Roc on Track to Further Projects in Australia, China
ROC achieved an average daily production rate of 10,034 boepd in 2009 despite operational interruptions that restricted production to 7,634 boepd during 4Q 2009. Production during the Quarter was affected by the dry docking of the Crystal Ocean FPSO from the Basker-Manta-Gummy ("BMG") Project, weather restrictions and well maintenance work at Zhao Dong and well workovers at Cliff Head.
Despite the lower production, quarterly sales revenue remained steady at US $51.1 million for 4Q 2009. Total sales revenue for 2009 was US $204.4 million and ROC had a net cash balance of US $17.9 million at December 31, 2009.
Underpinned by a sound production base, operating cash flow and a net cash position, ROC remains well positioned to pursue development growth opportunities in Australia and China. In particular, the draft Overall Development Plan ("ODP") for the Beibu Project was prepared in conjunction with CNOOC during the Quarter and commercial negotiations regarding the tie-in of the project to existing CNOOC production facilities are in the final stages.
ROC also plans to increase exploration activities in 2010 from 2009 levels. Exploration activities were in progress onshore Angola at Quarter-end, with the drilling of the Castanha-1 exploration well and testing of the Coco discovery.
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