On the 19th of Aug 2008 AZA released to the market the results of an extensive review of hydrocarbon reserves for BMG. The review was independently verified by RISC. 2P reserves remaining were 74.2MMBOE as at 30th June 2008. ROC's assessment of the 2P Reserves for the BMG fields were broadly in line with with the review. Bruce Clement on commenting on the report says "The report confirms ROC's own assessment of the 2P Reserves for the BMG fields, which formed the basis for ROC's takeover offer for AZA. So there are many questions
The review by AZA and RISC were flawed ? ROC's original own assessment was flawed as well ? Does ROC sue RISC ? Will Pertamina sue ROC ? Who will trust ROC's management now ?
ROC Price at posting:
42.5¢ Sentiment: Sell Disclosure: Held
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