Roc Oil Company Limited (ASX:ROC) is getting closer to gaining access to oil fields in Malaysia.
The oil and gas explorer has partnered with local Malaysian company Dialog, so they can explore undeveloped marginal oil fields.
Today’s Australian Financial Review says Roc and Dialog’s partnership was necessary before Roc could gain access to Malaysian fields, and that the news significantly lifted Roc’s share price.
Today’s news comes after Roc announced earlier in the year that it expects the development of multiple Chinese offshore fields to produce up to 20,000 barrels of oil a day for around two years before declining, with the first oil expected before the end of next year.
In the year to December 31, 2010, Roc Oil posted a loss of $35.3 million.
ROC Price at posting:
41.0¢ Sentiment: None Disclosure: Held
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