roc's 38 cent curse, page-35

i think a lot of potential longs are of the opinion that ROC as an exploration company is a disaster. They spent a lot of money last year for no results. This has been an ongoing theme for ROC.

Then last year, instead of backing themselves to find more oil they made an acquisition that landed them BMG.
So what is ROC all about now?
Exploration?
Production?

If exploration, its track record is not so positive.
If production, whilst this is a positive in the short term, to have cash flows that help offset "other activities", their assets are short term and will experience declining production over say a 3-5 year period.

So ROC is neither here nor there. It doesnt do anything particularly well. The faith was with Doran as a prudent business man. The new CEO? Who knows. To me he has made all the right moves to keep expenditure down in this market. But who does that appeal to...certainly not investors wanting exploration upside.
What they ned to do IMO to spark interest, is to get some development going that ramps up production of existing assets in a cost effective way. This has been announced as there strategy. But with a new unproven management team and a history of dissappointing many are not prepared to wait.

Remember ROC is not the only cheap oiler at the moment. Plenty to choose from. Traders may prefer others with better upside. Investors are impatient with management, until they anounce something positive.

I have no doubt ROC is cheap. Its just not ticking enough boxes at the moment for enough people hence the sellers have control because there is no buying catalyst.