Roc Oil Company Limited
18 January 2006
18 January 2006
ROC OIL COMPANY LIMITED ('ROC')
STOCK EXCHANGE RELEASE
OFFSHORE MAURITANIA: MEDIA SPECULATION
ROC advises that in the last 24 hours it has become aware of media speculation
regarding certain recent events in Mauritania and their postulated relationship
to contracts with foreign companies, including offshore Production
Sharing Contracts ('PSCs') operated by Woodside Mauritania Pty Ltd ('Woodside').
In this context, ROC offers the following comments which are provided on the
basis of its best understanding of the current situation:
• The Chinguetti Development Project remains on schedule for first oil in
late February 2006.
• As Operator of the relevant Joint Ventures, Woodside is continuously and
routinely engaged in discussions with the Mauritanian Government.
Most recently, some of those discussions have focused on certain
elements of documents which are ancillary to the PSCs (the 'Ancillary
Documents').
• The Ancillary Documents refer to amendments and clarifications to the
PSCs which were negotiated with the Government of Mauritania by Woodside on
behalf of the Joint Ventures and approved by the Government of Mauritania,
prior to becoming law in 2005.
As a non-operating participant with small interests in offshore areas operated
by Woodside, it is not appropriate for ROC to comment further, other than to say
that discussions such as those occurring between Woodside and the Government of
Mauritania are not uncommon in the international oil and gas industry. Often
this is due to the need for clarification of various non-core elements in
documented agreements, which typically arises as a Joint Venture moves from
early stage exploration to first oil production.
Michelle Manook For further information please
General Manager - Corporate Affairs contact:
Dr John Doran on
Tel: +61-2-8356-2000
Fax: +61-2-9380-2635
Email: 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
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.