The GFC has been particuarly harsh to ROC's share price, smashing it from a high of around $4. The current state of affairs with respect to investment is still very grim. From their most recent presentation, they claim that 2010's focus will be "opportunities for growth". IMO, until they start the exploration and drilling at both of the projects with the most potential, investors will simply sit on the sidelines, with traders running the price up and down.
The two projects that will get the market excited IMO are:
EQUATORIAL GUINEA - From their last release: "The Joint Venture is considering the timing of drilling Aleta-1 with respect to rig availability
and
WA-351-P "Potential" drilling to start some time in 2010.
I give them one more year. If they are no closer to commencing these exploration projects, and thus potentially increasing their reserves by multiple TCF and hundreds of millions barrels of oil in 12 months from now, then I'm not interested and will take a loss. The time has come to realise the potential in these assets which have cost a lot of cash, and which shareholders have been waiting to be part of for so long.
The market has basically written Angola off as a total loss, even though they're free carried through 2010. I'm not counting my chickens.
The share price would be double what it is now if even one of these project was deemed a success.
All IMO and DYOR etc.
ROC Price at posting:
67.5¢ Sentiment: LT Buy Disclosure: Held
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