junior oilers 12/13 april, page-3

Very good reading Jocam.

I dont mind FAR, have traded in them before and they look pretty safe at the lower end of 3c.

I dont care much for there leases around or Australia or the US, although its handy income.

The good lease, as you pointed out is in China(Beibu Gulf Block 22/12), But after reading through their previous quarterly reports, id like to point out this-

"Under a farmout agreement ROC Oil Company Limited has agreed to carry FAR for expenditure up to an amount of US$633,000 in relation to the 3D seismic program and certain other costs on Beibu Gulf Block 22/12. Pursuant to the agreement FAR's interest reduced from 10% to 5%."

I would of prefer them keep the 10% stake in "Beibu" and for 633k , i thought that was a little cheap giving up 5%.

I take it this wont be drilled till late 4th/Q maybe 1st/Q2004, still if you can get in at lower levels i see this as a long term play.

Cheers :)