Last checked at 19 Aug 2009 07:00
19 August 2009
ROC OIL COMPANY LIMITED ("ROC")
STOCK EXCHANGE RELEASE
BASKER-MANTA-GUMMY ("BMG"): ASSET SALE COMPLETION
Following receipt of government and joint venture approvals and satisfaction of other conditions precedent, Anzon Australia Pty Limited, a wholly owned subsidiary of ROC, has completed the sale of a 10% participating interest in Production Licences VIC/L26, VIC/L27 and VIC/L28, offshore Victoria, which include the BMG project, to PT Pertamina Hulu Energi Australia Pty Limited, a subsidiary of the Indonesian National Oil Company. The effective date of the sale is 1 April 2009. Total cash consideration including working capital was US$31.5 million.
BMG joint venture participating interests are now:
Anzon Australia Pty Limited (Operator)...........................30%
Beach Petroleum Limited.....................................................30%
CIECO Exploration and Production (Australia) Pty Ltd........20%
Sojitz Energy Australia Pty Ltd.............................................10%
PT Pertamina Hulu Energi Australia Pty Limited..................10%
Matthew Gerber
Manager
Investor Relations & External Affairs
For further information please contact:
Mr Bruce Clement
Chief Executive Officer
Tel: +61-2-8023-2000
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
For the purposes of the AIM Rules for Companies for the four month period to 31 December 2008, the interest being sold contributed to ROC a trading profit (excluding tax and impairment) of US$1.2 million.