re: roc : buy Wayang,I don't know how you come up with the PE, I...

re: roc : buy Wayang,

I don't know how you come up with the PE, I see too many uncertainties to estimate, however I suspect you are in the right range. Do you have the PSC terms for China?

The good bit is I don't think the good doctor is going to allow prdn to wane (and it's all high margin oil so far), he likes his conveyer belt, and once he's got the good taste of profit... Blane and Enoch should give time to get something producing in Beibu, and hopefully Angola without troughs much below 12kbopd.

On a negative, the market has been unenthused with ROC today, vs peers and partners PSA and HDR. Some residual neg wrt director selling? or are we returning to the analyst "uh, too diverse and difficult to understand, so we only value the highlights" game?

Not sure the market won't stumble again, but convinced OPEC won't let the OPEC basket sustain time below 60, therefore that WTI around 64 must be about it for them. And the Texans (who currently rule the world) aren't about to let calm set in and cool a good profit binge either.

What we need now is announcement of a second (chinese) rig for immediate shipment to Angola, announcement of the next series of Beibu exploration and appraisal wells, or a rig slot for EQ. Plenty of scope for good news from ROC!

Entropylord