production up yet price gets smashed, page-9

Around the Traps ... with THE FERRET



Sydney - Friday - February 1: (RWE Australian Business News) -
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ROC OIL (ASX:ROC) CEO John Doran resorted to some logic in
yesterday's announcement that ROC had posted a very strong operating
performance for the December quarter.
It set records on three key fronts - record oil production (1.08
MMBO); record realised oil prices ($A100/BBL); and record sales revenue
($88 million).
Mr Doran said that given that when the share price was last at
this level the company was producing 34 BOPD and generating quarterly
sales of $229,000, "it is not unreasonable to suggest that there is
considerable potential for the share price to rebound strongly,
notwithstanding the current state of the equity markets".
The logic escaped the market, of course, and Roc fell even
further, by 14c to $1.90 before closing at $2.05.
It's down from a high of $3.90 in July.