Russian Roolet - you need to step back and re-read the RMP presentation and other material. Yes the whole area has the potential for a multi-billion barrel oil recovery and this has occurred in nearby areas, BUT the target to be drilled early next year is a 400 million barrel target of which RMP is entitled to 31.5% or 126 million barrels.
The share price is probably not going significantly higher until we get closer to the drill date. Also you have to take into account that although RMP is stating that it is fully funded, if past history is anything to consider RMP is notorious for raising further funds prior to drilling taking place. This occurred both with Puntland and the Philippines, which is why the company has the current large cash balance.
A significant oil find will certainly be a game changer.
I purchased shares back in the Puntland days and topped up significantly when they were down around 1.5 to 2.0 cents. I am totally happy to sit back and see what happens next year. If the well is a success it will be great for all holders, but I can only repeat that there is a lot of water to go under the bridge before we see 10 cents plus.
RMP Price at posting:
3.6¢ Sentiment: Buy Disclosure: Held
