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.
- 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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