I am up to my neck in it with ROC - having a significant number of shares at average of $2 per share in my portfolio! I can only hope that Beibu Gulf kicks off sooner rather than later and recoverable reserves double from the estimates!
I am hoping that one of their partners in Beibu Gulf project (HZN) will pull me out of the mire. If there is any oil to be found any time soon in NZ it will be from Matariki which is immediately adjacent to Maari on licence PEP 51313. Seismics completed and evaluation due to be completed by October with drilling to commence next year. Rumoured to hold 100mmbls which is twice current Maari reserves which is already pumping out 40,000 bpd.
Word on the street in Taranaki is that this one could be a catalyst for HZN's share price along with Beibu Gulf which should be drilling & hopefully coming onstream at the same time.
Related article from a few months back to give you an idea of location. http://www.energy-pedia.com/article.aspx?articleid=139550
Seeing as ROC are already a partner with HZN on Beibu Gulf I can't think why they wouldn't farm into HZN's 30% interest on this licence?
ROC Price at posting:
39.0¢ Sentiment: None Disclosure: Held
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