Ann: ROC 2013 Full Year Financial Results , page-15

Cheers Auto. That makes sense about recouping their initial investment. If I ever get a free minute during work hours, I might try and quiz ROC on whether they can explain it a little better/clearly (ok, dumb it down for me) in their presentations.

Regarding the Balai field, I agree, and really do hope that the further work that needs to be undertaken is not a major effort, as otherwise I doubt it will be viable. Hopefully ROC can provide an update soonish on how they are going to proceed. Also, what about the other 2 fields?

You hit the nail on the head regarding the market not recognising the value of the RSC. Because production and reserves are not booked for ROC, I think it all the more important they clearly s p e l l it out to the market what it should be worth (even if the market does not agree on its actual value, a base would be great).

Does anyone know exactly what sort of numbers we are talking 2P for each of the fields,? As they seem quite substantial (but obviously not huge, otherwise they would probably not be 'marginal'.

Beibu does indeed look extremely promising with 5 wells not hitting the water cut. I think that, with the data they already have, they would know a lot more than they are letting on about the actual 2P to be booked later on. No conspiricy stuff, simply that they are waiting for a bit more data to go on before finally releasing it. I wonder just how conservative CNOOC are, if ROC are also conservative. In the end, I would always prefer to be surprised to the upside!

You are right about their production levels. I found it funny that in the Half year conference call the brokers were getting annoyed that Alan was being so conservative.

I hope they are able to end the year with 2P back at close to 15mmbo. Perhaps a little optomistic, but I think it achievable.

Not sure if anyone is following the currency movements, but the Yuan is dropping against the U.S dollar, which I assume is good for ROC, as they can plough their cash flow back into exploration etc?

Last question, from the maps they show that hold the Balai cluster. It shows a heck of a lot of other fields gas/oil. Any chance a similar project could get up PSC or RSC?