Ann: Roc-1 Well Update, page-238

What you do with your money is your business, but one thing I'd point out is that even if ROC-1 and PS-1 are commercial, what matters is not the oil price today, but the oil price in a few years time, after appraisal, development etc. Have a look at the prices of oil futures and you'll see the market is pricing in the expectation of a significant increase from today's price.

Whether or not that is accurate is another matter though, as we all know the market can price things pretty badly for a long period of time.