Question: Are we expecting an update announcement soon on the progress of the repair work at BMG?
The Crystal Ocean FPSO and Basker Spirit tanker have returned to the BMG field. The field is being gradually brought back online. ROC anticipates releasing an activities update on BMG operations in the next two weeks once production levels have stabilised and the company is in a position to provide some guidance on anticipated future production levels.
Question: We believe the company stock holding from the current CEO and directors are too low, there is not much drive behind them to work on the company share price?
The current company CEO and directors increased their combined holding in ROC by 435,506 shares over the past year. In response to recent legislative changes and productivity commission reports, the company is developing a new share/option plan for the board and all employees. Details of this revised share/option plan will be provided in due course.
Question: Next year’s exploration budget.
It is anticipated that the exploration budget for 2010 will be between US$20-30 million (more than double 2009 levels). There is anticipated drilling offshore Equatorial Guinea (Aleta prospect) and offshore Carnarvon Basin (WA-351-P). I would refer you to recent presentations on the website for an indication of potential exploration activity over the coming two years. The company is working hard to develop an attractive and prospective suit of exploration acreage to bolster growth beyond 2012. Planned progress of the Beibu Gulf oil project and BMG Phase-2 Gas Project should provide production growth for the company in 2012.
ROC Price at posting:
63.5¢ Sentiment: None Disclosure: Held
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