I hold PSA and reviewed their China prospects as part of my...

I hold PSA and reviewed their China prospects as part of my general review of the company. China appears to be a low-medium risk / moderate return investment. The big pluses are that it is close to infrastructure and in shallow water. It also has some reserves based on previous drilling. If a discovery is made it could be in production in a relatively short time. It has the potential to be a cash cow. This fits PSA's main focus. An independent review on the area is found in the ROC prospectus at the back.

The big negative is that the national oil company has the option of backing in and taking 51%. I do not know the conditions associated with this.

I also hold ROC, but I was more interested in the Equatorial Guinea project being drilled in mid-June than China.

Given the speed of the China drilling, you will know the results shortly.

G