100k at 21, page-3

intell,

my quick check has revealed that ROC have only 2P reserves of 47mmboe across all their projects, with av. production at 11.5k bbopd (from ROC feb investor presentation). ERH could surpass this just on paca. also ROC's cost of production would be significantly higher than ERH's, with ERH likely to be one of the lowest cost on-shore producers once they get going compared to ROC who are off-shore. on a valuation basis ERH imo wins by a country mile, but they need to become a producer first.