ROC today released its Half Year Financial Report and Appendix 4D for the period ended 30 June 2011 (1H 2011).
Commenting on the 1H 2011 financial results, R OC’s Chief Executive Officer, Alan Linn , stated:
“ROC remains on target to meet its 2011 production guidance of between 7,000-8,000 BOEPD, with an average daily production rate of 7,567 BOEPD in 1H 2011. Production for 2H 2011 will benefit from: completion of the Cliff Head workover, with the CH12 well coming online on 11 August; and the ongoing development drilling programme at Zhao Dong, which recently included a successful appraisal well in the additional Zhanghai Block that has now been brought online. ROC reported a net loss of US$6.6 million for the Period from sales revenue of US$131.2 million.
Financial results for 1H 2011 were primarily impacted by higher taxes and special levy charges, and derivative losses. Net cash over the Period increased by US$9.3 million to US$40.6 million. During 2011, ROC has made significant progress in implementing various elements of its growth strategy. In August, ROC was awarded the Balai Cluster Small Field Risk Services Contract in Malaysia, which satisfied a key objective to generate future potential growth through exploration, appraisal and pre-development opportunities located in the focus region. In March, ROC announced the expansion of the Zhao Dong Block, which provides the potential to develop a number of small discoveries through Zhao Dong facilities and satisfies another key objective to commercialise near field opportunities through existing infrastructure. In Africa, the divestment of Angola and Mozambique Channel assets and the farm down of the Equatorial Guinea asset has allowed ROC to redeploy capital and resources to pursue opportunities more consistent with the Company’s strategy.”
FINANCIALS
[mappress] Source: Roc Oil, August 25, 2011