RRS, OEL

http://imagesignal.comsec.com.au/asxdata/20100826/pdf/01091581.pdf


http://www.proactiveinvestors.com.au/companies/news/11817/range-resources-share-of-gross-oil-in-place-at-republic-of-georgia-wells-estimated-at-1-billion-barrels-11817.html

Strange to use words like "unrisked". But based on the above report, it was irresistible. RRS is THE most adventurous Australian miner. You hope your son or daughter is not working for them overseas.

Is it brave or stupid? Well, the potential oil fields are in Georgia (relatively safe) and in Puntland in Northern Somalia. So today, I collect RRSO at 5c. The exercise price is 5c, too in Dec 2011. The ordinary share is 10.5c so why not buy the options?!

I have a big loss with OEL. But note that BHP is farming into its Phillipines block. And most recent seismic data suggest high potential for oil to be discovered off Palawan island. Well, I hope. See, not everything I touch turns to gold or oil... but it might still do so!