AIM Admission
ROC Oil Company Limited
06 September 2004
6 September 2004
ROC OIL COMPANY LIMITED COMMENCES TRADING ON AIM
Roc Oil Company Limited ('the Company' or 'ROC'), an Australian Stock Exchange
('ASX') 200 company, announces that its ordinary shares have been admitted to
trading on the AIM Market of the London Stock Exchange ('AIM') today under the
symbol 'ROC'. Canaccord Capital (Europe) Limited is acting as nominated adviser
and broker ('NOMAD') to the Company.
ROC, an independent oil and gas exploration and production company, has A$100
million net cash, no debt, and produces approximately 3,000 barrels of oil
equivalent per day from its 100% owned and operated Saltfleetby Gas Field in
Lincolnshire, Britain's largest onshore gasfield.
The Sydney-based company has a strong operating emphasis and an international
focus, with exploration assets in West Africa, China and Australasia and
producing and exploration assets in the UK. Each area of activity is associated
with a proven petroleum province, two of which were discovered by ROC and its
co-venturers. The company has a global acreage holding of approximating 26
million acres / 105,000 sq km gross or 4.3 million acres / 17,400 sq km net.
The Company has discovered commercial and / or potentially commercial oil with
each of its initial wells offshore Mauritania, Australia and China.
During June 2004, ROC operated its first deep water well located in 1,500m of
water offshore Equatorial Guinea, West Africa. In total, ROC has drilled, or
participated in the drilling of, 37 wells during the last five years with an
overall success rate of 62% and an exploration success rate of 33%, based on the
18 exploration wells drilled during this period. ROC's list of current projects
includes one new field development (offshore Mauritania) and three potential new
field developments (offshore Mauritania, offshore Western Australia and
possibly, offshore China) as well as a possible field development in the UK
North Sea.
Over the next six months ROC expects to participate in multi-well exploration,
appraisal and development drilling programmes in, around, and on trend from, its
recent discoveries offshore Mauritania and Western Australia, as well as
exploration drilling onshore UK. In total, more than 20 wells are expected to
be drilled during this period.
ROC is not seeking to raise any fresh capital as part of the AIM listing process
because, in May 2004, the company completed a A$92 million fully underwritten,
Rights Issue in Australia. The proceeds of that issue will be used to partially
fund ROC's development and potential development projects, in Mauritania,
offshore Western Australia and, possibly, China, as well as exploration
programmes in West Africa, including Mauritania and Angola. A corporate debt
facility is expected to fund the balance of the development expenditures.
John Doran, Chief Executive Officer of ROC Oil said:
'Listing ROC shares on AIM is the next logical step in the Company's growth
strategy. Although ROC's trading record would qualify it to list on the Main
Board of the London Stock Exchange, ROC chose to list on AIM because the
recently introduced 'fast track' concept makes it an administratively simple,
cost efficient and relatively quick process.
ROC's conveyor belt of projects runs from new ventures and exploration to mature
production, in areas which appear to be of interest to UK investors,
particularly West Africa where ROC has established a meaningful presence and a
successful track record during the last five years.'
For further information, please contact:
ROC Oil Limited
John Doran, Chief Executive Officer,
(+61) 2 8356 2000
Bell Pottinger Corporate & Financial
Ann-marie Wilkinson / Nick Lambert
(07730) 623 815 / (07811) 358 764
This information is provided by RNS
The company news service from the London Stock Exchange