Basker-Manta-Gummy ('BMG') Oi

RNS Number : 6359N

Roc Oil Company Limited

20 February 2009

 



20 February 2009

ROC OIL COMPANY LIMITED ('ROC')

STOCK EXCHANGE RELEASE

BASKER-MANTA-GUMMY ('BMG') OIL & GAS PROJECT

Reference is made to the Stock Exchange Release made on 19 December 2008 by ROC on behalf of its subsidiary, Anzon Australia Limited ('AZA') in relation to termination by the participants in the BMG Project of the Letter of Intent ('LOI') with BW Offshore ('BW') for supply of a floating production and storage and offloading vessel ('FPSO') for the proposed BMG Phase 2 Project.

AZA has today received notice of a claim against the participants in the BMG Project by BW in the Federal Court of Australia seeking recovery of costs relating to terminating third party vendor contracts entered into by BW in relation to performance of initial activities under the LOI. Costs claimed are in the order of US$90.1 million. Participants in the BMG Project dispute that these costs are payable and intend to defend the claim.  

Participating interests in the BMG Project are as follows:

Anzon Australia Limited (Operator)...................................40%

Beach Petroleum Limited..................................................30%

CIECO Exploration and Production (Australia) Pty Ltd.....20%

Sojitz Energy Australia Pty Ltd..........................................10%

Matthew Gerber

Manager 
Investor Relations & External Affairs

For further information please contact:

Mr Bruce Clement

Chief Executive Officer

Email: [e-mail]

Tel: [phone]

Fax: [phone]

Or visit ROC's website: www.rocoil.com.au

Michael Shaw

Oriel Securities Limited (Nominated Adviser)

Tel: [phone]

Bobby Morse

Buchanan Communications

Tel: + 44 (0)20 7466 5000

Fax: + 44 (0)20 7466 5001

E-Mail: [e-mail]

Mob: [phone]

 

END

 

 

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