The valuation just under double the current share price, which itself is up around 180% in the last three months.
Analysts Emily Ashford is a fan of the new strategy mapped out by chief executive Rory Scott Russell.
He and his team’s efforts are focused on production in Trinidad, and in particular doubling output there by the end of the year to 1,000 barrels a day, rather than chasing more speculative targets.
The group plans to exit the US, Georgia and possibly Colombia.
Ashford is also impressed by its alliance with LandOcean, one of China’s largest oil services company.
LandOcean introduced Range to a new institutional shareholder, which subscribed to US$12mln of shares that allowed the AIM and ASX listed group wipe out its debts.
“With a strengthened core management team, reshaped portfolio, a new strategic alliance and refinanced debt, we believe Range has a revitalised and sensible strategy for shareholder value creation,” the Cantor analyst said in a note to clients.
At 11.55am, the stock was changing hands for 1.98p for a rise of 7%.