1st Quarter Activities Report
2005年4月29日 - 4:02PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:7021L
Roc Oil Company Limited
29 April 2005
ROC OIL COMPANY LIMITED
(ABN 32 075 965 856)
REPORT TO SHAREHOLDERS
Activities for the Quarter Ended 31 March 2005
SUMMARY
Key corporate events occurred during the Quarter which radically improved the
Company's already strong balance sheet and set the stage for consistent
production growth during the next several years. To a large measure these
changes were achieved by the very profitable sale of the Saltfleetby Gas Field
and the Final Investment Decision taken with regard to the Cliff Head Oil Field.
Therefore, quarter-on-quarter comparisons of the Company's production and sales
revenue should only be undertaken with reference to consequential changes in the
Company's cash and receivables position over the same period. Because of ROC's
strategy of monetising mature reserves and production, the former has been
greatly reduced while the latter has been greatly increased; to the point where
it provides a very solid financial framework for ROC's future.
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HIGHLIGHTS
Cash and receivables increased to ROC's cash and receivables increased to a
a record $205 million. record $205 million as at January 2005,
primarily as a result of the #44 million/
$109 million sale of the Saltfleetby Gas
Field, which generated an after tax profit
estimated on the basis of AGAAP to be in
the order of $70 million. Debt remained at
zero.
The corresponding reduction in Production during the Quarter reduced from
production is viewed as temporary. 2,808 BOEPD to 29 BOEPD reflecting the
impact of the sale of the Saltfleetby Gas
Field. This reduction is considered by the
Company to be a temporary situation which
will be rectified within 12 months when
ROC expects to be producing between 5,000
BOPD and 10,000 BOPD from fields currently
under development.
Final Investment Decision made A two well appraisal/development drilling
with regard to Cliff Head Oil programme at Cliff Head provided mixed
Field Development following results. Cliff Head 5 was a dry hole that
completion of FEED and mixed came in 56 m low to prognosis while the
appraisal/development drilling high angle Cliff Head 6 Development well
results drilled 93 m of gross oil pay with a 70%
net to gross. The well was suspended for
future oil production.
Subsequent to the two wells and the
completion of Front End Engineering and
Design ("FEED"), a Final Investment
Decision ("FID") regarding the Cliff Head
Oil Field was taken in March 2005. The
anticipated cost of developing the 14 MMBO
field is $227 million.
Development continued at the Development activities continued at the
Chinguetti Oil Field. Chinguetti Oil Field, offshore Mauritania,
with a continuing oil production and water
injection drilling programme occurring in
parallel with work on production and
sub-sea facilities.
The latest round of appraisal Tiof-6 encountered about 124 m of gross
drilling concluded at the Tiof Oil oil pay with a net pay thickness
Field, with a maximum flow rate of comfortably within the 10-40% range
12,400 BOPD from Tiof-6. established by other wells in the area.
This areally extensive field is yet to be
fully defined, but its potential for
commercial development was enhanced when
Tiof-6 flowed oil at rates up to 12,400
BOPD.
In the offshore Perth Basin, a dry Prior to being plugged and abandoned, the
exploration well was drilled Hadda-1 exploration well encountered 20 m
of tight sands with oil shows in the
offshore Perth Basin.
Tight gas sands encountered, The Errington-1 exploration well in
onshore UK. northern England encountered approximately
100 net metres of gas shows in low
porosity sands. The results will be
reviewed in more detail in order to
determine whether or not the well would be
amenable to a fraccing programme.
Pre-development work continued on Both the Blane Oil Field and Enoch Oil and
two fields in the North Sea. Gas Field continue to be subject to
pre-development studies designed to allow
the relevant joint ventures to consider,
and if appropriate, approve, the
respective field developments during
mid-2005.
Activity upsurge onshore Angola. Ahead of a substantial seismic survey,
planned to start in 2Q 2005, there was an
acceleration of ROC's activities in
Angola, including the appointment of a
Luanda-based General Manager. Preparations
for awarding the seismic contract were
finalised. This seismic survey will
represent the first oil exploration
activity onshore Angola for more than 30
years.
More equity acquired offshore ROC's interest in the H Blocks in the deep
Equatorial Guinea. water Rio Muni Basin offshore Equatorial
Guinea increased from 15% to 18.75% for no
additional consideration. ROC's original
15% will be free carried through the next
well in the area which is scheduled to be
drilled in late 2005, subject to rig
availability.
Placement at a premium boosted The Company raised $19.8 million by
cash reserves by almost $20 placing to two European institutional
million. investors, 9.9 million shares at $2.00
share; a premium to the then prevailing
share price.
The Company entered into its first The Company entered into swap arrangements
oil hedging programme, albeit only over a 21 month period from 2Q 2006 to 4Q
for a small portion of anticipated 2007 with regard to a total of 0.9 MMBO,
production.. representing less than 25% of ROC's
anticipated production, from the
Chinguetti and Cliff Head oil fields
during that period. The weighted average
of the Brent oil crude swaps is US$49.58/
BBL.
A 34 well drilling programme was A 34 well drilling programme for the
announced. balance of 2005, including at least 15
exploration and appraisal wells, was
announced in February. The total net cost
to ROC of the entire programme is in the
order of $50 million.
Subsequent to Quarter-end, 7 In April 2005 it was announced that ROC
million acres of exploration had entered into an Option Agreement with
acreage were optioned onshore regard to 7 million acres of the Beetaloo
Australia. Basin in the Northern Territory, onshore
Australia. The $65,000 option fee provides
ROC with an exclusive entitlement to earn
equity in the area, up to a total of
87.5%, via a staged seismic and drilling
programme.
For a copy of ROC's complete 1Q 2005 Report, please see our website:
http://www.rocoil.com.au/Pages/Company_Reports/company-reports.html
For further information please contact:
Dr John Doran
Chief Executive Officer
Tel: +61 (0)2 8356 2000
Fax: +61 (0)2 8356 2635
Email: jdoran@rocoil.com.au
or visit ROC's website: www.rocoil.com.au
Dr Kevin Hird
General Manager Business Development
Tel: +44 (0)207 586 7935
Fax: +44 (0)207 722 3919
Email: khird@rocoil.com.au
Nick Lambert
Bell Pottinger Corporate & Financial
Tel: +44 (0)207 861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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