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 :)
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Very good reading Jocam.I dont mind FAR, have traded in them...
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