ROC Oil's Revenue Rises to $67.9M for 3Q 2013, Up 20% Over 2Q 2013
Australia-listed ROC Oil Company Limited's revenue grew 20 percent to $67.9 million for 3Q 2013, compared to $56.8 million for 2Q 2013, with the increase attributed to higher realized oil price, higher production volume and a stock overlift, the firm said in its quarterly report released Wednesday.
Total oil production rose 8 percent to 7,215 barrels of oil equivalent per day (boepd) in 3Q 2013 from 6,691 boepd in the second quarter due mainly to ramp-up of Beibu oil production in China.
On the Beibu Gulf Project, the majority of the development work - including the five well drilling program on WZ 12-8 West Field and the installation of the PUQB helideck - has been completed. The remaining construction involves the finalization of the permanent tie-in of three of the WZ 6-12 wells.
The completion of 3D seismic acquisition on the 09/05 exploration license in the Bohai Bay, offshore China, in September was ahead of schedule, within budget and without incident. The seismic will be used to refine the exploration potential in the license and finalize the initial drilling location for an exploration well in 2014.
ROC also reported that it is participating in the offshore bidding round in Myanmar, with bids due by Nov. 15, while pre-development activities at the Balai Cluster RSC (Risk Service Contract) off Sarawak, Malaysia continued, with final commissioning of the vessel prior to commencement of Extended Well Testing. BC Petroleum (BCP) aims to submit a Field Development Plan and move towards FID (final investment decision) by Dec. 31.
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