oversold?

I was trolling through the annual figures today, and saw the following breakdown of operating cash flow from the various assets:-

1. BMG - sales $31m, costs $31m - net zero
2. Cliff Head - sales $30.273m, costs $9.567m - net $20.706m !!!
3. Blane - sales $30.74m, costs $3.4m - net $27.34m !!!
4. Enoch - sales $16.29m, costs $1.602m - net $14.688m !!!
5. Chinguetti - sales $6.254m, costs $3.226m - net $3.028m
6. Zhao Dong - sales $90.243m, costs $15.616m - net $74.627m !!!

These are all in US$ and they relate to Roc's share of each project.

So, if you take out BMG, the apparent dud, we have Sales of $173.8m and costs of $33.411m, a net operating surplus from the 5 assets of $140.389m.

The break up value of ROC, based on their assets, must be multiples of the current market value. Most of these producing wells are incredibly profitable.