Well done to all holders, a great announcement today. I do understand that for some LT holders, ROCs past performance means it will take a monumental effort to eclipse the old share price highs.
I will also add that ROC has further reserve upgrades to come, so the new 20.9 mmboe, will further increase this year, which, could in fact be even further increased with work on the new acquisition starting this quarter.
I am hoping Auto and others can delve into the 2P/2C numbers etc in more detail (and give some valuations for what ROC is actually paying on a per barrel basis). My simplistic view is ROC has bought 5,000 bopd in production, with current 2P of 8.7 equivalent, giving ROC approx 1.8mmboe extra a year for 4.8 years.
All for an initial payment of $25 million (yes the carry and development costs do come in later), ROC will still have at least $40-50 million in cash, plus as Auto has explained, another $60-70 million in the Balai cluster. So ROCs financial position is in no way stretched, I hesitate to raise the possibility, but could ROC even have another deal like this in the works?
I keep re-reading the announcement which goes into some detail about the projects and the fields. The numbers are pretty impressive, if ROC is able to walk the walk and move some or most of the 2C into 2P, the reserves the company will hold will move it from small cap to mid tier at least.
Auto, thanks for clarifying that production is from Jan this year, that would mean that, if production is as stated, ROCs share of the 10k per day (50%), just added close to 450,000 barrels of oil revenue?
Like many, its a shame I could not have added to my position last week. All good though, better to hold some than none.
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