A quick perusal of ROC's annual report proved refreshing in its...

A quick perusal of ROC's annual report proved refreshing in its frankness. Management's deep disappointment in the current share price is an accurate reflection of shareholder sentiment and suggests an alignment of executive priorities with shareholders' interests all too rare in many companies' annual reports. It also suggests a determination to do something about the languishing share price so that it better reflects the excellent cash and exploration position of the company.

Some have criticised the Angolan exploration programme and the disappointing Chinese drilling programme - and certainly the former must be considered geopolitically risky - but this is balanced against much safer local assets such as the offshore W.A. gas interests to be further assessed later this year, the offshore interests near Fremantle and the ongoing revenue from Cliff Head.

All in all, with cash and an active exploration programme throughout this year and the next, the worst may be behind. Certainly disgruntled shareholders like me hope so. I bought under $2 so I've not felt the pain of those who held from more than double that level, but management has signalled this morning that the downward drift has got to stop. Their blunt assessment of the situation and the strategy laid out to reverse that slide offer hope that the tide may be about to turn.

Good luck to holders.

Gupper