Last checked at 27 Aug 2009 07:00
27 August 2009
ROC OIL COMPANY LIMITED ("ROC")
STOCK EXCHANGE RELEASE
2009 HALF YEAR REPORT AND RESULTS
ROC today released its Half Year Financial Report and Appendix 4D for the period ended 30 June 2009 ("1H09"). Copies of the report and Appendix 4D are available on ROC's website at http://www.rocoil.com.au/Public/Investor_Centre/Reports.aspx. The key highlights for 1H09 are:
FINANCIALS
Amortisation expense of US$56.0 million (1H08: US$50.6 million); US$26.84/BOE (1H08 US$27.31/BOE).
OPERATIONS
- US$20.5 million at BMG; and
- US$17.8 million at Zhao Dong.
Commenting on the 1H09 financial results, ROC's Chief Executive Officer, Bruce Clement, stated:
"ROC's financial and operating performance during the first half of 2009 has been sound, despite lower oil prices and a difficult economic environment. With production of 2.1 MMBOE, a normalised net profit after tax of US$19.6 million and cash flow from operations of US$48.2 million, the Company's producing assets have performed well.
ROC has worked hard to steward financial resources and contain costs during the first half of the year. The Company remains on target to meet its exploration budget of US$10 million and its development budget of US$90 million to US$100 million.
In the first half of 2009, ROC has taken action to rebalance its asset portfolio by farming out a 45% participating interest in the Cabinda South Block, onshore Angola and through the sale of a 10% participating interest in the Basker-Manta-Gummy Project. The Company is planning to further reduce exposure to African exploration acreage.
While the first half of 2009 has been a period of financial and structural consolidation for ROC, the Company has also continued to focus on its strategy of exploiting existing reserves and resources and leveraging off its operating and technical strengths to sustain production and create future growth opportunities. Following the recent successful equity raising through an institutional placement and share purchase plan and the sale of a 10% interest in the Basker-Manta-Gummy Project, ROC has established a sound financial base to meet future development plans."
Matthew Gerber
Manager Investor Relations & External Affairs
For further information please contact:
Mr Bruce Clement on
Tel: +61-2-8023-2000
Fax: +61-2-8023-2222
Email: bclement@rocoil.com.au
Or visit ROC's website: www.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