Corporate history

2017
  • ROC executed a Share Purchase Agreement with Triangle (Perth Basin) Pty Ltd and Royal Energy Pty Limited for the sale of its interest in the Cliff Head Oil Field, Australia. The transaction was completed on 22 May 2017 with an effective date of 1 January 2017
  • Dr Yuanlin Jiang appointed Chief Executive Officer (CEO)
  • Commenced D35/D21/J4 phase 2 drilling and development program and acquired 3D seismic data
  • ODP preparation for Beibu WZ 12-8 East field continues
2016
  • The Group reported a net profit after income tax of US$4.1 million. At 31 December 2016, ROC had net cash and liquid assets of approximately US$110 million and no debt
  • Robin Simpson appointed Chief Executive Officer (CEO)
  • Completed D35/D21/J4 phase 1 drilling program and submitted the Integrated Field Development Plan for phase 2 drilling and development, which was approved in September
  • Commenced ODP preparation for Beibu WZ 12-8 East field
2015
  • The Group reported a net loss after income tax of US$31.3 million
  • ROC delisted from the ASX in late January 2015, and continues to operate as an upstream oil and gas company under Fosun International Limited
  • Anthony Neilson appointed Chief Executive Officer (CEO)
  • Commenced drilling program in D35/D21/J4 PSC
  • An appraisal well in the WZ12-8-Mid area was successfully completed and brought into production in December
  • Operatorship of Zhao Dong PSC Bohai Bay transferred from ROC to PetroChina on 5 April
  • ROC signs PSCs for two exploration blocks in the Pearl River Mouth Basin, South China Sea
  • ROC sold its UK North Sea assets, Blane oil field and Enoch oil/gas field, to Faroe Petroleum (U.K.) effective 1 January 2015
  • PETRONAS and contractor group mutually agree to terminate the Balai Cluster RSC effective 1 December 2015
  • The 09/05 PSC ended at the end of the first exploration phase on 31 December 2015 with all commitments completed
2014
  • The Group reported a net profit after income tax of US$49.5 million
  • ROC and Horizon Oil Limited (Horizon) announced a proposed merger of equals. Before the process completed, Transcendent Resources Limited (a wholly owned subsidiary of Fosun International Limited) (Fosun) submitted an off-market takeover bid for ROC
  • The Fosun takeover offer closed with over 90% of Shareholders accepting the offer. Fosun subsequently announced its intention to compulsorily acquire the remaining ROC Shares on issue in accordance with the Corporations Act
  • Beibu exploration drilling successfully completed with oil discoveries at two wells in the WZ12-8-Mid area
  • Farmed into D35/D21/J4 PSC in Malaysia effective 1 January 2014 with production reported from 1 April 2014
  • ROC completed the sale of its interest in the BMG field in Australia to Cooper Energy Limited effective 1 January 2014
  • The Field Development Plan (FDP) for the Bentara oil field was approved in March. Oil from the field was successfully brought onstream in May
  • Exploration Block H offshore Equatorial Guinea expired on 2 February
2013
  • Continuing profitability and US$45.2 million net profit
  • Net cash of US$65.1 million at 31 December
  • Beibu development drilling successfully completed within schedule and budget.  All 15 wells on line and achieved an overall production plateau of ~15,000 BOEPD
  • Completed seismic acquisition in Block 09/05 in Bohai Bay, offshore China
  • The Zhao Dong reservoir management programme, including 18 development wells, was successfully completed
  • Balai Cluster appraisal/pre-development drilling was completed in June
  • Early Production Vessel (EPV) 'Balai Mutiara' commenced Extended Well Testing (EWT)
2012
  • Reports a record net profit of US$61 million for 2012 - the second consecutive year of profit
  • Strong cash flow generation with net operating cash of US$126.3 million and a net cash position of US$57 million (no debt)
  • Successful exploration drilling in the Beibu Gulf project with oil discoveries in three wells
  • Beibu Gulf development project nears conclusion - on schedule and within budget
  • Pre-development activities continue with Balai Cluster Risk Service Contract (Malaysia) with commencement of appraisal drilling; the conversion of purchased vessel to an Early Production Vessel and the installation of four well head platforms
  • Awarded new exploration Block 09/05 in Bohai Bay, offshore China
  • Withdraws from offshore Taranaki Basin permit PEP52181 in New Zealand. Following withdrawal from this permit, ROC had no further interests in New Zealand
  • Sale of Mauritanian assets to Tullow concluded in December
2011
  • Reports 2011 profit of US$28 million - the Company's first profit since 2005
  • Completes on-market share buy-back, having acquired 30.7 million shares at a cost of A$10 million
  • Through the sale of three separate packages, ROC divests all interests offshore Mauritania to Tullow, including a 3.25% interest in the producing Chinguetti oil field (effective date of 1 January 2011)
  • Acquires an additional 5.0% interest in the Cliff Head oil field from CIECO Energy Australia Pty Ltd (effective date of 1 January 2011)
  • Farms down its interest in Block H, offshore Equatorial Guinea, to White Rose from 37.5% to 20.0% for a free carry through the drilling of an exploration well
  • PETRONAS awards a Small Field Risk Service Contract for the pre-development and development of the Balai Cluster Fields, located offshore Sarawak, with a contractor group comprising of ROC, DIALOG Group and PETRONAS Carigali
  • Divests 75% interest in the Juan de Nova Maritime Profond Block and withdraws from its 75% interest in the Belo Profond Block, offshore Madagascar, both located offshore Mozambique Channel
  • On-market share buy-back initiated with the Company committing to spend A$10 million over 12 months (from 27 May) to acquire ROC issued capital
  • ROC divests its remaining 10% interest in the Cabinda Onshore South Block, Angola
  • The size of the existing Zhao Dong Block is increased by 150% to include two additional blocks and the term of the Zhao Dong Contract and Production Period could be extended to accommodate any new production from these additional blocks in which there have been previous discoveries
  • Alan Linn appointed Chief Executive Officer (CEO)
  • Final Investment Decision (FID) achieved for Beibu Gulf oil project
  • Divests its 20% interest in WA-351-P, offshore Carnarvon Basin, Western Australia
2010
  • Increased its New Zealand exploration acreage position in May with new interests in two offshore Taranaki Basin permits: farming into PEP38524; and being awarded operatorship of PEP52181
2009
  • Delists from AIM (effective 2 November)
  • Raised approximately A$68.8 million through a fully underwritten institutional placement of approximately 88.2 million new ordinary shares at an issue price of A$0.78 per share and A$26.2 million through a share purchase plan, which offered eligible shareholders the opportunity to purchase up to A$15,000 worth of shares at A$0.71 per share
  • Sold a 10% participating interest in BMG to Pertamina, the Indonesian national oil company. Total cash consideration for the sale was US$31.5 million including working capital. ROC retained a 30% interest and remained operator of the BMG project
  • Farmed out a 45% interest in the Cabinda Onshore South Block, Angola to Pluspetrol Resources Corporation which also became operator. ROC retained a 15% interest in the block and a free-carry through the full 2009 work programme
2008
  • Following the successful construction and commissioning of new facilities, oil production commenced in October from the C4 Oil Field (ROC: 11.575% and Operator) and Extended Reach Area Fields (ROC: 24.5% and Operator) of the C&D Fields in the Zhao Dong Block, Bohai Bay, offshore China
  • Completed off-market takeover of Anzon Australia Limited (AZA) in October. ROC's offer was 0.792 ROC shares and $0.05 cash for every AZA share
  • Merger with Anzon Energy Limited (AEL) became effective on 8 September. ROC's final consideration was 1.32 ROC shares for every AEL share
2007
  • Oil production commenced at the Blane Field, North Sea, in September
  • Oil and gas production commenced at the Enoch Field, North Sea, in May
2006
  • Completed fully underwritten pro-rata renounceable 3 for 8 rights issue of approximately 81 million ordinary shares, with an issue price of $2.70 per share, raising gross proceeds of $219 million on 8 December
  • Acquired 24.5% operated interest in the Zhao Dong Block (ZD Block), in Bohai Bay, offshore China for US$260 million. The ZD Block is part of a prolific petroleum province offering considerable upside potential with gross proved and probable remaining reserves of approximately 57.5 MMBO, and production in the order of 22,000 BOPD. The transaction completed on 8 August
  • ROC makes a potentially significant oil discovery Wei 6 -12S -1, in Block 22/12, Beibu Gulf, offshore China. Pre-development studies are ongoing
  • Oil production commenced at the Cliff Head Oil Field, Perth Basin, offshore Western Australia in May
  • Oil production commenced at the Chinguetti Oil Field, offshore Mauritania in February
  • Raised A$75.9 million/GBP 32.2 million before expenses by placing 28,000,000 fully paid ordinary shares with UK based institutional investors at a price of A$2.71/£1.15 per share. This price was a 1.5% discount to the volume weighted average price for the first 12 days of January 2006 and equivalent to the volume weighted average price of shares traded within the previous month
2005
  • Raised US$15 million by placing 10 million shares at A$2.00 per share, a significant premium to the then share price
  • Sold Saltfleetby Gas Field in Lincolnshire for A$111 million after producing A$350 million in sales revenue
2004
  • Undertook a 3 for 5 share rights issue at a price of A$1.40 per share, raising A$92 million, underwritten by Goldman Sachs JBWere Pty Ltd and Patersons
  • Listed on the Alternative Investment Market (AIM) of the London Stock Exchange
  • Activated the Onshore Cabinda South PSC in Angola in November
2001
  • First well in Africa discovered the Chinguetti Oil Field - establishing offshore Mauritania as an emerging new oil province
  • Exercised its option to acquire shares in Elixir Corporation Pty Ltd which held interests ranging from 2% to 2.7% in all of the licensed areas offshore Mauritania. ROC subsequently increased its interests to 2.0%-5.0%
1999
  • Acquired a suite of oil and gas assets onshore eastern England and in the UK North Sea for A$115 million. The core asset, the then undeveloped Saltfleetby Gas Field in Lincolnshire, became recognised as Britain's largest onshore gas field
  • Listed on the Australian Stock Exchange, raising A$150 million through an initial public offering and giving its original private shareholders liquidity within three years of the Company being established
1997
  • Started as a privately owned company. The shareholders were primarily the then Board and Management, blue-chip corporate entities and high net worth individuals
  • The ROC name was influenced from Middle Eastern literature, where the Roc was an enormous mythical Asian/Arabian bird, which laid eggs as big as castles and fed upon young elephants and giant serpents. As described in the Tales of The Arabian Nights, Sinbad the Sailor escaped from an island on which he was stranded by tying himself to the huge foot of a sleeping Roc. When the bird awoke and flew away, it carried Sinbad with it to a new adventure which led to his discovery of a great natural resource in the Valley of the Diamonds.