Rockrose Energy (RRE.L, Market Cap ¬£88m, 715p, 3.8% of JIC Portfolio and 0.0% of JIC Top 10)
I was surprised that Rockrose‚Äôs 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 ¬£36m to the market capitalisation. It went up by ¬£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.