ROG is a Developer, very close to being a Producer (within 3-4 months). Various Assets acquired at liquidation value and company has CASH to start producing oil. The Cash from production will fund further exploration. Recent seismic data revealed the Net Pay of the Killanoola Oild field to be 10X thought. What this means is not yet known as drilling about to commence will help clarify. But is seems that there is more oil available than expected. Maybe a lot more.
For the Gas assets, ROG acquired 100% and has farmed out 80% to Santos with Santos funding exploration and future development cash outflows. ROG is only required to repay development funds and only out of production cash. So ROG has a 20% free carry with all cash costs covered by SANTOS.
The Company has just received recognition because of some publicity on ABC Radio and Twitter and comparisons with 88E. 88E though is an EXPLORER and has no identified resources. ROG does and is very close to production and has lots of exploration upside.
Best V
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