilise for Puntland and call in our 20% contribution. We need $9m for the first 2 Georgia wells. So that's $14m accounted for. We've drawndown $32m, assuming the final drawdown is indeed taking place, and we had $7m before that, so we've got $39m-$14m= about $25m to play with. A pity that most of the options won't be converted until the year end as that would give us another $19m, but oh well.

If we're going to seriously increase our stake in Trinidad, $25m will buy us a respectable slice. If we're going to be venturing into a new project with a decent slice of the cake as well as getting more of Trinidad, we'll need more cash. Though I've yet to see any actual evidence that we'll be venturing into a new project apart from that one line in that financial newspaper (Columbia) though it has been much talked about.

I wouldn't be surprised that if there is to be a left field project, that what we will do is issue the vendor with shares in Range in return for whatever they are selling. That would then leave us free to spend the drawdown money (however much we decide to use) on increasing our Trinidad stake, and then we can use the cashflow from Trinidad/Texas/the other project to finance drilling in Georgia.

Certainly we are in interesting times anyway. I trust PL has some sort of plan and we will be illuminated to it when the time is right.