Geology and history

Geology

• The Mozambique Channel comprises several deep water frontier basins of Jurassic to Tertiary age.
• Onshore, there is a proven Permo-Triassic petroleum system.

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Regional activity

• The Mozambique Channel is a newly recognised, deep water petroleum play.
• There are substantial onshore tar sand and heavy oil deposits in Madagascar.

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Permit size

• 13,770 sq km (Belo Profond)
• 52,990 sq km (Juan de Nova Maritime Profond)

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History

• In April 2007, ROC together with the Office of National Mine and Strategic Industries ("OMNIS"), a government entity acting for and on behalf of the Republic of Madagascar, and US-based private company Marex MC, Inc signed a PSC for an exploration block Belo Profond in the Mozambique Channel, offshore Madagascar.  The Belo Profond PSC became effective on Presidential Decree on 30 July 2007.
• The initial exploration phase of the Belo Profond PSC was four years with a work programme commitment relating to acquisition and purchase of 2D seismic data.  The Tropicbird aeromagnetic survey (43,102 line kilometres) was acquired in June-July 2008. An Environmental Permit for future seismic acquisition in the Block was granted in 2008.
• ROC withdrew from its 75% interest in Belo Profond Block effective 23 June 2011 and received government approval to be removed as operator.
• In December 2008, the Government of France awarded an exploration permit to ROC and Marex.  The Juan de Nova Maritime Profond permit is located in the French exclusive Economic Zone off the coast of Juan de Nova Island in the Mozambique Channel.
• Effective 1 July 2011, ROC agreed to sell its 75% interest in Juan de Nova Maritime Profond 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.  Progress continues to complete the transaction.

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JV participants and interests

Roc Oil (Madagascar) Pty Ltd (Operator)	75%
Marex MC, Inc	25%