Basker-Manta-Gummy ('BMG'): A

RNS Number : 6696X

Roc Oil Company Limited

19 August 2009

 



19 August 2009 

ROC OIL COMPANY LIMITED ('ROC')

STOCK EXCHANGE RELEASE

BASKER-MANTA-GUMMY ('BMG'): ASSET SALE COMPLETION

Following receipt of government and joint venture approvals and satisfaction of other conditions precedent, Anzon Australia Pty Limited, a wholly owned subsidiary of ROC, has completed the sale of a 10% participating interest in Production Licences VIC/L26, VIC/L27 and VIC/L28, offshore Victoria, which include the BMG project, to PT Pertamina Hulu Energi Australia Pty Limited, a subsidiary of the Indonesian National Oil Company. The effective date of the sale is 1 April 2009. Total cash consideration including working capital was US$31.5 million.

BMG joint venture participating interests are now:

Anzon Australia Pty Limited (Operator)...........................30%

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

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

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

PT Pertamina Hulu Energi Australia Pty Limited..................10%

Matthew Gerber

Manager

Investor Relations & External Affairs 

For further information please contact:

Mr Bruce Clement

Chief Executive Officer

Tel: [phone]

Email: [e-mail]

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]

For the purposes of the AIM Rules for Companies for the four month period to 31 December 2008, the interest being sold contributed to ROC a trading profit (excluding tax and impairment) of US$1.2 million.

 

END

 

 

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