re: Ann: Activities for the Second Quarter - ... Another note regarding the quarterly. The Beibu Gulf update is very encouraging with production of approximately 1333 BOPD across the quarter. Knowing that the first oil sales commenced late in the Quarter, and from the announcement we can expect this number to increase to 2940 BOPD net to ROC by the end of Q3, when peak production is hit.
This would increase the revenue from Beibu to around $26m from $12m. An increase of $14m. This number goes up around another $4m once Blane field is sorted out.
At around $70-75m per quarter revenue once Beibu is running at 15,000 BOPD. The annual revenue will be roughly the market cap at todays low. I don't know about you but this stock is sounding pretty undervalued to me. Even more so from today's announcement regarding very positive Beibu news.
Ann: Activities for the Second Quarter - Ended 30, page-4
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