Rockpool Acqui Regulatory News (ROC)

18 Sep 2007 07:03

Roc Oil Company Limited18 September 2007 18 September 2007 ROC OIL COMPANY LIMITED ("ROC") STOCK EXCHANGE RELEASE ACTIVITY UPDATE: PRODUCTION ROC's net production currently approximates to 12,900 BOEPD from six fields infour countries, including the most recent addition to its production portfolio,the Blane Oil Field in the North Sea. The production spread is: 37% China; 33%Australia; 27% UK and 3% Africa. Between now and the end of 2007, ROC expectsthat the Company's total production will remain within a 10,000 - 12,000 BOEPDrange, as forecast in October 2006 (Attachment 1*), subject to normal industryrisk factors. A number of corporate milestones have been achieved as a result of the Company'srecent production performance including: • Within a week of first production at the Blane Oil Field in the North Sea, this two-well field demonstrated the capacity to produce more than the pre-start up estimate of 17,000 BOEPD gross (net ROC: 2,125 BOEPD) which is the level at which production is being currently maintained. • Production at the Enoch Oil and Gas Field in the North Sea, has largely met expectations since it commenced more than three months ago with most recent production rates of approximately 12,000 BOEPD (net ROC:1,450 BOEPD). • In early September 2007, 16 months after production commenced, the ROC-operated Cliff Head Oil Field in Western Australia, produced its 4 millionth barrel of oil representing 22,450 man days without a Lost Time Injury. Current production for Cliff Head is approximately 11,500 BOPD (net ROC: 4,275 BOPD). • So far during 2007 production from the C and D fields in the Zhao Dong Block, offshore China, has underperformed expectations. There are a number of reasons for this production performance, including inclement weather, down hole equipment malfunction and a degree of reservoir complexity, all of which are being addressed. Current production at Zhao Dong approximates to 20,000 BOPD (net ROC: 4,900 BOPD). Since ROC acquired the asset in mid-2006 the fields have produced approximately 9.4 MMBO and operations are on track to achieve two years without a Lost Time Injury on 1 October 2007. Fabrication of the C4 production facilities has commenced and production is still expected to start in Q4 2008. Commenting on ROC's production portfolio the Company's CEO, Dr John Doran,stated that: "The combination of a six field production base and a potential high impacteight well exploration drilling programme offshore China and onshore Angola -including two current wells, Cevada-1 and Soja-1, in Angola - provides ROCshareholders with a balanced exposure to both the current high oil price andexploration upside." (*For a copy of Attachment 1 please see ROC's website:http://www.rocoil.com.au/Public/Announcement/2007/Activity_Update_180907.aspx) In accordance with ASX and AIM Rules, the information in this Release has beenreviewed and approved by Dr John Doran, Chief Executive Officer, Roc Oil CompanyLimited, BSc (Hons) Geology, MSc and PhD. Dr Doran, who is a member of theSociety of Petroleum Engineers, has more than 30 years relevant experiencewithin the industry and consents to the information in the form and context inwhich it appears. Damian FisherGeneral ManagerExternal Affairs & Investor Relations For further information please contact: Dr John Doran on Tel: +61-2-8356-2000 Fax: +61-2-9380-2635 Email: jdoran@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 This information is provided by RNS The company news service from the London Stock Exchange