jb were recommend buy at 27.8.09 -$1.07 target, page-3

thanks Peter

Always good to have a recent broker report as have been circling ROC and finally bought in today for initial entry. This for me is potentially a 3 month to 12 month play depending on how it pans out as more on a medium term investment side than a short term trade (as from trade perspective it doesn't say it is going to leap ahead tomorrow).

Looks like a potential for bounce in oil at least in short term....but recognising other factors still in play including end of US driving season and recovery continuing to be slower than expected...Still trying to work out direction for oil in short and medium term but whilst believe potential for ST bounce at this stage (particularly once OPEC confirms same volume targets) medium term it seems will be flat until recovery gets into full swing (which I don't believe is there despite all the hype it is yet)

With oil price somewhat constrained for significant immediate upside, I am really looking at oil producers with good exploration pipeline as well to provide further upside. Hence ROC interest. The WA-351 is what has caught my eye as potential catalyst for a jump in SP given its location and attractiveness to other players from oil/LNG resource base.. Personally I agree with Were's in that I would prefer a farm out for a low risk free carry, particularly given I have a twelve month time span for my investments and this would offer me the greatest upside for the SP in the immediate term.


Farm outs better upside at the moment for players ROC's size given markets concern over funding for projects etc....

Will ROC fall further from here....possibly which is why I made initial entry only...(just because it is a discount to capital raising price is not enough to make it a buy but useful info)....But does it have much further downside risk....I don't think so...particularly with Beibu Gulf, BMG Phase 2 and WA-351 on the horizon....

Cheers

Londoner