Rockrose Energy; increased position

Rockrose Energy (RRE.L, Market Cap Ā£88m, 715p, 3.8% of JIC Portfolio and 0.0% of JIC Top 10)

I was surprised that Rockroseā€™s share price moved up by only 10% yesterday.

Simple maths: Increasing reserves by 9.4 mmboe, if valued at just $5 per barrel, should have added Ā£36m to the market capitalisation. It went up by Ā£8m!

Recent deals in the North Sea have been done at $10 per barrel, so my maths is pretty conservative.

I have used all my remaining cash to add to the position this morning, taking it to 3.8% of the Portfolio.
I paid 714.75p per share.

Screenshot 2019-02-13 at 08.04.18