Ann: Expiration of Unlisted Options, page-12

Good points & comparisons drawn in these last half a dozen posts.

pkn's table demonstrates the reality of the situation .... ie. that sovereign risk is outweighed by a factor of 3 by the market's perception (or otherwise) of the inability of management to get things done in a timely manner, to plan & budget.

If we accept that the market accepts the resource, capex & opex figures of all players as being believable, the only variable left to explain RWD's undervalue/underperformance is management.

My guess is that the market looks at the history of RWD's (& other companies in the "stable") ability to transition from explorer to producer & extrapolates that, while the resource is there & the consultant's capex & opex figures may be correct, there is a significant risk (3x higher than the sovereign risk of Eritrea) that management will not be able to execute & deliver those crucial opex & capex figures.

The 'reality' is that the market embraces & thrives on optimism & shuns risk.

Clearly it is more than time for the exploration management to hand the reigns to experienced & respected production management.