Masher, with RRL/RRS, nothing ever happens on time. In all my...

Masher, with RRL/RRS, nothing ever happens on time. In all my time investing here, I cannot remember one piece of news that came out within the specified timeframe other than mandatory quarterly/annual reports.

I believe that the drawdown isn't neccesarily a 2 week period all the time. It'll be nearly finished now at any rate, it's been going on for 3 weeks now. Another alternative is Range have negotiated a larger finance facility with Duchess, and so are drawing down a larger amount of funds that we actually think, though this would require an announcement to be made stating this (maybe announced at the same time as the completion of the drawdown, though this is wholly speculation and there's a good chance this isn't the case at all and it's just taking a little bit longer than the previous ones for no good reason at all).

It's been 2 months since we got the helium results (8th February 2011). I've sat here for 6 months while this share treaded water in the middle of 2010, so it doesn't seem like a long time to me, but it's all down to your perspective. We were told spudding in April and it's going to end up been May (providing we get that rig mobilised in the next couple of weeks!), and to be fair plenty of companies have had to reschedule spud dates in their time. Once the rig gets there it'll all be much quicker. For example, if you look at Desire Petroleum (DES), it took ages for them to get a rig out there (we're talking multiple years, rather than a few months). However when they did finally get the rig there they drilled 6 wells in a year, and that was when they had to share the rig with another company as well (RKH). Once the rig is on site we can just get drilling, get the results, then move it to another area and drill again shortly afterwards until we've proved up the area providing we have the funds to do it. It's just a few more weeks of waiting but once the rig gets there they'll be plenty going on.

And unlike the long flat period in 2010, there is actually stuff going on now. I don't know whether Landau is waiting for 'other things to fall into place'- maybe there is to be a further acquisition with the cash, there'll almost certainly be an expansion of our stake in Trinidad, but neither of those would affect the drilling in Georgia as well have loads of cash in the bank to cover it. Could be loads of reasons for a slight delay- maybe Edeco haven't found a suitably qualified team yet (they were advertising for positions remember), maybe we don't have a suitable ship travelling to Georgia just yet.

Or maybe we're just about to take over Strait and so holding off mobilisation until we've secured the deal, lol (this last one is a joke, but hey, stranger things have happened).

I'm sure Range are eager to get drilling in Georgia. But what you've got to remember is the BoD's plans for this company will be measured in terms of years, and so a few weeks or even a few months delay won't bother them one iota as they're in for the very, very long haul anyway. It's PI's who get concerned about the timescales because their idea of when to expect good returns is often measured in weeks or months.

In general when you're given a timescale from RRS, double it, and that's about when you'll get the news announcement you're looking for. It's irritating and I've spoken out many times against it (and even now I still think it's very bad management practise), but so long as we get there in the end, I'll live with the bad deadlines.