Roc acquired Lacula's 15% for a cash consideration of $US125,000 and an additional cash payment of $US100,000 when the first development plan for the block is approved.
The sale means ROC now has a 60% interest in, and is operator of, the Cabinda South block, which covers 1,080sq.km about 450km north of Luanda, the Angolan capital and has not been subject to any exploration since 1972 when it was relinquished by the Gulf Oil Company.
ROC had previously acquired a 45% interest and operatorship of the block from Total in 2001.
The joint venture partners in the project are Force Petroleum (20%) and Sonangol (20%), which is the National Oil Company of the Republic of Angola, which is carried through the exploration stage by the non-government parties.
