The $38.8 million net loss after tax was a $41.8 million reversal compared to a $3.0 million net profit after tax for the 2003 financial year.

Roc said the net loss, which equates to 23.8c per share, was attributable to a decline in sales revenue coupled with increased exploration expenditure on unsuccessful wells.

The A$38.3 million in sales revenue was down A$19 million from 2003, due to a 40% lower production.

But one-off benefits from the profitable sale of the Saltfleetby Gas Field and the placement of almost 10 million shares at a premium to market increased ROC’s net cash position by about $130 million to more than $200 million, as at the beginning of 2005, according to Roc chief executive John Doran.

“For all practical purposes, ROC began 2005 with over A$200 million in cash and no debt,” Doran said.

“As such, ROC’s Financial Results for 2004 are over-arched by its greatly enhanced 2005 balance sheet. Applying the strength of this balance sheet in an optimal manner in a buoyant industry and market will be one of Roc’s main challenges for 2005.”