might be a cheap time to buy, page-8

the real purpose for the 219mm Poobear,

I've been thinking on this, as my gut instinct is to reduce, fearing something wrong. The independent experts report certainly was not too flattering of the Mauritanian assets, and didn't concur with most posters optimism on Wei 6-12 size. But otherwise it seemed OK to me.

ROC has had a record on looking after shareholders when raising cash, and an awful lot has to go wrong to require over A$219mm in a hurry.

Some speculation on another board that the imposed prdn cut on Zhao Dong may be the cause, but I don't buy that, as equates to about 2000 bopd to ROC for x months. Assuming A$50/bbl net of taxes etc, A$3.0mm per month. You don't raise $200+mm on account of that small suprise.

An asset severely impaired? They've have to tell us in the prospectus, or risk severe litigation and there is nothing in there of this magnitude in the prospectus.

Hence, I am starting to assume ROC is chasing a major acquisition. In which case it had better be bloo*y good, or this panic raising is a major c*ockup. Also any reason other than simple debt reduction makes JD appear full of bs.

Anyone know the status of the other 24.5% of Zhao Dong on the market?

EL