According to Roc's annual report ( p17) each Beibu barrel in 2013 had a gross profit of US$49 attached. Interestingly Cliff Head is the most profitable barrel at US$55 and Zhao Dong at US$29.3 is a distant last.
If Roc are trying to pick up HZN's Beibu stake then the 6.3 million barrel 2P reserve pickup would be good value at US$150 million or less IMO.
Page 110 details Roc's investment in Balai where up to Dec 2013 where it appears that Roc had ploughed in $74.103 million.
The carrying amount of the investment was $67.203 million including the $6.9 million impairment announced earlier.
cheers
Dan
takeover on the horizon, page-5
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