Mozambique Channel

Activity status

Belo Profond

Effective 23 June 2011, ROC withdrew its 75% interest in the Belo Profond Block and received government approval to be removed as operator.

Juan de Nova

Effective 1 July 2011, ROC agreed to sell its 75% interest in the Juan de Nova Maritime Profond Block to South Atlantic Petroleum JDN SAS, a wholly owned subsidiary of South Atlantic Petroleum Limited (SAPETRO) for between US$8 million and US$8.5 million (depending on date of completion).  The sale is subject to working capital adjustments and normal industry terms and conditions including receipt of relevant joint venture waivers or approvals and all necessary government approvals.  Progress continues to complete the transaction..