Roc Reports 2006 Earnings
Roc Oil Co. Ltd. on Wednesday released its ASX Preliminary Final Report, Directors' Report and Annual Financial Report for the Financial Year ended 31 December 2006. The key highlights are:
--Record production of 2 MMBO from Cliff Head, Chinguetti and the Zhao Dong C and D oil fields offshore China, compared to 13,635 barrels of oil produced in 2005. --Transformed and diversified production base with the acquisition of a 24.5% operated interest in the Zhao Dong Block, Bohai Bay, offshore China, and first oil production from the Cliff Head Oil Field, offshore Western Australia, and the Chinguetti Oil Field, offshore Mauritania. --Exploration and appraisal expenditure of $78.5 million resulting in the significant Wei 6-12 South oil discovery offshore China and the identification of encouraging prospects in Angola. --Development expenditure of $124.2 million reflected four new offshore fields under development in three countries.
--Trading profit of $37.9 million (2005: $0.3 million profit) and a net loss after income tax of $59.6 million after exploration expensed of $68.7 million, compared to a profit of $45.6 million in 2005 which included an $81.3 million profit from the sale of the Saltfleetby Gas Field in the UK. --Record oil sales revenue of $151.5 million (2005: $0.9 million). --Year end debt of $173.8 million directly attributed to the acquisition of the oil producing Zhao Dong Block, offshore China. --Year end cash position $60.6 million compared to $66.4 million at end-2005. --Successful Placement in January 2006 and Rights Issue in November 2006 positively impacted the Company's financial base raising a total of $295.2 million gross.
Commenting on the 2006 financial results, Roc's Chief Executive Officer, John Doran, stated that:
"In 2006, Roc delivered on some of the rhetoric. The results defy statistical
comparison with the previous year. A new platform of reserves and revenue has
been constructed. The challenge is to keep adding value through a combination of
patient field development, aggressive exploration, and in special circumstances
the opportunistic acquisition of assets within our core region. Given the nature
of Roc's portfolio there is every reason to believe that the challenge will be
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