Angola is currently undergoing reconstruction following the end of the civil war in 2002.

The company said last year’s seismic survey marked the return of exploration activity to onshore Angola, following a 30-year absence. During this time, offshore oil production platforms have pumped oil to shore-based facilities in Cabinda, 15km north of Roc’s block.

“For all practical purposes, onshore Angola had not been actively explored since 1972, until Roc acquired 505km of 2D and 162 sq.km of 3D seismic in 2005,” Roc told investors in a report.

“Preliminary interpretation of recent seismic confirms numerous prospects and leads.”

The company will place 28 million fully paid ordinary shares, equating to 14.9% of its currently issued share capital, at A$2.71 or £1.15 per share. Of this, between 20 and 25% is expected to be held by UK-based investors.

Trading of the new shares on both stockmarkets is expected to start next Wednesday, January 25, according to Roc CEO Dr John Doran.

“In addition to allowing Roc to greatly accelerate its exploration operations onshore Angola, the placement, which was substantially oversubscribed, also delivers another key strategic objective: the establishment of a significant shareholder base and a liquid market for Roc shares in London,” Doran said.

Roc has a 60% working interest, or 75% contributing interest in the Cabinda South Block. It expects to spend at least US$34 million / £20 million in Angola throughout this year, the company said.

Most of the expenditure will fund the acquisition of 250 square kilometres of 3D seismic and 200 km of contingent 2D seismic, as well as drilling up to three exploration wells in September.

“It is anticipated that a successful exploration drilling program will lead to a prompt appraisal drilling program,” Doran said.

Roc initially tried to acquire equity in Angola in 1998, before it was granted a 45% stake in 2001. Two years later, the company acquired an additional 15% interest and activated its contract the following year, in 2004.

The Cabinda South Block neighbours a 5 billion barrel offshore oil province, currently producing more than 400,000 barrels of oil per day.

Other active operators in Angola include ExxonMobil, BP, Chevron, Total, Devon, Sonangol.