EXPLORATION

ROC to increase Angolan stake

ROC Oil is keen to expand its African activities following a recent visit to Angola where represe...

ROC to increase Angolan stake

Additionally ROC has agreed to acquire an additional 20% working interest (25% Contributing Interest) in the PSA from current co-venturer Force Petroleum. Subsequent to this transaction being completed, ROC will be the only non-government participant in the Cabinda South Block with an 80% working interest (100% contributing interest).

“Because last week’s visit to Angola by senior ROC officials was very constructive and encouraging it is appropriate and timely to advise ROC shareholders of the company’s firm intention to increase its interest in the Cabinda South Block and, more importantly, to commence exploration on the ground in early 2005, after a 32 year period of industry inactivity,” said ROC’s chief executive officer Dr John Doran.

The Angolan national oil company, Sociedade Nacional de Combustíveis de Angola (Sonangol), will hold the other 20% working interest. The consideration to be paid by ROC to Force includes an upfront cash payment and a consideration for past costs, together with the provision of a 3% (out of 20%) net profit interest.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry