| MAY 2003 - RELEASES |
| ASX COMPANY ANNOUNCEMENTS PLATFORM (28-05-03) |
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LODGEMENT
OF CORPORATEFILE OPEN BRIEFING -
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| SHAREHOLDERS UPDATE - MARCH QUARTER 2003 (27-05-03) |
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Under separate cover, ROC is mailing out to all of its shareholders a hard copy of its "Shareholders' Update" in accordance with the Company's practice of maintaining a maximum level of direct communication with all shareholders. Most of the Shareholders' Update is based upon information already released by ROC to ASX, including the Company's Report to the ASX on Activities for the Quarter ended 31 March 2003 released on 30 April 2003. However, the update also provides some new financial information and additional commentary on the Company's activities. An A4 copy
of the Shareholders' Update is attached. John
Doran
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| APPOINTMENT OF CHIEF OPERATING OFFICER (14-05-03) |
ROC is very pleased to advise that, as a result of the recent increase in its activity levels and a change in the nature of those activities, the Company's Chief Financial Officer ("CFO"), Mr Bruce Clement, has been promoted to the newly created position of Chief Operating Officer ("COO"), effective 1 June 2003. In his new position, Mr Clement will have overall responsibility for all the day-to-day activities of the Company other than its exploration and new business development functions which will continue to be managed respectively by Mr Wes Jamieson (General Manager - Exploration) and Dr Kevin Hird (General Manager - New Business) both of whom will continue to report directly to ROC's Chief Executive Officer ("CEO"), Dr John Doran, as will Mr Clement. The rationale for the appointment has been evolved by the Board and Advisors during the last twelve months and a large part of it is designed to free Dr Doran from the day-to-day running of the Company so he will be better able to concentrate on ROC's broader strategic development. Mr Clement
joined ROC in 1997, when it was a privately owned company with a handful
of employees, and was appointed CFO in 1999. A significant part of Mr
Clement's 23 years experience in the oil and banking industries was spent
working as an engineer for Esso Australia Limited, where he held a variety
of positions, including positions in planning, design and project engineering
and management for offshore oil field developments. Commenting on the appointment, ROC's CEO, Dr John Doran, stated that: "It's
good that a small company like ROC can fill an important new position
with someone drawn from the ranks of its existing management team. Bruce
is an excellent CFO, arguably one of the best in the sector, and the Board
and I are looking forward to seeing him apply his talents to the new position
- and I'm looking forward to devoting even more time and energy to ROC's
broader strategic development."
John
Doran |
| CEO & CHAIRMAN'S ADDRESS - 2003 ANNUAL GENERAL MEETING (01-05-03) |
ROC OIL COMPANY LIMITED 2003 ANNUAL GENERAL MEETING In order
to view the Chairman's and CEO's address, with appendix, click
here. John
Doran |
| RESOLUTIONS PUT TO ANNUAL GENERAL MEETING AND DISCLOSURE OF PROXY VOTES (01-05-03) |
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ROC advises
that the result of the resolutions put to its members at its Annual General
Meeting held earlier today were as follows: 1. Election of Mr A Love as a Director Result -
carried 2. Election of Mr W Jephcott as a Director Result -
carried 3. Election of Mr R Burgess as a Director Result -
carried 4. Approval of the issue of options under the employee share option plan as an exception to ASX Listing Rule 7.1 Result -
carried 5. Amendment of the Company's constitution to re-insert proportional takeover provisions Result -
carried
John
Doran |
| RELEASE TO ASX RE: CLIFF HEAD OIL FIELD (01-05-03) |
ROC CONSOLIDATES INTEREST IN CLIFF HEAD OIL FIELD KEY
POINT ROC has
agreed to acquire ARC Energy NL's ("ARC") 7.5% interest in WA-286-P,
which contains the Cliff Head Oil Field in the northern part of the offshore
Perth Basin. The consideration to be paid by ROC consists of an initial
payment of A$9 million cash and additional payments up to a maximum of
A$3.75 million, subject to certain reserve levels being achieved. The
Effective Date of the Agreement will be 1 April 2003 and the transaction
is subject to receipt of relevant government approvals and finalisation
of formal documentation. 1. THE
TRANSACTION The principal terms of the agreement are: · Upon receipt of relevant Government approvals, ROC will provide ARC with an initial cash payment of A$9 million. · Upon declaration of commerciality subsequent to completion of Front End Engineering Design studies ("FEED"), expected in 1Q04, ROC will provide ARC with a further cash payment of up to A$2 million, the precise magnitude of which will be linked to the proved and probable recoverable reserve estimates for the Cliff Head Oil Field as determined by an Independent Expert at that time. Specifically: For reserves
less than 19 MMBO - no additional payment Any shortfall of this second cash payment below A$2 million would be payable if the initial 2P reserves are subsequently calculated by an Independent Expert to be at least 28 MMBO after at least nine months of production from Cliff Head. · ROC will provide ARC with a third cash payment of up to A$1.75 million subject to one of the following events occurring prior to 1 April 2007, whichever is earlier: - A new field discovery being declared commercial within WA-286-P. - Initial 2P recoverable reserves at Cliff Head of at least 28 MMBO as calculated by an Independent Expert at a point in time at least nine months after production start-up at Cliff Head, subject to the WTI oil price averaging at least US$16/barrel during the first nine months of production. · The Effective Date of the Agreement will be 1 April 2003. · The transaction is subject to receipt of relevant government approvals and finalisation of the formal documentation.
Discovered at the end of 2001, the Cliff Head Oil Field was successfully appraised during the following 14 months by three wells, two of which cored the reservoir and one of which conducted a production test that flowed at stabilised rates up to 3,000 BOPD, constrained by surface facilities, via an electrical submersible pump. The field, which covers about 6 sq km/1,500 acres, has a maximum vertical relief of approximately 100 metres and is situated approximately 11 km off the Western Australian coastline in 16 metres of water. The 33° API oil is somewhat waxy and viscous and, in broad terms, comparable to other crudes presently being produced in the adjacent onshore part of the northern Perth Basin. Pre-development studies are currently underway with the expectation that they will be completed during 3Q03 which, if the results are positive, would see Front End Engineering and Design ("FEED") studies initiated immediately thereafter with a completion date scheduled for 1Q04 and a target date for first oil production of 2005.
Commenting on the acquisition, ROC's Chief Executive Officer, Dr John Doran, stated that: - "Win-win" is a grossly overused expression, but it is hard to think of a better way of describing this transaction. ROC gets to consolidate one of its core operated assets while ARC strengthens its balance sheet to better enable it to further develop its operated interests in the nearby onshore Perth Basin. - This acquisition is a good example of the sort of deal that can be done when two companies have a clear view of their strategic objectives, a realistic view of the potential value of the relevant asset and a constructive and open-minded view about sharing downside risk and upside potential. -
The transaction is also the most recent expression of ROC's strategy of
high grading its portfolio by increasing its interests in core assets
and exiting peripheral properties. In the last nine months, in addition
to this deal with Arc, ROC has increased its interest in its operated
acreage offshore China (25% to 40%;) agreed to consolidate its interest
in its operated area onshore Angola (45% to 60%); acquired new interests
in three exploration permits adjacent to its existing acreage in the North
Perth Basin and relinquished permits in Senegal and Mongolia. The end
product is a portfolio which is increasingly focused on four core regions:
Onshore UK, West Africa, China and Australia.
John
Doran |