news will be good in the end imo

Hey all, shareholder of RRS here (the 10% holders in Trinidad).

I'm pretty sure the deal must have been concluded to some degree, even if not all funds have been raised. It won't fail I don't think. The RRS CEO has said in a recent interview that work is expected to start in March. Here's the interview, fast forward to 3 minutes in: http://www.iii.co.uk/investment/detail?code=cotn:RRL.L&display=summary&it=le

2 Herrera Formation wells planned to be drilled this year apparently.

Now fair warning- our CEO is always over optimistic with timescales, so safe to say this deal will probably slip into April. But even he wouldn't be saying 'March' if the deal was going to fall through, given that the interview was only made a couple of weeks ago.

Also in the interview he commented that RRS may take up an additional 10% (so 20% in total). We recently raised $4.8m via an equity drawdown which may be the funds to acquire the additional share (all the other projects are fully funded from the existing cash in the bank).

RRS can also potentially raise another $27m via the drawdown facility, so I don't think there's any danger of the deal lapsing. If MHL are struggling to raise funds I'm sure RRS would take the percentage that they were unable to get the institutional backing for as our CEO seems very bullish on Trinidad and remarked himself that they would have taken it all if possible at the time.

Bottom line is- don't worry about funding problems as the recent update said 'near future', and this has been backed up by the RRS CEO saying March to begin work. Will probably ended up a split of 80% MHL/20% RRS IMO.