ROC's Revenue in 4Q 2013 Grows 1.5% to $69M Amid Higher Production
Australia-based ROC Oil Company Limited's sales revenue grew 1.5 percent to $68.95 million in the fourth quarter of 2013 ending Dec. 31, compared to $67.91 million in the previous quarter, according to a quarterly report released by the firm Wednesday.
The company's 4Q 2013 total production grew 23 percent to 814,507 barrels of oil equivalent (boe), up from 663,810 boe, with the increase attributed to increased Beibu and Blane oil poduction in China and the UK, respectively.
"This Quarter concluded another successful year for ROC, with production performance in line with guidance and continued profit delivery," Alan Linn, CEO of ROC Oil said in a press release.
Meanwhile, work on Block 09/05 exploration license in China is progressing ahead of schedule and seismic processing of 3D data nears completion. The company noted that data quality is good and planning is underway for a 2014 exploration program in the second half of this year.
In Malaysia, the Balai Cluster Risk Service Contract (RSC) pre-development activities was completed in 4Q 2013. The final commissioning of Early Production Vessel (EPV) "Balai Mutiara" and initial extended well testing (EWT) on the Balai field has been undertaken. In line with the revised schedule, BC Petroleum (BCP) has submitted for approval an field development plan (FDP) to Petronas for the development of the Bentara field.
ROC, which was prequalified to participate in the Myanmar offshore bidding round and submitted bids for two shallow water offshore blocks in November 2013, expects a decision from the Myanmar Ministry of Energy on the offshore round during the first quarter of this year.
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