Roc Sells Carnarvon Stake to Woodside

Roc Oil has agreed to sell its 20% interest in WA-351-P in the Carnarvon Basin offshore Western Australia to Woodside Energy. Roc is selling the permit for US $15.75 million, which is subject to working capital adjustments and normal industry terms and conditions, including the receipt of joint venture and relevant government approvals. Additionally, Tap Oil subsidiary Tap (Shelfal), an existing joint venture party, said it would exercise its rights of pre-emption on the same terms and conditions as the sale to Woodside.

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