exciting news for roc holders

Great news, hope they move quickly on it as I have always thought that this one is ROC's great hope.

There are apparently numerous medium sized prospects ONSHORE (cheap drilling) and adjacent to and on trend with the giant fields offshore Angola (Cabinda section) and those in the Congo next door. From memory, the ROC RISC (independent expert opinon) document suggested that this was probably ROC's most prospective acreage (not sure, however, whether they included Mauritania in that calculation).

Making it even better, ROC has an 80% interest.

Now that the peace seems relatively well established, I will watch ROCs progress with this one with much interest and hopeful anticipation.

Cheers
OG


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TRIGGERING OF PSA.
Consistent with its previous public releases regarding the Company’s planned activities onshore Angola, ROC is pleased to advise that it has formally agreed with Sonangol that the effective date for the PSA pertaining to the Cabinda South Block (“the Block”), onshore Angola, shall be 1 November 2004. Triggering the PSA will end a 32 year period of petroleum exploration inactivity onshore Cabinda and is expected to lead to commencement of on-the-ground work in the first half of 2005.
As a result of triggering of the PSA, ROC, which has an 80% working interest and a 100% contributing interest in the Block, will pay to Sonangol a Signature Bonus of US$6 million. The remaining 20% interest in the Block is owned by Sonangol, which will be carried through the exploration phase. The term of the PSA, including two renewal periods, is six years. The minimum Work Programme for the first four years includes seismic acquisition and three wells. Further details about the Block can be found on ROC’s website and in its ASX Release dated 26 August 2004.
Commenting on the triggering of the PSA, ROC’s Chief Executive Officer Dr John Doran stated that
"ROC has been steadily putting its Angolan strategy in place since 1998 when it first tried to acquire and accumulate equity in the Cabinda South Block. Six years later, ROC has an 80% interest and has formally agreed to trigger the PSA. Its been quite a journey. However, all we've really done is travelled to the starting line - now comes the real business of looking for and hopefully finding, significant amounts of oil onshore Cabinda. Consistent with statements made in ROC's Renounceable Rights Issue it is quite possible that ROC may farmout a minority interest in the Cabinda South Block but only on terms which reflect the upside potential of the area."