that sinking feeling...like a rock, page-9

re: geos...that sinking feeling...like a rock Sushsi.

Have a look at the oilers across the board. HDR got down to 62 cents not long after the TIOF find. Those who felt the same annoyance as you do now for ROC are either relieved they held or crying they didn't. The impatient are the ones that get burnt exiting a fundamentally sound company. Below is from ROC's web site. I would be more nervous shorting ROC in anticipation of Bravo than being long.


From Roc.

In April 2000, ROC agreed to farmin to Blocks H15 and H16, (collectively referred to as “Block H”), located in the northern Rio Muni Basin, offshore Equatorial Guinea. The basin has proven oil potential, evidenced by the presence of the producing Ceiba Oil Field and other oil fields in Amerada Hess’ operated blocks, some 65 km to the south.
In 2001, ROC acquired a 1,400 sq km 3D seismic survey over Block H . This data set has enabled ROC to establish a diverse inventory of prospects and leads utilising seismic attribute and AVO processing and analysis techniques. A number of drillable prospects have been identified in the eastern and southern part of the area, one of which ROC intends to drill in mid 2004. ROC is scheduled to fund 70% of the next well and then 35% of subsequent expenditure.

The likely drilling candidate is the Bravo Prospect which ROC estimates has a mean technically recoverable resources potential in the order of 116 mmbbls gross of oil. The Bravo Prospect is a Tertiary channel sand play which lies in 1,500 m of water and extends a small distance into the adjacent block. ROC expects that the gross joint venture drilling costs for Bravo-1 will be about US$13 million (A$17.3 million), about US$9.1 million (A$12.1 million) net to ROC. As part of normal industry risk mitigation procedures, ROC may consider farming out part of its interest in Equatorial Guinea subject to relevant commercial considerations.
Although ROC believes that the estimated mean reserve for the Bravo Prospect would be sufficient to justify a stand alone development, there are several other potentially attractive prospects in the vicinity of Bravo that could be developed in conjunction with a discovery at that location.


Cheers,
xmagx