The deal was announced on 21 December, 2004.

“As a result of the receipt of the sale proceeds together with the monies due from the premium placement announced earlier today, ROC has just over A$200 million in cash and receivables and no debt,” said ROC CEO Dr John Doran.

Meanwhile, Roc is completing wireline logging at its Errington-1 wildcat exploration well about 35km west of Newcastle, northern England.

The well reached a total depth of 2,200m and preliminary interpretations suggest it has intersected several tight gas sands, according to Roc.

"The gross vertical thickness of the main gas sand is approximately 40m, most of which appears to be gas-saturated net sandstone, albeit in the context of a typical tight gas sand play," the company said.

"At the level of the zones of interest the well is located some 30 to 40m below the top of the

structure, as currently mapped.

"The potential of the sands to flow gas in commercial quantities is difficult to assess on the basis of currently available data and preliminary interpretation. Casing will be run over the zones of interest and the well will be suspended for further evaluation."