Accessibility Options

Sitemap

Company Profile

ROC is one of Australia’s leading independent oil and gas companies with approximately 298.9 million shares on issue and a market capitalisation approximately A$650/US$600 million in April 2008.  ROC is incorporated in Australia and listed on the Australian Stock Exchange in 1999 and the Alternative Investment Market of the London Stock Exchange in 2004.

The Sydney-based company has a strong operating emphasis, an international focus and a worldwide workforce of about 284 employees.

The Company’s assets are grouped into four main regions: Australia, China, Africa and UK;  all of which are associated with proven petroleum systems, two of which were recognised as such as a result of exploration drilling by ROC and its co-venturers.

As a result of the Company's encouraging exploration results, ROC has participated in the development of a field offshore Mauritania and as operator, in the Perth Basin, offshore Western Australia.  Production commenced at both these fields in 2006.  ROC also has two other fields in the North Sea; both commenced production in 2007.

ROC’s sequence of drilling successes includes discovering commercial oil in each of its first exploration wells in offshore Mauritania and offshore Western Australia and potentially commercial oil with its first well in China.  In June 2004, ROC made its debut as a deep water drilling operator when it drilled, on schedule and below budget Bravo-1, located in 1,500m of water, offshore Equatorial Guinea.  In May 2006,  ROC as operator made an oil discovery in the Beibu Gulf, offshore China, which is currently undergoing pre-development studies.

In the next 18 months ROC will participate in multi-well exploration, appraisal and development drilling programmes in onshore Angola, offshore Mauritania, offshore Western Australia, offshore China and the UK North Sea.  Exploration drilling is also expected to take place in deep water offshore Equatorial Guinea.

This programme is part of ROC’s “Organic Growth” strategy. Simultaneously, the Company is pursuing a “Change-the-Company” strategy, designed to identify and cost efficiently acquire new ventures which will substantially increase shareholder value prior to the current developments, and some of the pre-development projects, coming to fruition during 2006.

Corporate History

2007 Oil production commenced at the Blane Field, North Sea, in September.
2007 Oil and gas production commenced at the Enoch Field, North Sea, in May.
2006

ROC completes fully underwritten pro-rata renounceable 3 for 8 rights issues of approximately 81 million ordinary shares, with an issue price of $2.70 per share, raising gross proceeds of $219 million on 8 December 2006.

2006

ROC acquired 24.5% operated interest in the Zhao Dong Block ("Block"), in Bohai Bay, offshore China for US$260 million.  The Block is part of a prolific petroleum province offering condsiderable 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 2006.

2006 ROC makes a potentially significant oil discovery Wei 6 -12S -1, in Block 22/12, Beibu Gulf, offshore China.  Pre-development studies are ongoing.
2006 Oil production commenced at the Cliff Head Oil Field, Perth Basin, offshore Western Australia in May.
2006 Oil production commenced at the Chinguetti Oil Field, offshore Mauritania in February. 
2006 ROC raises 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 ROC raises US$15 million by placing 10 million shares at A$2.00 per share, a significant premium to the then share price.
2005 ROC sells Saltfleetby Gas Field in Lincolnshire for A$111 million after producing A$350 million in sales revenue.
2004 ROC undertakes 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.
2004
 ROC lists on the Alternative Investment Market (AIM) of the London Stock Exchange.
2004 ROC activates the Onshore Cabinda South PSC in Angola in November.
2001 ROC’s first well in Australia discovers the Cliff Head Oil Field – first oil produced in May 2006.
2001 ROC’s first well in Africa discovers the Chinguetti Oil Field – establishing offshore Mauritania as an emerging new oil province.
2001 ROC exercises 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 ROC acquires 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.
1999 ROC lists 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 ROC starts as a privately owned company. The shareholders were primarily the current Board and Management, blue-chip corporate entities and high net worth individuals.