Member Info for mbingo

Enterprise value still at around £20m (after deduction unrestricted cash) - madness!

Clearly - per the last Malcy interview - there is a desire to take production up towards 20,000 boepd. Got to an acquisition in the offing to do this. The fact that AA owns close to 30% is very comforting..

They are ”actively evaluating acquisition opportunities. The recent decline in the oil price, combined with the strength of our balance sheet and absence of any debt, potentially presents further value accretive acquisition opportunities for RockRose”. News on Bleoholm is certainly due. Tain PDP also. But even with no news, risk v reward in my view makes this very attractive, hence why bought more on Friday. The cash build, the share buy back, the potential for dividends and acquisitions- with an aligned board re equity interest - make this very attractive. Dyas was a great acquisition.

Trading at close to 52 week lows, less than £3m cap when the company is in best shape. “Iamgold”decision to develop mine next door could make economics that much better for the Dalafin licence where IamGold are JV partner. They have freshly announced growth targets. Buy when it’s cheap ....

I’ve taken a few of these. Besides the ludicrous market cap, what appeals is the quality of the board. Demonstrated success/trustworthy. A few catalysts that could easily lead this to do 100%+ in a day. Doesn’t take a lot to move this. £1.3m cash with a market cap sub £3m. Potential buy out on one asset / got to be a takeover target. Decent grades delivered (bonanza in fact on one asset). Gold back in favour after a year in the doldrums. Not a big position for me, but will be happy to add at this price.

It will re-rate. Too good not to. Quite happy to pay 635.

I bought 1400 at 635 if that helps - at about 14.30. As before, I can’t see the risk to the downside. Cash more than cap. Generating closes to US$30m a quarter. $65-70m going into Arran this year, but this will generate extra 6,000 boepd to Rockrose on top of the 10,000-12,000 per day this year. Economics work well at these gas and oil prices. Acquisitions being considered per last RNS. Could well extend current reserves. Board aligned with shareholders and no debt. Maybe I’m wrong, but I cannot see the downside at this price. Compelling in my view.

Was up 4.5% yesterday. Back at 23.

Cheap on so many levels, with catalysts aplenty - acquisition to happen, news re extension of assets, Arran capex into 6000 boepd 2020. Cash more than market Cap. Decommissioning costs coming down. An obvious buy and hold for the portfolio.

Looks ready to move - little float. Will move fast. 2m cash vs 2.5m cap. Pending news.

Yep, I took some on Friday. Very exciting growth company. CEO sounds like the business. Some well respected investors involved.

40% is the tax credit to Rockrose with respect to their decommissioning liabilities for anyone interested. Meaningful!

still well below IPO price...

On the face of it massively undervalued ...

Oil futures continue higher. Cheap equity.

“I3e confirming Repsol as operator have applied to authorities to extend life of vessel at Bleo Holm. Would be + for #RRE as resources at Blake & Ross would move to reserves. Ergo more barrels derisked & lengthening of production & importantly more free cash flow.”

Picked up by Here&There on Twitter.

There are also tax advantages: decommissioning costs can be offset against corporate tax paid on the lifetime of the asset (not just the period where the asset was owned by Rockrose). I do not have the detail around this, but would be interested to build these calculations into projections.

Brent futures up more than 4.5% as it stands - quite a turnaround since Christmas.

Not sure on TTF - would be good to have a good site see live prce for TTF Gas if anyone knows. Was at 22 on Tuesday.

Volume keeps on coming - bulls taking control here.

My thoughts too. Can't be long. L&G had 3.9% on 27th September (RNS of 2nd October). Share buy back wasn't taken up 100% (taken up 95.2%) so would have thought most/all large sellers out. Will be a steep rise when she goes in my view. Only 12.5m shares now. 51% closely held.

Volume all of a sudden ... cheap as chips.