Danpech Fair points , however I think the margin is also important . For example Rocs reserves in paper look a whole lot better due to the Malaysian PSC , however we know that the margins are likely to be at lot less than Beibu . So the question would be if the gas is produced As a by product to extract the condensate , then the real Margin on the gas may be higher than margin on PSC oil
I still don't like the deal but I wonder if we would have felt different if if was done before the Malaysian JV
For me what irks me is it was not necessary now and the next 12-18 months could have resulted in. Big re rate for Roc imp proving their ability to acquire other assets via script .
In fairness though - the fact is these assets if acquired via TO need to be acquire via a premium bid so in a sense the premature friendly larger reduces ROCs upside by about 20%-25% but also acquires assets with a need for a TO premium . The issue I really struggle with is I would jade preferred them paying a premium for careful chosen assets , rather than Getting something like Maari for fair value
I
ROC Price at posting:
48.0¢ Sentiment: LT Buy Disclosure: Held
