Fri Jan 18, 2019 10:03 am
As I said yesterday one thing seems clear, this could rise very quickly indeed on real news. Yesterday's rise shows that there are a lot of people prepared to take a punt at these levels. When I see speculative hi risk explorers with a market cap many times higher than Range, a producing oiler with its own drilling fleet, something is not right. We have a high level of unsecured debt but we are also cash generative and have seriously reduced our overheads in recent years as well as the spread of the business. Petrotrin is about to re-invent itself as Heritage Oil which will remove the constraint of how much oil they can take as this was previously limited by a very limited refinery. Some will no doubt read this as ramping, it isn't, just contemplation.