Yes,I agree and I stated at the time of the Apache deal that I didnt think it was a good thing for roc.
It cost them a lot of money just to buy more reserves.
From that announcement,the sp has been trending lower ever since, and even after allowing for the lower poo,I think the selling has been way overdone.
Anyway,roc have some hedging in place at $72 so I didn't think the sp would get hammered as much as it has over last few weeks.
When north Sea comes on stream in a couple of months time,cash flow will improve even more and then it's Angola time.
The market desperately wants some news re those couple of china drills way back last year when the sp was so much higher.
Well,I want that news anyway,lol
why such a big drop, page-29
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