28th Apr 2006 07:03
Roc Oil Company Limited28 April 2006 ROC OIL COMPANY LIMITED (ABN 32 075 965 856) REPORT TO SHAREHOLDERS Activities for the Quarter Ended 31 March 2006 CEO COMMENT First oil from the Chinguetti Field, offshore Mauritania; significant progressat the Cliff Head Field, offshore Western Australia; encouraging initial resultsfrom the recent seismic survey in Angola; an active exploration drillingprogramme; and high oil prices combined to drive ROC's share price and marketcapitalisation to record highs. KEY POINTS PRODUCTION • ROC's first oil production and sale from Africa occurred as a result of production start-up from the Chinguetti Field (ROC: 3.25% working interest), offshore Mauritania. By Quarter-end cumulative gross production had exceeded 2 MMBO and the first cargo loading of approximately 1 MMBO was completed. DEVELOPMENT • As at midnight on 27 April 2006, final preparations were underway for the imminent production from the first well at the Cliff Head Oil Field, offshore Western Australia. EXPLORATION • Based on preliminary interpretation of ROC's 2005 seismic survey, an encouraging number of prospects and leads have been identified in the Cabinda South Block, onshore Angola. CORPORATE • A placement of 28 million fully paid ordinary shares (14.9% of the Company's then issued share capital) was made to UK-based institutional investors at a price of $2.71/£1.15, raising $75.9 million/£32.2 million before expenses. The funds will be used to accelerate ROC's exploration programme, onshore Angola. FINANCIAL • At Quarter-end ROC had approximately $91.5 million in cash and no debt. • A $40 million/US$30 million Bridging Loan Facility was finalised to provide flexibility of funding options during 2006, prior to an $80 million/ US$60 million Borrowing Base Loan Facility being put in place. *A complete copy of the Quarterly Report is available on ROC's website.(http://www.rocoil.com.au/Public/Announcement/2006/Report_for_Quarter_Ended_31_March_2006.aspx For further information please contact ROC's Chief Executive Officer, Dr JohnDoran on:Phone: (02) 8356 2000Facsimile: (02) 9380 2066Email: jdoran@rocoil.com.au Web Site: www.rocoil.com.auAddress: Level 14, 1 Market Street, Sydney, NSW 2000, Australia. Dr Kevin HirdGeneral Manager Business DevelopmentTel: +44 (0)207 586 7935Fax: +44 (0)207 722 3919Email: khird@rocoil.com.au Nick LambertBell Pottinger Corporate & FinancialTel: +44 (0)207 861 3232 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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