Australia’s Roc Oil said the development of its new projects will be supported by a strengthening of its cash position and oil prices.
During the last quarter, Roc sold a 10% interest in the BMG project to Pertamina for $31.5 million and raised A$68.8 million from a share placement.
Cash raised from the BMG stake sale and the equity exercise will help fund its BMG Phase 2 gas project and the Beibu Gulf Oil project. Roc is aiming to secure approvals for both of these projects before the end of 2009.
Roc posted sales revenue of $102.1 million for the first half ended 30 June 2009.
Average production for the first half stood at 11,535 barrels of oil per day.
Production for June quarter averaged 10,293 boe per day, down 20% on the previous quarter primarily due to a combination of planned and unplanned downtime at the Basker-Manta-Gummy (BMG) and Cliff Head fields.
Roc stuck to its annual production guidance of 4 million barrels of oil equivalent on expected improvement from the planned workovers at Cliff Head and the current development drilling and workover programme at BMG.
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