for captain salty, page-4

re: for captain salty/jocam
Re: 'Roc only has Saltfleetby and a small interest in Mauritania'

Jocam, for ROC you're forgetting Cliff Head in West Australia. Looks likely to get the go-ahead. [Plus exciting free carried drilling atm in Equatorial Guinea and prospect of Angolan fields - means that they're certainly in prospective areas: success here though is not guaranteed).

My view is that ROC is currently undervalued, but you will be able to buy it cheaper if the EG drilling is unsuccessful (not too much cheaper though as the sp is underpinned by Saltfleetby and cash - remembering also that this first EG drill and the next one are fully carried - ROC 15%)

The small interest in Mauritania is more significicant than it seems (especially when compared to HDR as HDR has about 4 times as many shares on issue as ROC - although, adjusting for this, HDR still has more % of Mauritania per share than ROC).


Also, you mentioned PNG drills for HZN (Horizon), but I thought that only one has so far been drilled with the other (partly free carried) to happen later this year - Oil Search as operator. Also possibility that HZN might finally get some drilling going on their American acreage (Bayou Choctaw, etc).

Agree about that other long shot you mentioned (Nido Patroleum - NDO). Good prospect for share price appreciation if they get the right farminees and terms. And some interest yesterday but no action today. Are you in the options or fpos? What's your view of the relative merits of each?

Holding all three (ROC, HZN, NDO-NDOO) plus even more of HDR.

Cheers
OG