ROC Oil Reports Record Income
ROC Oil, Australia’s independent upstream oil and gas company with assets in China, Malaysia, Australia and UK, today announced it has more than doubled its full year net income.
The oil company reported full year 2012 net profit after income tax of US$61.0 million compared to US$27.7 million achieved in 2012.
ROC’s Chief Executive Officer (“CEO”), Alan Linn, was pleased with what his company has achieved.
He said:“2012 has been a good year for the development of the ROC business. ROC has reported a record full year profit of US$61 million (up 120% from 2011) and has a net cash position of US$56.8 million at year end.
China and South East Asia, mainly Malaysia, represented the majority of ROC’s growth opportunities in 2012 and with ongoing success, ROC said it expected this will expand in 2013.
“During the second half of the year we entered a critical operational period where, in addition to our base operations in China and Australia, it was important for the ROC team to deliver incident free positive progress on our exploration and appraisal programmes within the Beibu development project, offshore China and BC Petroleum offshore East Malaysia. The Beibu exploration results have encouraged us to accelerate the incremental development wells required to maximise the value of the Beibu exploration success and these wells are currently drilling.”
“First oil from the Beibu Project is expected during the first quarter of 2013. The early drilling results from the Bentara and Balai fields are encouraging and we are progressing through the pre development programme during 2013.”
“Following the positive financial and operational performance this year, ROC is now positioned for growth and plans to maintain our regional focus, building the value of the business durin 2013.”
The company’s production from six producing fields in Australia, Africa, China and UK dropped 14% to 2.4 MMBOE compared to
2.7 MMBOE in 2011. As for 2013, the company said its plan was to have production levels at 6500-7500 boepd.
Offshore Energy Today Staff, February 27, 2013