Roc Oil Pulls Out from New Zealand

Roc Oil Pulls Out of New Zealand

Roc Oil (Taranaki) Pty Limited, a wholly owned subsidiary of ROC, has today notified joint venture partners of its withdrawal from offshore exploration block PEP52181, located in the Taranaki Basin, New Zealand.

The withdrawal is subject to normal industry terms and conditions, including the receipt of necessary government approvals.  ROC does not carry any value for exploration block PEP52181 on the balance sheet.

Commenting on the withdrawal from PEP52181, ROC’s Chief Executive Officer, Alan Linn, stated:

“As previously reported, ROC has been working to farm-down its 50% interest in PEP52181 to provide a more balanced equity position prior to entering into a commitment to drill an exploration well on the Kaheru prospect. The decision to withdraw from the permit was based on the need for ROC to carefully balance expenditure and risk profiles over the coming years, as the Company enters into an intensive period of activity, especially at the Beibu Gulf project, offshore China, and the Balai Cluster Risk Service Contract, offshore Malaysia. ROC continues to pursue new opportunities in core focus areas, designed to enhance the future growth of the business and to build shareholder returns.”

[mappress]
Source: Roc Oil, March 23, 2012