re: finding a bit of support, page-2

re: finding a bit of support C'Red,

Good trading C'red. I don't even try to trade now, but sitting with ROC near 20% of my portfolio. More and more I am respecting management decisions. The market had ROC completely wrong 2 years ago, and I reckon the same again. Don't yey see it as the bargain of my watchlist, but getting close.

Difficult to fault the record: Retention of Agip Mauritania stake (vs HDR sale), rights issue (avoiding cheap/unfair sh dilution), 2 placements at good prices, very successful inhouse mgmt of Cliffhead (vs using a main contractor), building operating capability, Saltfleetby sale, Enoch/Blane, persistence with Angola and Beibu, 12S discovery, Apache deal??.

No doubt imo, it's a success story. No single lucky break like Chinq for HDR, just good mgmt (same may apply wrt BPT and AWE, but imo mkt is fully valuing).

Tommorrows value drivers? IMO, got to be China (more exploration in both blocks, another BIG step into China, early success in Angola, and knowing ROC a BIG suprise from nowhere.

Entropylord