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Roc said preliminary indications suggest the reservoir quality of the sidetrack core hole (CH-3 ch1) is somewhat less than that encountered in the main well.
Perth brokerage house DJ Carmichael believes Roc Oil would be a rock solid investment for any speculator. In its weekly report, DJ Carmichael said before taking into account Perth Basin, Chinese and African assets, Roc Oil is worth is $100 million or $1.50 per share.
"We believe Cliff Head is now worth $72 million or 67 cents per share for Roc. This value could potentially rise to $225 million, or 2.08 per share, depending on upcoming drilling at Twin Lions," said DJ Carmichael.
"The Chinese assets could add a further $50 million-to-$100 million with offshore Africa in there for free. Depending on exploration success, total value could rise from today's $2.10 toward $5 per share as China and Cliff Head assets mature."
