Have been waiting for this news for the last 2 years since Andrew Love first flagged ROC's interest in field rehabilitation in Malaysia at the 2012 AGM.
As per Auto have also confirmed directly with ROC that it participates in the current 10000 BOPD production at the 50% participating level.... I suspect the general market doesn't appreciate the production gained because of the wording in the announcement, hence the need for clarification.
Alan mentioned there will be a conference call tomorrow morning providing further details.... I am hoping/ expecting a rerate of ROC to occur quickly once the market grasps the immediate cashflow benefit ROC gets from the added 5000 BOPD plus 8.5mmcfgpd production uplift.... let alone the potential surge coming once the field rehabilitation is in full swing
As an aside...this reminds me of what occurred with ROC's predecessor company Command Petroleum in 1993, when that company won the bid to redevelop the RAVVA oilfield in India... that deal basically was the basis of the emergence of Cairn Energy... we can only hope!
Cheers
Dan
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