The company managed a 32% jump in revenue to $13 million, despite foreign exchange rates moving in an adverse direction. This was partly due to the increase in production, up 11% to 5,032 boepd, compared to the corresponding quarter last year despite natural decline at the UK Saltfleetby gas field.
Conversely ?the quarterly exploration and development expenditure of $1.8 million was down 83% on the previous quarter, mainly due to the completion of the early 2003 drilling program in the Perth Basin.
ROC used the last quarter to consolidate its position in the Basin as a conclusion to the exploration programs by increasing its interest in WA-286-P, which contains the Cliff Head Oil Field, to 37.5% through the addition of a 7.5% interest at an initial cost of $9.0 million.
The Perth Basin portfolio was further expanded through the addition of a tiny (0.25%) but strategic interest in EP 413 and an option over a 7.5% interest in WA-226-P.
Internationally the company has committed to a number of wells with between two and four planned for its 60% interest in the Cabinda block in Angola during late 2003.
The drilling program will also see ROC participate in drilling up to 13 wells at the Saltfleetby field during the next seven months while a subsidiary was awarded a new exploration license, PEDL 127, in Norfolk, onshore UK, based on a novel low cost, big upside, exploration concept.
