Spec
Winning onshore or offshore Myanmar permits or more RSC marginal field contracts would also be positive
Cyber - you need to consider the revenue potential of RSC , one broker said this was equiv to 5-6 million 2p barrels .
Also one looks at all metrics based on price , eg EV pet barrel of reserve , price over earnings , price over cash flow. No point in looking at reserves without also looking at market cap . To make the point assume RSC didn't go ahead and roc got cash back . This would put it on a cash pile of 160m aud and growing . Many offshore oil reserves ( not developed ) happen at around 10-15 dollars per barrel so technically ROC could to buy another 10-15 million extra 2p reserve barrels . Would that make them better value ? Not really.
As you know from my many years of BCC commentary not all oil reserves are equal - 15 m 2 p reserves in production vs 30 m needing 300m to develop - I know which I would take . 12 months ago Beibu contributed x million barrels to reserves - but over the last 12 months Roc spent 50m usd for its share of the field to develop . Shouldn't these reserves attract a higher value as derisked producing reserves than pre developed reserves . In summary - looking at the reserve number as simply as you have is way too simplistic IMO
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