As per above - ROC have stated that with oil prices where they are today (read above $65/bbl) that they will not need to sell assets to fund BMG.
Oil price below $50bbl, they would need to sell assets. And would be free cash flow of $100m a year.
But, still will accept offers if they are favourable (hopefully more favourable than the 10% BMG sale.....)
This is good news out of the company. Now all we need is for one of the other BMG partners to trump the paltry $30m offer for a 10% stake. (I would at these oil prices!!)
If oil continues rising, I would expect another similar announcement by the company - I reckon $75/80bbl oil should have the share price re-rated back towards $1. - this would still be cheap!
ROC Price at posting:
71.5¢ Sentiment: Buy Disclosure: Held
