Ann: Roc-1 Condensate Rich Gas Discovery, page-12

Yes, remember that Quandrant and their partners had all committed to the ROC-1 well immediately upon the discovery of oil at PS-1. If any subsequent work was entirely contingent upon a subsequent discovery of a commercially recoverable volume of oil at ROC, they would not have bothered with the seismic work until after the ROC-1 results. The fact that they invested in the seismic work before even the ROC-1 well spudded suggests that they had enough data to see that it was worthwhile. The gas at the ROC prospect while not spectacular continues to support their theory of a working petroleum system.

They have already stated that they have identified over 60 other targets, I am expecting that they will continue to explore. As I mentioned before, it's not everyday you hit oil and gas on consecutive exploratory drills. The odds with a wildcat are always well on the side of a duster. This is not the case as they've hit oil and then gas.

Patience is needed and selling this down past cash is a very short term move, but hey that's what makes the market.