OPERATIONS

Roc still on a roll in Q3

ROC Oil has achieved a "happy coincidence" of record quarterly oil production in a time of record...

Roc still on a roll in Q3

In its September quarterly report, the company said it produced 862,454 barrels of oil, which when combined with its share of gas output totalled 881,209 barrels of oil equivalent.

This was 13% higher than the previous quarterly result of 782,322boe.

Total sales revenue for the period was $60.8 million, only slightly higher than the $60.4 million achieved in the previous three months, despite the quarter-on-quarter increase in production.

Doran said this reflected stronger US dollar oil prices, offset by an increase in underlift by 63,193 barrels to 115,959 barrels and a stronger Australian dollar.

"In terms of US dollars, which is the company's main currency of receipts and expenditures, quarterly sales revenues also set a new record," he said.

During the quarter, Roc brought Blane – its sixth producing field – online and made a heavy oil discovery at Massambala-1, its first onshore well in Angola, which is subject to further appraisal.

In addition, the company acquired large new exploration areas offshore Perth, in Western Australia, and in the Mozambique Channel, offshore Madagascar.

Since the quarter finished, Roc's second and third Angolan exploration wells – Cevada-1 and Soja-1– both encountered hydrocarbon shows while drilling, but were judged to be non-commercial.

"As Roc heads towards the end of 2007 and into 2008, its aggressive drilling program will continue onshore Angola while a new multi-well programme will start up in the Beibu Gulf, offshore China and subject to rig availability, possibly also in the northern offshore Perth Basin," Doran said.

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