so the Cadlao plan of development has been submitted to the DOE,...

so the Cadlao plan of development has been submitted to the DOE, plus it looks like RAI have contracted an outside group to manage the project. Invitations to Tender for drilling & facilites have been distributed, awaiting responses in June. Debt finance discussions ongoing. Equity facility arranged for operating cash

still think 2011 is a stretch target for first oil.

Raisama are talking about $90million net cash flow in first year of production. Net NPV of ~ $80milllion

Assuming 260million shares on issue, isn't that worth ~30c/sh on Cadlao alone??

Currently seems undervalued.....