Not convinced about the deal...Dilution is not compensated for...

Not convinced about the deal...Dilution is not compensated for by the " quality " of the assets gained IMO.

Beibu, while a good synergistic asset is small fry for the merged group. ( Roc would have been better paying cash for this specific asset resulting in no dilution).

PNG assets are interesting but only the condensate stripped from the gas will be sold initially , with the methane reinjected for possible future sale.... no certainty this gas will make it to the LNG market anytime soon.

NZ production....barely worth a mention.

Net debt acquired of approximately $120 million post OSAKA cash received in May 2014....so ROC transforms itself from a debt free status to having major debt again

Bohia block...was ROC's in the first place...


ROC more than doubles it's scrip forever halving any benefit it would get from further development of it's assets....so any discovery etc will have to be twice as big to have the same affect on the SP.

This is a great deal for HZN as they pick up a no debt, high cashflow company securing funding for their themselves, and get control of the whole show.

I am not a happy chappy ATM, but will be delighted to be proven wrong.

cheers

Dan