Roc Oil Increases Production

During the quarter, ROC became a different company. Daily net oil production averaged slightly in excess of 11,000 BOPD, compared to virtually no production at the beginning of the year. Gross sales revenue increased to $63.4 million compared to $5.1 million in 1Q 2006.

With a significant amount of this new production and revenue coming from two ROC-operated fields in China and with the successful appraisal during the Quarter of a potentially commercial, ROC-operated, oil discovery in another part of that country, ROC's profile in China has increased significantly.

ROC's profile in Angola is also about to change. The Company negotiated a two-year drilling rig contract which was signed post-Quarter. As a result, ROC can move forward to deliver on its commitment to start a ground-breaking exploration drilling campaign onshore Angola in 1H 2007, the first in more than 30 years.

In Australia, the reservoir performance at the ROC-operated Cliff Head Oil Field performed at the higher end of expectations, thereby providing a valuable underpinning of the Company's overall revenue stream.

As ROC emerges from a very eventful Quarter, the Company finds itself with an array of portfolio activities that is unique among western, publicly listed, oil companies and one that sets the scene for sustained growth in the near, medium and long term future.

Production Figures

  • Total production of 825,039 BBLS (8,968 BOPD): up 230% compared to 250,107 BBLS (2,748 BOPD) in the previous Quarter.
  • Total sales revenue of $63.4 million; up 279% compared to $16.8 million in the previous Quarter.
  • Total sales volume of 788,749 BBLS; up 316% compared to 189,554 BBLS in the previous Quarter.

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