I think the market is looking for more concrete results from Range. At the amount the only factual announcement is the LOI. There has been a lot of speculation about the amount of oil and minerals in puntland. But that’s all it is -speculation. The market is hesitant to jump on the RRS bandwagon as the company still carries with it its past stuff ups.
For the SP to move north Range has to produce announcements that carry legitimate weight. It’s the only way that the market will gain confidence in RRS. The market will be forced to notice Range just as long as the positive announcements (with concrete information) continues. The LOI is the first step in that process. The next step is factual and concrete results on minerals followed by a realistic analysis of the amount of oil in the areas to be drilled.
All of the above combined with the involvement of other mining and oil majors will give Range legitimacy within our market. The involvement of other "more credible" mining organisations may also reduce the level of sovereign risk which is also inhibiting the SP from moving up.
Its all about time with Range As previous posters have stated its all about lining up those ducks. I am not going to speculate when this is going to happen, however, I hope it does.
All the best to those who hold RR. Hoping the announcemnet this week is another step in gaining market confidence
RRS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
