As its only early days (hours even), whatever I find I take with a grain of salt so to speak.
The failure of 2 wells within the permit do not dampen my interest, particularly because as far as I can tell, they were drilled on 2D seismic, which I have no doubt will not occur under ROC, they will 3D the best formations and then farm down etc.
Interesting to note that the first well did find 18 metres of oil bearing formation. Whilst not large...
This doc does not paint a hugely positive view of the block, but I think the state run company was looking to get rid of the block anyway, so obviously they would not bother trying to put any positives into talking about it.
ROC Price at posting:
44.0¢ Sentiment: LT Buy Disclosure: Held
