think its fair to say it has had some issues which have been...

think its fair to say it has had some issues which have been very conservatively accounted for from a P&L perspective:

hedging (a large chunk of the impairment charges are set to be reversed given the oil price was in the $140's at june balance date),

they have written off of all exploration expenditure (which I understand spiked recently and is in decline, relieved at that),

I don't know much about angola but I understand that the results are yet to be fully interpreted (exploration drilling is ongoing with appraisal drilling soon to commence) and reporting of these results is to come at some point in the future.

i'd be very surprised if at these levels the share price has not over accounted for the issues of the co.'s recent history including the loss of the ceo. there is some talk of closing out the hedge book positions. with no shortage of cash production out of roc and prospectively aza and the recent pull back in oil this might well become a reality.