1st Quarter Activities Report
April 28 2006 - 3:03AM
UK Regulatory
RNS Number:1602C
Roc Oil Company Limited
28 April 2006
ROC OIL COMPANY LIMITED
(ABN 32 075 965 856)
REPORT TO SHAREHOLDERS
Activities for the Quarter Ended 31 March 2006
CEO COMMENT
First oil from the Chinguetti Field, offshore Mauritania; significant progress
at the Cliff Head Field, offshore Western Australia; encouraging initial results
from the recent seismic survey in Angola; an active exploration drilling
programme; and high oil prices combined to drive ROC's share price and market
capitalisation to record highs.
KEY POINTS
PRODUCTION
* ROC's first oil production and sale from Africa occurred as a result of
production start-up from the Chinguetti Field (ROC: 3.25% working interest),
offshore Mauritania. By Quarter-end cumulative gross production had exceeded
2 MMBO and the first cargo loading of approximately 1 MMBO was completed.
DEVELOPMENT
* As at midnight on 27 April 2006, final preparations were underway for
the imminent production from the first well at the Cliff Head Oil Field,
offshore Western Australia.
EXPLORATION
* Based on preliminary interpretation of ROC's 2005 seismic survey, an
encouraging number of prospects and leads have been identified in the
Cabinda South Block, onshore Angola.
CORPORATE
* A placement of 28 million fully paid ordinary shares (14.9% of the
Company's then issued share capital) was made to UK-based institutional
investors at a price of $2.71/#1.15, raising $75.9 million/#32.2 million
before expenses. The funds will be used to accelerate ROC's exploration
programme, onshore Angola.
FINANCIAL
* At Quarter-end ROC had approximately $91.5 million in cash and no debt.
* A $40 million/US$30 million Bridging Loan Facility was finalised to
provide flexibility of funding options during 2006, prior to an $80 million/
US$60 million Borrowing Base Loan Facility being put in place.
*A complete copy of the Quarterly Report is available on ROC's website.
(http://www.rocoil.com.au/Public/Announcement/2006/Report_for_Quarter_Ended_31_March_2006.aspx
For further information please contact ROC's Chief Executive Officer, Dr John
Doran on:
Phone: (02) 8356 2000
Facsimile: (02) 9380 2066
Email: jdoran@rocoil.com.au Web Site: www.rocoil.com.au
Address: Level 14, 1 Market Street, Sydney, NSW 2000, Australia.
Dr Kevin Hird
General Manager Business Development
Tel: +44 (0)207 586 7935
Fax: +44 (0)207 722 3919
Email: khird@rocoil.com.au
Nick Lambert
Bell Pottinger Corporate & Financial
Tel: +44 (0)207 861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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