Last checked at 21 Aug 2008 07:00
21 August 2008
ROC OIL COMPANY LIMITED ("ROC")
STOCK EXCHANGE RELEASE
AZA Review of BMG Reserves Consistent with ROC's View
On 16 June 2008, ROC announced its proposed merger with Anzon Energy Limited ("AEL") and its off-market takeover offer for Anzon Australia Limited ("AZA"), in which AEL has a 53% shareholding. On 7 August 2008, ROC released its Replacement Bidder's Statement in relation to the AZA Takeover Offer.
On 19 August 2008, AZA released to the market the results of an extensive review of hydrocarbon reserves for the Basker Manta Gummy (BMG) fields located in VIC/L26, VIC/L27 and VIC/L28 in the Gippsland Basin, offshore Victoria. The review, which was independently verified by Resource Investment Strategy Consultants (RISC), concluded that the remaining Proved plus Probable (2P) Reserves of the BMG fields were 74.2 MMBOE (29.7 MMBOE net to AZA) as at 30 June 2008.
The results of the AZA reserves review are consistent with ROC's assessment of the 2P Reserves for the BMG fields of 27 MMBOE net to AZA as at 1 April 2008, including best estimate gas and condensate contingent resources as detailed in the AZA Bidder's Statement. After adjusting for differences in the date for remaining reserves estimates (30 June versus 1 April) and small differences in gas to oil conversion factors, the reported remaining reserves for the BMG fields, on a like-for-like basis, are broadly in line with ROC's estimates.
Commenting on the AZA Reserves Report, ROC's Acting Chief Executive Officer, Bruce Clement said:
"The report confirms ROC's own assessment of the 2P Reserves for the BMG fields, which formed the basis for ROC's takeover offer for AZA. Importantly, the report also identifies significant 3P Reserves upside for the fields, with the reported Possible Reserves of 92.9 MMBOE (37.2 MMBOE net to AZA) representing over 125% of the 2P Reserves. A significant part of this upside potential will be tested with development drilling that is scheduled to be undertaken over the next 18 months."
Matthew Gerber
Manager Investor Relations & External Affairs
For further information please contact:
Mr Bruce Clement on
Tel: +61-2-8356-2000
Fax: +61-2-9380-2635
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.