My takeaways from the 2013 financial report/preso and the...

My takeaways from the 2013 financial report/preso and the webcast:

Negative:
- Balai looks like its just Bentara field for now (although Balai field not ruled out it will likely need more appraisal prior to any FDP)
- impairment of $6m on Balai Cluster project for non-recoverable finance costs, as only Bentara for now
- Balai Cluster looks more like a gap filler than a growth project
- 2013 NPAT, cash flow and reserves all down on 2012
- no update on Myanmar permit round, or Bentara FDP
- 2014 production guidance looks flat yoy (at first pass)
- 2014 capex estimate of $60m looks pretty light if $30m to be spent on Zhao Dong
- costs rising over time as fields mature, Zhao Dong requires a lot of wells

Positives:
- Is profitable, pretty clean set of results, and is expensing exploration (mainly seismic) so no nasty build-up of capitalised exploration on the Balance Sheet
- should know on Myanmar permitting round within 1Q
- should know on Bentara in 1Q/2Q - can start production at ~4000 bopd (gross I think) very quickly as most of infrastructure is in place. ROC's 2014 production forecast does not include Bentara so its likely conservative
- Beibu performing ahead of expectations
- WZ 12-8E field feasibility study is underway (= potential new project and reserves)
- Nearfield Beibu exploration targets identified
- more acreage/projects in Malaysia have been applied for, PSCs the preferred model now, so reserves can be booked
- CEO (quote) "would be very disappointed" not to be announcing an acquisition or new project in 2014. They are on the hunt and trying to get in the 'back door' in China and Malaysia where they are growing their operator experience and have relationships
- selling UK assets
- BMG stranded asset starting to look almost sellable in light of rising east coast gas prices

That was my assessment, hope its balanced - feel free to add anything you heard/read that I missed.
Cheers