15th Jun 2005 07:00
Roc Oil Company Limited15 June 2005 15 June 2005 ROC OIL COMPANY LIMITED ("ROC OIL") STOCK EXCHANGE RELEASE ACTIVITY UPDATE: CHINA Roc Oil advises that discussions are continuing with various governmentauthorities and other interested parties, with regard the Company's projects andpotential projects, in China. The development of the Wei-12-8-West offshore oil field, in Block 22/12 in theBeibu Gulf, continues to be the subject of close collaboration between Roc Oiland the regional subsidiary of the China National Offshore Oil Company("CNOOC"). In this regard, Roc Oil is acting as Operator of the Block 22/12Joint Venture which also includes PetSec Energy Limited, Horizon Oil Limited andOil Australia Pty Limited, a subsidiary of First Australian Resources. In thiscontext, Roc Oil is finalising an Overall Development Plan which will besubmitted to the relevant government authorities by end July 2005 and which willthen be subject to further detailed discussion prior to a final developmentdecision being made prior to end October 2005. Planing is also continuing withregard to the drilling of at least one exploration well in Block 22/12 beforeend-2005, subject to a suitable rig being available. With regard to potential new ventures in China, Roc Oil is continuing toevaluate opportunities both offshore and also onshore. The onshore opportunityis at Fushun, in Liaoning Province in northeastern China. Roc Oil has been indiscussions with relevant parties about opportunities centred on Fushun for morethan four years. The Fushun Mining Group ("FMG") is the key player in aprofitable and well established sub-sector of the Chinese energy industry basedat Fushun which produces oil from shale rock. During the current visit toAustralia by the Governor of Liaoning Province, which has a population of almost50 million people, the Lord Mayor of Fushun and senior FMG executives, Roc Oilsigned a Letter of Intent with FMG which is designed to progress further ROC'spotential involvement with the oil business in this part of China. Commenting on the progress of projects in China, Roc Oil's Chief ExecutiveOfficer, Dr John Doran, stated that: "Roc Oil is one of the very few independent western oil companies activelyoperating in China. This is something that we have been doing continuously, inone form or another, since 1998 when China's importance to the world economy wasnot as widely recognised as it is now. During the time Roc Oil has been involvedin China we have learnt many lessons and never had a bad experience. One of thelessons we have learnt is that it is easy for western companies and theirshareholders and other investors, to prematurely attach a high degree ofimportance to each of the various milestones that all China-based projects mustpass before coming to fruition. During the last few working days Roc Oil hasbeen very pleased to pass a couple more of these milestones en-route to what ithopes will be a number of profitable projects in China. However, in each case, alot more work needs to be done before we reach the end of the individual projectjourneys." John Doran or further information please contact:Chief Executive Officer Dr John Doran on Tel: +61-2-8356-2000 Fax: +61-2-9380-2635 Email: [email protected] Or visit ROC's website: www.rocoil.com.au Dr Kevin Hird General Manager Business Development Tel: +44 (0)207 586 7935 Fax: +44 (0)207 722 3919 Email: [email protected] Nick Lambert Bell Pottinger Corporate & Financial Tel: +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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