Basker-Manta-Gummy ("BMG"): Asset Sale Completion

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.