showdown looms, page-17

Whats wrong with this picture?

Check out the net 2c resource numbers for the BEIBU block for HZN vs ROC

HZN net 2C for Beibu is estimated to be 4.8 million barrels which is fine so you would expect ROC's 2C reserve number for the same fields to be 3.5 million barrels.

ROC are 3.2 million barrels short....so what the hell is going on here? Either HZN is correct or ROC is correct but you cannot represent both as correct. Either HZN has to reduce it's 2C reserve by 4.4 million barrels or ROC has to increase it's 2C reserve by 3.2 million barrels.

Another case where the selling of this deal underscores ROC and does the reverse for HZN.....They must think we are stupid.

Cheers

Dan