Ann: Activities for the First Quarter - Ended 31 , page-2

re: Ann: Activities for the First Quarter - E... Great quarter for ROC, what a shame that the merger news will push it into the background.

This from a well know Broker in Aus.

Commentary: ROC.AX: First Take: 1Q14 - above our expectations on China oil production

First Take - ROC's 1Q was stronger than our expectations due to a good performance in China oil

Production: 0.71 MMboe, 7.5% higher than GS est. 0.66 MMboe, primarily due to stronger Zhao Dong oil production (a softer decline than we had expected).
Revenue: US$75.4 mn, 5.8% higher than GS est. US$71.2 mn, mainly due to the higher production (sales volumes were in line with production).
Malaysia PSC: ROC previously announced (1st April) a farm-in to a PSC offshore Malaysia (which contains fields D35, D21 and J4), with a 50% new economic interest of 8.7MMboe of 2P. ROC will report new production from this in 2Q 2014E.
Cash: Net cash of US$88mn (vs. US$65.1m in prior qtr).