Dan
I agree with you - Roc don't want to be paying more than $20-$25 a barrel so $150 million would be at the top of the range and imo that's still too much.
Given Roc has 2p of 20 million barrels and an EV of around 200 million (320mc less 65 cash and 65 for balai) the market is only valuing it at $10 per 2p barrel.
So arguably anything more than $10 per 2p barrel dilutes roc's current value!
IMHO
takeover on the horizon, page-6
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