RNS Number : 8153C
  Roc Oil Company Limited
  05 September 2008
   


    5 September 2008

    ROC OIL COMPANY LIMITED ("ROC")

    STOCK EXCHANGE RELEASE


    ACTIVITY UPDATE: EQUATORIAL GUINEA
    SETTLEMENT OF DISPUTE


    ROC advises that, its wholly owned subsidiary, Roc Oil (Equatorial Guinea) Company ("ROC EG") and its co-venturers Atlas Petroleum
International Limited ("Atlas") and Osborne Resources Limited ("Osborne") have entered into an agreement to settle the dispute with Pioneer
Natural Resources Equatorial Guinea Limited ("Pioneer"), a wholly owned subsidiary of Dallas based Pioneer Natural Resources Company with
regard to Blocks H15 and H16 (collectively "Block H"), Offshore Equatorial Guinea. 

    The dispute related to the 2004 farm-in, whereby Pioneer acquired a 20% interest in the Block H Production Sharing Contract and Joint
Venture from ROC. 

    Key terms of the dispute settlement are as follows:

    1.    Payment by Pioneer to ROC, Atlas and Osborne of US$5.5 million (ROC net: US$2.75 million);

    2.    Assignment by Pioneer of its 50% interest in the PSC and under the JVOA to ROC, Atlas and Osborne. As a result, ROC will hold a
37.5% interest in Block H;

    3.    Pioneer Natural Resources USA Inc. will assign to ROC an option to use the Aban Abraham drilling rig to drill the proposed Aleta-1
well. The rig is currently expected to be available in 2H 2009.

    Settlement of the dispute is subject to relevant Government approvals for assignment of the Pioneer interest and satisfaction of
conditions in the rig contract relating to assignment of the rig.

    Participating Interests in the Block H Joint Venture are:

                             Pre-Settlement  Post-Settlement
 ROC EG (Technical Manager)         18.750%           37.50%
 Atlas (Operator)                   28.125%           56.25%
 Osborne                             3.125%            6.25%
 Pioneer                            50.000%                -

    Mr Bruce Clement, ROC's Acting Chief Executive Officer stated that:

    "ROC views this as a good outcome for all parties. ROC will now seek to bring in a new partner to participate in the drilling of the
Aleta prospect, an interpreted Cretaceous channel sand body with stacked potential reservoirs. ROC considers the prospect to have an
unrisked mean recoverable reserve potential in the primary target reservoir of the order of 170 million barrels gross ranging up to 500
million barrels gross, if all potential reservoirs are considered, with a series of follow-on prospects and leads."

    Matthew Gerber
    Manager 
Investor Relations & External Affairs
    For further information please contact:
    Mr Bruce Clement
    Email: bclement@rocoil.com.au
    Or visit ROC's website: www.rocoil.com.au

    Dr Kevin Hird
    General Manager - Business Development
    Tel: +44 (0)20 7495 5707/+61 (0)2 8356 2000
    Mob: +44 (0)7751 3671 49/+61 (0)417 261 727
    Email:  khird@rocoil.com.au

    Michael Shaw
    Oriel Securities Limited (Nominated Adviser)
    Tel: +44 (0)20 7710 7600

    Bobby Morse
    Buchanan Communications
    Tel: + 44 (0)20 7466 5000
    Fax: + 44 (0)20 7466 5001
    E-Mail: bobbym@buchanan.uk.com
    Mob: +44 (0)7802 875 227



    In accordance with ASX and AIM Rules, the information in this Release has been reviewed and approved by Mr Neil Seage, Chief Reservoir
Engineer, Roc Oil Company Limited, BA, BEng (Hons), MBA and Dip App Fin. Mr Seage, who is a member of the Society of Petroleum Engineers,
has more than 30 years of relevant experience within the industry and consents to the information in the form and context in which it
appears.



This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
MSCEAXNSEEDPEEE
Rockpool Acquisitions (LSE:ROC)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Rockpool Acquisitions Charts.
Rockpool Acquisitions (LSE:ROC)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Rockpool Acquisitions Charts.