WEEKLY ACTIVITIES UPDATE (30/12/99) |
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SALTFLEETBY GAS FIELD DEVELOPMENT ESTABLISHES ROC AS SUBSTANTIAL ONSHORE UK PRODUCER Sydney-based Roc Oil Company Limited (ROC) has seen its production increase more than four-fold, to about 12,000 barrels of oil equivalent per day (BOEPD), as a result of the companyıs successful development of its 100% owned and operated Saltfleetby Gas Field in Lincolnshire, United Kingdom (UK). Since coming on to full production in mid-December 1999, Saltfleetby has produced gas at a steady rate of 50 million cubic feet per day (MMCFD), together with an estimated 1,700 barrels of condensate per day (BCPD), from four wells. This production rate, equivalent to approximately 10,000 BOEPD, represents a significant boost for ROC which previously was producing about 2,500 BOPD from the UK, almost entirely from other parts of Lincolnshire. As a result of the Saltfleetby Development, ROC is now ranked Number One in terms of onshore UK gas production and Number Two, after BP-Arco, in terms of onshore UK oil and gas production. Commenting upon ROC's increased production, the company's Chief Executive Office, Dr John Doran, stated that:- "The Saltfleetby Development has provided ROC with a lovely Christmas present. Initial production is in line with both our expectations and hopes. However, when you are dealing with rocks you never take any field development for granted and, therefore, we are all particularly pleased with this result. A lot of the credit must go to ROCıs employees and consultants in the UK who had to overcome more than the usual quota of late stage operational frustrations to achieve this corporate goal. "As for the Number One and Two onshore UK rankings for gas and total gas and oil production respectively all that is very nice, all the more so given that ROC is a very young company with an Australian base, but those sorts of statistic are largely cosmetic and transient; the only thing that really counts is building shareholder wealth in the longer term and that is the real value of the Saltfleetby Development". DR R.J.P.
DORAN For further
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WEEKLY ACTIVITIES UPDATE (21/12/99) |
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1. SALTFLEETBY GAS FIELD DEVELOPMENT (ROC 100%) Within a couple of days of first Saltfleetby gas being introduced into the Theddlethorpe Gas Processing Plant on 14 December, 1999, (see ASX Release dated 15 December) production was increased to 40 million cubic feet per day (MMCFD) with an estimated 1,100 barrels of condensate per day (BCPD). As of 20 December gas production was running at 50 MMCFD with approximately 1,700 BCPD; equivalent to a total of about 10,000 barrels of oil equivalent per day (BOEPD). With the Saltfleetby Gas Field now on production ROC's total UK production has increased almost five fold since last week and is currently in the order of 12,000 BOEPD. Due to a number of factors, including the first severe cold snap of the English winter, ROCıs spot gas sale prices for the minority, non-contracted, portion of its gas production, yesterday peaked as high as US$7.00 (A$11.00) per thousand cubic feet. 2. NOVEMBER UK PRODUCTION (Net ROC) During November, 1999, ROC's UK production totalled 75,463 BOEPD (average: 2,515 BOEPD) of which 2,330 BOEPD (93%) related to ROC's onshore oilfields. These figures are essentially in line with ROCıs revised internal forecasts and less than ROCıs Prospectus forecast for reasons detailed in ROC's September Quarterly Report to ASX and the Company's various Weekly Activities Updates. ROC also continued to produce about 150 BOPD into its storage facility in the East Gobi Basin, Mongolia, where approximately 13,500 barrels of oil are now stored awaiting shipment and export sale into China in April/May 2000. DR R.J.P.
DORAN For further
information please contact: |
WEEKLY ACTIVITIES UPDATE (15/12/99) |
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1. SALTFLEETBY GAS FIELD DEVELOPMENT (ROC 100%) During the week under review commissioning of the Saltfleetby Gas Field facilities and pipeline was essentially completed and first gas was introduced to the Theddlethorpe Gas Processing Plant on Tuesday 14 December. Commenting upon the Saltfleetby Gas Development, ROC'S CEO Dr John Doran stated that: "The production of first gas at Saltfleetby and the introduction of that gas into the Theddlethorpe Gas Processing Plant, represents a significant step forward for ROC. This is a step which the company would have taken in late October but for the 4 cm soil settlement which occurred within the plant area the rectification of which, although mechanically simple, was the source of considerable frustration to ROC largely because of events beyond our corporate control. However, those issues are now behind us and we look forward to quickly increasing Saltfleetby Gas Production to an early peak rate in the order of 8000 BOEPD made up of 40 MMCFD gas and about 1600 barrels of condensate per day. When the new production from Saltfleetby is added to ROC's established onshore UK oil production, it will quadruple the company's total UK production to more than 10,000 BOEPD. We also take further encouragement from the fact that the day-ahead gas price in the UK has reportedly almost doubled in the last few days due to a cold snap, although the forward gas price curve for January and February has not altered to any great extent." DR JOHN
DORAN For further
information please contact: |
WEEKLY ACTIVITIES UPDATE (10/12/99) |
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1. SALTFLEETBY GAS FIELD DEVELOPMENT (ROC 100%) Since ROC's last ASX release (1 December 1999) the Saltfleetby Gas Field Development has achieved mechanical completion; commissioning of the facilities has begun and pressure testing of the pipeline has been completed. First gas will flow from Saltfleetby as soon as the full commissioning program is finished, probably within a few days. 2. MONGOLIA (ROC 100%) Following discussion with the relevant Government authorities in the Mongolian capital of Ulaanbaatar last week, various protocols were signed, the main effect of which is to provide ROC with more flexibility with regard to the magnitude of future work programs and expenditures relating to the Company's permits in the East Gobi Basin. As a result, the remaining Mongolian work commitments itemised on page 106 of ROC's Prospectus, may be revised downwards in certain circumstances. However, the company wishes to strongly emphasise that, despite this welcomed ability to reduce the work program, its enthusiasm for undertaking a multi-well, back-to-back, drilling program during calender 2000 is stronger than ever, provided appropriate co-venturers can be identified. 3. SENEGAL (ROC 92.5%) Following the execution of the Production Sharing Contract (PSC) between ROC and the Government of Senegal (ASX release: 27 October 1999) representatives of the Senegalese Government have visited ROC's office in Sydney and agreed the terms and conditions of the Joint Venture Operating Agreement which will govern PSC activities. 4. OFFSHORE PERTH BASIN (FARMIN OPTION) Information from the 600 km Michelle Seismic Survey which was recently acquired in the offshore Perth Basin (ASX release: 27 October 1999) is currently being processed. The expectation is that processing will be completed during January and interpretation will be finished prior to end 1Q2000. Subject to the results of this interpretation, it is ROC's current intention to exercise its farmin option and this is expected to lead to the drilling of a well in the offshore Perth Basin during 1H2000. 5. MALTA (ROC 75%) Following recent discussions with the relevant Government authorities in Malta, it has been agreed that ROC will continue to seek suitable co-venturers to share in the risk/reward potential of the area referred to in ROC's Prospectus as Block 7. It has also been agreed that ROC will have no further work obligation with regard to Block 7 because ROC's formal tenure of this area has lapsed by mutual agreement. Commenting on the various points referred to above ROC's CEO Dr John Doran stated that: "ROC is fortunate in that it finds itself dealing increasingly with national governments that are very positive and pragmatic and also very keen to build up their respective oil industries, as evidenced by ROC's recent agreements with the governments of Mongolia, Senegal and Malta." DR JOHN
DORAN For further
information please contact: |
WEEKLY ACTIVITIES UPDATE (01/12/99) |
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SALTFLEETBY GAS FIELD DEVELOPMENT Re-alignment work on the small portion of the pipeline within the Theddlethorpe Gas Processing Terminal continued during the week. Support beams were fabricated to support the buried section of the pipeline, and work began with regard to attaching the beams to the pile foundations. All work is being carried out in compliance with the rigorous safety and environmental constraints of the plant Owners. The Owners' contractors, who are carrying out the remedial works on behalf of ROC, have advised that operations are still on schedule for mechanical completion within a week, after which ROC will commission the pipeline for receipt of gas from the Saltfleetby Gas Field. DR JOHN
DORAN For further
information please contact: |