Roc Reports Solid Quarter
Oil production for Roc Oil Company Limited hit a record level of 862,454 BBLS, with total working interest oil and gas production of 881,209 boe (9,578 boe/d). This is up 13%, compared to 782,322 boe (8,597 boe/d) in the previous quarter.
Total sales revenue of $60.8 million was essentially flat compared to $60.4 million in the previous quarter, despite the quarter-on-quarter increase in production. This reflected stronger U.S. dollar oil prices, offset by an increase in underlift by 63,193 bbls to 115,959 bbls and a stronger Australian dollar. In fact, in terms of U.S. dollars, which are largely the company's currency of expenditure, the third quarter 2007 quarterly sales revenue was also a record.
Sales volumes of 758,560 bbls went down 1.1%, compared to the previous quarter of 769,789, due to timing of cargo liftings.
The average realized oil price across all of ROC's production assets was $81.39/bbl (U.S.$69.46/bbl), up 3% from the second quarter of 2007.
"The third quarter provided record oil production at a time of record global oil prices; a happy coincidence,” stated ROC’s CEO. “In terms of U.S. dollars, which is the company's main currency of receipts and expenditures, quarterly sales revenues also set a new record.
The quarter provided the company with its sixth currently producing field, Blane, in the North Sea; a heavy oil discovery with its first well onshore Angola at Massambala -1, which is subject to further appraisal; and large new exploration areas offshore Perth, Western Australia and in the Mozambique Channel offshore Madagascar.
Subsequent to quarter end, Cevada-1 and Soja-1 wells, ROC's second and third exploration wells onshore Angola, both encountered hydrocarbon shows while drilling but in both cases they are judged to be non-commercial.
As ROC heads toward the end of 2007 and into 2008, its aggressive drilling program will continue onshore Angola while a new multi-well program will start up in the Beibu Gulf, offshore China and subject to rig availability, possibly also in the northern offshore Perth Basin."
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