CEO & Chairmans AGM Addresses
Roc Oil Company Limited
11 May 2005
ROC OIL COMPANY LIMITED
ANNUAL GENERAL MEETING - CHAIRMAN'S ADDRESS
Museum of Sydney, Sydney
Wednesday 11 May 2005
1. INTRODUCTION
Ladies and Gentlemen,
Slide 1 - ROC Logo*
Once again, I would like to welcome you to ROC's Annual General Meeting ('AGM'):
the Company's sixth as a publicly-listed company.
Slide 2 - Chairman's Address
Many of you are familiar with the format for these meetings. The formal part of
the meeting is immediately followed by a presentation by our Chief Executive
Officer, Dr John Doran, together with some of his Senior Management colleagues.
We aim to finish that part of the proceedings by about 12.30pm after which John
will give a five minute key note address prior to shareholders being invited to
ask questions and then join us for an informal sandwich lunch.
Slide 3 - Key Points
Consistent with previous AGMs, my address will focus on matters which relate
specifically to the Company and its activities and also to the general global
oil and gas industry. At the end of my address, we will move to consider the
formal resolutions as advised to you in your Notice of Meeting.
For my address I would like to focus on four key points:
• Oil price trends;
• Forward oil sale strategy;
• Market climate;
• Investor Relations.
2. OIL PRICE TRENDS
Slide 4 - Oil Price Trends
Just before last year's AGM oil prices hit US$41/bbl for West Texas Intermediate
('WTI') crude. That was a 13 1/2 year high.
Clearly, a year is a very long time in the oil business. Since the last AGM West
Texas Intermediate crude oil has ranged as high as US$58/bbl although, at the
moment the price is 'only' about US$50/bbl. I never thought I would stand in
front of ROC shareholders and use the word 'only' in that context.
At last year's meeting I commented that neither ROC, nor any other oil company,
knew where the oil price was going to go in the future and that the 'bulls and
bears which prowl the oil price landscape seem to have equally compelling
arguments'. It is now quite clear that for the last 12 months the bulls have
been in the ascendancy.
ROC and other oil companies are still no wiser as to where the oil price is
likely to go in the next 12 months. However, today it is easier to envisage the
price spiking above US$60/bbl in response to one or more specific incidences,
possibly in the Middle East, rather than falling below US$30/bbl for a prolonged
period. One can only speculate as to whether the recent prediction of a major US
investment bank of an oil price spike to US$100/bbl will be realised.
This situation stands in stark contrast to my comments at last year's meeting
when I confirmed that ROC was using a US$20/bbl WTI price as the benchmark for
future field developments. Events during the last 12 months have shown that this
view was overly conservative. Now, when ROC looks at new field developments,
provided that they are within a year of completion, we generally follow the near
term part of the forward curve and then drop the forecast per barrel price back
into the high US$20s. This is not necessarily because we believe that that is
where the oil price will trend, but because ROC believes it is better to be
conservative when planning new field developments and this is the approach ROC
continues to apply to its various projects.
3. FORWARD OIL SALE STRATEGY
Slide 5 - Forward Oil Sale Strategy
For reasons that are not obvious, it seems that the forward oil price hedging
strategies of small and mid-cap oil companies are not always laid out in a plain
and clear manner that allows shareholders to readily understand what their
company is doing in that regard. In this part of my address, I hope to ensure
that ROC's forward sale strategy is very plainly conveyed so that it can be
clearly understood by all shareholders.
The first thing to emphasise is that ROC's forward sale strategy reflects its
view of the oil price.
Our strategy is to give shareholders a sensibly balanced exposure to oil price
upside while, at the same time, ensuring that the Company is appropriately
protected should the oil price collapse. We have sought to achieve this in two
ways:
Slide 6 - Swaps
• Swaps. Firstly, as advised in our recently released Quarterly Report,
ROC has entered into a swap agreement with BP. Through this arrangement for
the 21 month period from March 2006 to December 2007, ROC has nominated
909,000 barrels at a price of US$49.58/bbl Brent.
In plain English, what this really means is that during most of 2006 and all of
2007, ROC will be guaranteed a sale price just shy of US$50/bbl for almost a
million barrels of oil. This represents less than 25% of the Company's
anticipated combined production for that period from the Cliff Head and
Chinguetti oil fields.
If, by the time of sale, the Brent oil price has dropped below US$50/bbl, ROC
will still receive the price established by the swap arrangement.
In essence the 'swap' allows us to lock in this price for this quantity and
period.
However, because the swap only covers a relatively small portion of the
Company's anticipated production, ROC and its shareholders should fervently hope
that when the time comes to make the swap, oil will be trading at prices above
US$50/bbl. If that happens and the swaps are 'out of the money' we will all be
delighted because the majority of the Company's production will then be sold at
even higher prices. In this sense, every time you forward sell a minority
portion of your future production you earnestly hope that it will prove to be an
overly conservative move. However, in the past, locking in a price of almost
US$50/bbl Brent would rarely have been viewed as being overly conservative!
Slide 7 - Put Option
• Put Option. Subsequent to the release of the latest Quarterly Report,
ROC has entered into a Put Option arrangement with regard to 200,000 barrels
of oil for the 10 month period between March and December 2006. The price of
the Put Option is US$40/bbl and the cost of the option is US$1.84/bbl.
Again, in plain English, the second leg of our strategy is to partially cover
the downside in the event of a price collapse.
What this really means is that during the last 10 months of 2006 ROC will have
the entitlement but, importantly, not the obligation, to sell 200,000 barrels of
its oil for US$40/bbl, no matter what price oil is selling for on the spot
market at that time. Obviously, if the spot oil price is below US$40/bbl ROC
would exercise its Put Option and the 200,000 barrels would be effectively sold
at US$40/bbl. If, however, the oil price is above $40/bbl, ROC will have the
freedom to leave the option lapse and sell those barrels into the spot market,
thereby, realising a price that will, by definition, be higher than US$40/bbl.
In this sense, those 200,000 barrels of oil remain totally exposed to high oil
price upside but there is a clear limit on their oil price downside as defined
by the US$40/bbl floor price established by the Put Option.
Again, the Put Option arrangement relates only to a small amount of ROC's
anticipated production during the relevant 10 month period: about 10%.
Hopefully, the foregoing comments give you a clear picture of what ROC is doing
with regard to forward selling the oil that we expect to produce from the
Chinguetti and Cliff Head oil fields starting in 2006. In a nutshell: we are
effectively forward selling 1.1 million barrels, a relatively modest part of
ROC's anticipated production, at what we perceive to be good prices. We are,
however, still maintaining exposure to the spot market for the majority of the
Company's production.
4. MARKET CLIMATE
Slide 8 - Market Climate
At last year's AGM it was pointed out that ROC's share price had risen by 22%
since the previous AGM in 2003.
Since the 2004 AGM ROC's share price has risen by as much as a further 40% and
it currently stands about 20% higher than this time last year.
The general strengthening of ROC's share price during the year largely reflects
a continuing positive sector sentiment fuelled by a rising oil price - which is
much the same story as the previous year.
When a commodity is 'hot' the relevant market sector will, sooner or later, move
up. Oil has become a hot commodity. Therefore, not surprisingly, the oil and gas
sector has surged. That is why energy indices and the share price of individual
oil and gas companies in various parts of the world have risen significantly,
sometimes spectacularly.
In ROC's case this upward trend is readily identified as starting in mid-2003.
Since then, ROC's share price has risen by as much as 90%, notwithstanding a
large Rights Issue in April 2004 at A$1.40/share. Today the ROC share price is
24% above the Rights Issue price and more than 60% above its May 2003 low.
As a result of the Rights Issue and the strengthening share price, ROC's market
capitalisation has increased by approximately A$200 million (more than 150%) to
more than A$300 million during the last two years.
In previous market climates such increases in market capitalisation and share
price would have been considered satisfactory, even quite good. However, when
this performance is compared to what has been happening recently in other parts
of the oil sector, particularly on the Alternative Investment Market ('AIM') in
London, the increases are probably best described as 'ordinary'.
In April 2005, a leading independent broker in London stated that ROC was
trading at a discount of 33% to Net Asset Value. The broker's report went on to
state that 'this must make ROC one of the best value stocks in the sector at the
present time' - and that was when the share price was in the A$1.80 - A$1.90
range during the first part of April 2005.
Australia has also seen a recent proliferation of oil companies. Twelve years
ago there were 16 publicly-listed upstream oil companies in Australia with a
market capitalisation in excess of US$10 million. Today all but four of those
companies are gone; mainly taken over, often by overseas corporate predators.
However, today there are more than 70 publicly-listed oil and gas companies on
ASX - a compelling testimony to the fertile environment provided by the
combination of a rising oil price and a booming stock market.
As shareholders in ROC, it will come as no surprise to you that your Company
takes a fairly sceptical view of current market trends. It has all happened
before, particularly in Australia which has some interesting experiences with
resource booms. All such booms contain their fair share of froth.
Slide 9 - The frothy bits are always first to go
Usually it's the frothy bits that go first when the boom starts to recede. In
the last few weeks we may have glimpsed the early signs of a cooling market.
Fortunately, there are a number of solid companies with real assets contained
within this present oil market boom in Australia. Not surprisingly, we would
suggest ROC is one of them. With its combination of cash and solid assets ROC
should do well in a continuing strong market and be relatively - but, obviously,
not entirely - insulated from the impact of a cooling market.
5. INVESTOR RELATIONS
Slide 10 - Investor Relations
One thing that ROC could have done better during the year relates to its
Investor Relations programme. Quite simply, we recognise that in prior years we
used to put more time into telling the story to current shareholders or
potential new investors.
The Board and Senior Management Team at ROC have discussed this matter in some
detail and we all acknowledge that a large part of the challenge has been that
management has been very much focussed on building the business. Primarily, of
course, that is what they are paid to do and we don't intend to lessen this
focus. What we do intend to do is to implement a more structured Investor
Relations programme in order to increase the likelihood that, as the Company
moves towards a significant upswing in production and continues to mature its
exploration projects, the progress that these developments represent will be
accurately recognised and reflected in the share price.
As an aside, I would highlight the fact that we shouldn't confuse relating to
investors with communicating to the market. If anybody looks at the frequency,
tone and content of ROC's Stock Exchange releases it quickly becomes clear that
ROC continually strives to speak plainly, candidly and often about the good and
the bad aspects of its various activities.
And that, Ladies and Gentlemen, would probably be a good lead into the formal
part of the meeting where we will consider the four resolutions detailed in the
Notice of Meeting distributed to you last month.
6. ACKNOWLEDGEMENTS
Slide 11 - Staff Collage
However, just before we move onto those Agenda items, I would very much like to
thank all of ROC's staff - not just the managers and senior executives, but
everyone in the world wide workforce - for another 12 months of extremely hard
work and dedicated effort.
Perhaps, one of the many points which my fellow Directors and I see which should
be highlighted to shareholders is the continuing well balanced attitude of
management towards very carefully managing the Company's resources as if the
Company's cash position was less than robust and the oil price was around US$20/
bbl. That's a healthy attitude.
Members of the Senior Management Team at ROC have been in the oil business long
enough to have accumulated sufficient scar tissue for them to realise that
relatively large bank balances and positive sector sentiment simply represent a
moment in corporate time and that both need to be very carefully and
cost-consciously managed regardless of booming markets and rampant product
prices.
Andrew J. Love
Chairman
Wednesday 11 May 2005
________________________________________________________________________________
ROC OIL COMPANY LIMITED
ANNUAL GENERAL MEETING
CHIEF EXECUTIVE OFFICER'S ADDRESS: OVERVIEW
Museum of Sydney, Sydney
Wednesday 11 May 2005
Slide 1 - Logo
As always, it is a pleasure and a privilege to present at this meeting. It is
almost like a once a year family gathering.
Slide 2 - CEO's Report
Over the last six years we have done our best to ensure that you don't just hear
from the Chairman and myself, but also from other senior managers - and as
Andrew mentioned we intend to continue the format again this year. We always try
to adhere to a constrained timeframe lest we test your patience as lunchtime
looms. However, this year may be a little different. Firstly, we actually
believe we will meet the self imposed deadline of 12:30pm for the end of the
main part of the proceedings. Secondly, after the senior managers have made
their presentations, I will deliver a five minute key note presentation prior to
a 90 second video before question time. On this basis we should be eating by no
later than 12.45pm - depending on the number of questions.
1. EXPLORATION
Slide 3 - Exploration
Wes Jamieson, ROC's General Manger-Exploration will be the first senior manager
to present after my introductory remarks, Wes will talk to you about what ROC
has done - and what it plans to do - in the realms of exploration and appraisal.
As we tried to make clear in the Annual Report: 2004 was not a good year for ROC
as far as exploration drilling was concerned. That is a fact and it needs to be
plainly stated. Let me assure you that we don't blame Wes. It's a joint
responsibility and, we would like to think, just a moment in time.
The way we look at it is that if our exploration record was being tried in a
court of law, the most recent session went badly for the Company. Fortunately,
the balance of evidence presented during the course of the entire trial
continues to fall in the Company's favour.
Since ROC became a public company, it has drilled 29 exploration wells of which
eight (28% or 1 in 3.6) have been successful. Please note that 'success' is
defined as a commercial, potentially commercial and/or a regionally significant
discovery. Two (25%) of those eight exploration successes are now subject to
commercial development: both in areas where oil had not been found before -
offshore Mauritania and the offshore Perth Basin.
ROC's main problem remains unchanged from last year: we haven't found enough oil
in the right places. It really is that simple. Our overall drilling statistics
are satisfactory but the bigger fields that we have found happen to be in areas
where we have small equities while, in the areas where we have bigger equities,
the fields we have discovered, so far, appear to be small.
ROC is yet to find a legacy asset. It has found an oil field with a reasonable
amount of recoverable reserves at Chinguetti and also an oil field with a large
amount of in-place oil at Tiof. But, in both these fields ROC has a small equity
position. The Company has also found a much smaller field at Cliff Head in an
area where it has a large equity. You can see where the obvious challenge lies:
to find a big field in an area where ROC has a big equity position. That's all
that is required!
We have been aware of this problem for a year and we are in the process of
fixing it. During the next two years we expect to drill big targets in areas
where we have sizable equities: deep water Equatorial Guinea, onshore Angola,
onshore UK, offshore Perth Basin, onshore New Zealand and,
Slide 4 - WA351P Map
as of today's announcement, in a BHP Petroleum-operated deep water permit in the
Carnarvon Basin, offshore Australia, which Wes will refer to in slightly more
detail.
It should be emphasised that the strategy we are maintaining is decidedly
organic and reliant upon future operational success. As such, it is neither an
instantaneous nor a guaranteed way of increasing the Company's reserve
inventory. However, it is the biggest and arguably, the most exciting,
exploration drilling programme in ROC's albeit relatively brief history.
2. OPERATIONS
Slide 5 - Operations
After Wes has spoken to you, Chris Way our General Manger-Operations will tell
you about some of the operations ROC has undertaken during the last 12 months.
Chris, together with his team of drilling and reservoir engineers, has been
extremely busy: the Company has participated in a total of 24 wells of which ROC
operated 5 wells (21%) spread through 3 countries and a wide variety of
environments from the Company's first deep water drilling operation, offshore
Equatorial Guinea, to drilling virtually beneath Hadrian's Wall on the edge of a
World Heritage site in northern England.
ROC is evolving into a very serious operating company. That was always one of
our goals. So far our operations have been safe and successful - although there
is never any room for complacency on either front.
3. HEALTH SAFETY ENVIRONMENT & COMMUNITY ('HSE&C')
Slide 6 - HSE&C
Which brings us to HSE&C. ROC's spread of operations has required the Company to
develop a high level of HSE&C skills. To some, this subject might appear to be
somewhat dry and superficially boring, but, I can assure you, that within ROC it
is neither of these things - and there are at least three reasons why this is
the case.
Firstly, if the Company doesn't get this aspect of its activities right then
much, maybe all, of what it tries to do in other parts of its business can
quickly become irrelevant. Maintaining positive investor perception would be a
lot harder if there was a major HSE&C problem.
Secondly, HSE&C is really interesting because it involves people: employees,
consultants, contractors, stakeholders, landowners, fishermen, whale-watchers
and archaeologists. All shapes, all sizes and all creeds. You name it and we've
probably dealt with it as part of our HSE&C programme.
If there is a third reason why HSE&C is considered to be interesting within ROC
it is because it is managed by Neil Seage, ably supported by Don Kratzing who is
also a very special HSE&C executive in a class of his own. We will hear from
Neil immediately after Chris.
4. DEVELOPMENT AND PRE-DEVELOPMENT PROJECTS
Slide 7 - Development & Pre-Development Projects
After Neil has spoken, Bruce Clement, our Chief Operating Officer, will give you
an overview of Chinguetti and some of the eight other fields which reside within
the Company's portfolio in addition to Cliff Head.
Some of these fields are not currently the subject of much public focus although
some may move into the development stage within the next several months.
Sometimes we think that we are so busy running the day-to-day operations that we
don't spend enough time drawing the attention of the investment community to
this fact. These fields - the next wave of projects heading for ROC's shore -
currently represent the future that awaits ROC beyond Cliff Head and Chinguetti.
5. CLIFF HEAD PROJECT
Slide 8 - Cliff Head
The last senior management presentation will be from Duncan Mitchell, ROC's
Project Manager for the Cliff Head Development. As you might imagine, Duncan has
had a very interesting time over the last many months as Cliff Head delivered a
series of mixed results against an extremely volatile global industry backdrop
caused by rising prices and rising costs. As you are aware, the Cliff Head Field
emerged from this commercial and technical turbulence bruised, but,
commercially, intact, albeit somewhat reduced in size. Hopefully, we have seen
Cliff Head's low point.
Now, let's hear from our General Manager - Exploration, Wes Jamieson.
________________________________________________________________________________
ROC OIL COMPANY LIMITED
ANNUAL GENERAL MEETING
CHIEF EXECUTIVE OFFICER'S ADDRESS (PartII): 3 KEY POINTS
Museum of Sydney, Sydney
Wednesday 11 May 2005
I have allocated just 5 minutes for the second part of my CEO's address: the
sequel as it were. By deliberately constraining the time in which I have to
deliver these comments I am hoping to emphasise their importance. I didn't want
to risk loosing their relevance in the midst of a broader, looser commentary.
I only want to highlight three points - but they are, I believe, very important
points.
Slide - ROC: Viewed & Valued as a whole
VALUE
ROC needs to be viewed and valued in its entirety, not by focussing on its
component parts.
Investors, not only in Australia but also in Asia and Europe, generally have a
perception of ROC that reflects their geographical location.
Slide - Globe with Australia & Mauritania
In Australia, most shareholders and potential investors, seem to focus on ROC's
activities in the offshore Perth Basin, particularly at the Cliff Head Oil Field
and, to a lesser extent, offshore Mauritania.
Slide - Globe with China
In Asia, the investment community appears to be mainly interested in what the
Company is doing in China - and what it may do in that country in the future.
Slide - Globe with UK & West Africa
In London most shareholders and investors think of ROC primarily in terms of its
interests in West Africa and, to a lesser extent, the North Sea.
Slide - Bucket of money
Of course, everyone, everywhere, sees and understands the cash component of the
Company quite clearly!
Slide - Globe
The more accurate view is that ROC is more than the sum of its component parts.
ROC is certainly more than just some of its parts!
The Company should be viewed and valued in its entirety. That is the message
which we will try to communicate more clearly to the investment community
between now and the next AGM.
Slide - Strategy
STRATEGY
The second of the three points that I would like to emphasise is that ROC has a
clear and carefully considered strategy - and that strategy is not subject to
change. It is a strategy which is precisely tuned to the skill set of the
Company's workforce and its corporate ambitions.
ROC is an international operating company focussed on opportunities that are
undervalued and overlooked, the merits of which are not always immediately
obvious to other industry participants. 'Sensibly contrary' is how we described
this strategy in ROC's 1999 Initial Public Offering Prospectus - and that is how
we describe it today.
Slide - ROC's Portfolio - First contact/entry date
Appropriate opportunities are generally identified through ROC's network of
individual contacts within the industry and investment communities. We have an
active dislike of industry auction rooms and will only visit them in the rare
event that there is a good strategic reason to do so.
Often the Company has been able to identify a low cost initial entry point into
a target transaction, usually via an option arrangement. Occasionally we enter
into deals through other doors but we really do like optionality.
We can move very quickly but also, when required, we have a deep reserve of
corporate patience. Our entry into Angola offers ample evidence of this.
We like to operate, but realise we can't - and shouldn't - always seek to
operate every project. We're a slave to economic analysis - although in this
market that can work to your short term detriment.
ROC is more risk averse than might be immediately apparent from the geographical
spread of it's acreage.
When you mention 'sensibly contrary' some people immediately think in terms of
location, usually a remote and sometimes strange part of the globe. That is not
how we think. Within ROC 'sensibly contrary' relates to the opportunity; the
location is just a by-product.
In fact, just over 80% of ROC's net acreage holding around the world is in the
UK, Australia and New Zealand - hardly the heights of geographical exotica! -
and just over 80% of ROC's total 2005 Budget will be spent in those countries,
as will almost 50% of the Company's 2005 Exploration expenditure.
Our 'sensibly contrary' strategy is no guarantee of success. Sometimes it fails.
When that happens we are quick to recognise the 'F' word and we cut our losses
as best we can.
Sometimes, arguably, quite often, the strategy succeeds. We like it when that
happens, but we never fall in love with our successes.
From the vantage point of 2005 we can already see several examples of our
strategy in success mode, including the acquisition of physical assets onshore
UK in 1999; offshore Perth Basin in 2000; and offshore Mauritania in 2001. It is
too early to comment on the success or otherwise of the acquisitions ROC made in
China in 2002 and New Zealand in 2003.
Perhaps, we don't always convey our strategy to the market as clearly as we
should. As a result, some parts of the investment community, particularly in
Australia, may gain the impression that ROC's geographic diversity is synonymous
with poorly defined strategic thinking. Not surprisingly, we think that view is
wrong. The main reason that our portfolio is geographically diverse is because
we have met with a greater spread of success than expected. It is true that the
degree of individual success has not been as great as we would have liked, but
with fields being appraised or developed in China, Australia, Mauritania and the
United Kingdom, a largely free-carried interest through a deep water well
offshore Equatorial Guinea and an exploration programme that can truly be
described as historic, about to start onshore Angola, it is a little difficult
to know which part of the portfolio we should divest just so that we will be
able to say that the Company is becoming more geographically focussed. It's like
a father with seven children being told that seven is too many - it's hard to
know which ones to give back! There is a difference of course: you love your
children but, as I said earlier, you never fall in love with your assets.
FUTURE
Slide - Future: Crystal Ball
Trying to forecast the future is a dangerous pastime for any CEO particularly if
he or she works for a small or mid cap resource company - there are always so
many variables beyond his or her control. ROC has deliberately been coy about
predicting its future in terms of production etc. When we look at what has
happened to some good faith, technically sincere, production predictions made by
other peer companies around the world we don't see any compelling reason to
alter this stance.
However, the Chinguetti and Cliff Head fields are now firmly headed towards
first oil. In both cases the finishing line - or, if you prefer, the starting
line - is less than a year away. Therefore, I'll take my courage in both hands
and make three predictions:
• Firstly, if, by the time of next year's AGM, ROC isn't producing between
5,000 and 10,000 BOPD you will be looking at a very disappointed group of
directors and managers. It is not that we expect the Chinguetti and Cliff
Head developments to proceed on a, Teflon-like, trouble-free, basis. The
offshore oil development business rarely works like that. Of course, there
will be hitches and glitches and perhaps, even some delays - all will be
keenly observed by, and very obvious to, the market. However, by this time
next year, most of these inevitable start-up problems should all have been
largely ironed out and the oil should be flowing at 5,000 to 10,000 BOPD,
even as we present to the 2006 AGM.
• Secondly, as ROC shareholders all of us will experience a number of
potential company-making moments between now and next year's AGM. These will
be the results of the fully funded exploration drilling programme which is
already underway; the largest in the Company's history. The combination of
two or more field developments driving a material rise in oil production
just as a very aggressive exploration drilling programme unfolds across the
globe, is the stuff which oil companies are made of - and it's the stuff
that makes oil companies!
Slide - Conveyor Belt
• Finally, we will continue to move our key projects along the ROC
conveyor belt and will do our best to maintain an appropriate supply of
new ventures. That is what ROC has done in the past and that's what we
intend to do in the future.
FINAL COMMENTS
Now we will end with something a little unusual. As you are aware, the seismic
survey which ROC hopes to commence onshore Angola in the next month or two will
be the first on-the-ground exploration activity in that country since 1972. To
bring home to all of us just how long ago that is
Slide - what else happened in1972
these are the things that were happening around the world at that time.
What you are about to see is a 90 second video that started life as a 8mm film
home movie in 1964. That was when the first well was drilled in the Cabinda
South Block. Happily it was a discovery and resulted in a flow of oil and gas to
surface. While there is nothing that the video can teach us about Health,
Safety, Environment and Community matters from a 2005 vantage point it is both
unusual and interesting for a company with a permit in a very petroliforous
basin that hasn't been explored for 33 years to have a video of the first well
that was drilled in the area 41 years ago.
*Copies of slides and presentations to the AGM are available on ROC's website.
(http://www.rocoil.com.au/Pages/ASX_Releases/2005_Releases/May-2005.html)
For further information please contact:
Dr John Doran on
Tel: +61-2-8356-2000
Fax: +61-2-9380-2635
E-mail: jdoran@rocoil.com.au
Or visit ROC's website: www.rocoil.com.au
Dr Kevin Hird
General Manager Business Development
Tel: +44 (0)207 586 7935
Fax: +44 (0)207 722 3919
Email: khird@rocoil.com.au
Nick Lambert
Bell Pottinger Corporate & Financial
Tel: +44 (0)207 861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
AGMGUUAWAUPAUQG