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Company Profile

ROC is one of Australia’s leading independent upstream oil and gas companies.

Incorporated in Australia, ROC listed on the Australian Stock Exchange (ASX) in 1999.  ROC currently has approximately 713 million shares on issue.

The Sydney-based company has a strong operating emphasis, an international focus and a global workforce of approximately 160. ROC’s value drivers include:

  • proven team with strong technical, operational and financial abilities;

  • balanced and diversified asset portfolio;

  • exploration in established and frontier regions;

  • pipeline of multiple development projects; and

  • six existing production assets.

Although ROC’s assets are spread across four geographic regions (Australia, China, Africa and UK), the company is predominantly focused on Asia and Australia,  with Australian and Chinese assets providing around 75% of production and 2P Reserves.

ROC constantly evaluates the cost effective development and acquisition of new and existing exploration and production assets. ROC’s preference is to take meaningful interests of between 30-40% in such assets, preferably as operator. ROC utilises established relationships with partners, governments and national oil companies to identify and develop opportunities: ROC operates for PetroChina, CNOOC and Sinochem.

ROC is operator of the following production assets: the Cliff Head Oil Field, offshore Perth Basin, Western Australia; the Basker-Manta-Gummy Oil and Gas Fields, Bass Strait, Australia; the Zhao Dong C&D Oil Fields and C4 Oil Field, Bohai Bay, offshore China. ROC is also the operator of exploration and appraisal assets in: offshore Perth Basin, Australia; Beibu Gulf, offshore China and two offshore blocks in the Mozambique Channel. 

ROC successfully completed a merger with Anzon Energy Limited (AEL) in September 2008 and an off-market takeover of Anzon Australia Limited (AZA) in October 2008. 

Corporate History

2010 ROC increased its New Zealand exploration acreage position in May with new interests in two offshore Taranaki Basin permits: farming into PEP38524; and being awarded operatorship of PEP52181.
2010 ROC announced on 3 February that remaining gross 2P Reserves at the BMG project were reduced from approximately 18 MMBBL to 3 MMBBL subject to further development activity.
2009 Delists from AIM (effective 2 November)
2009 Raised approximately A$68.8 million through a fully underwritten institutional placement of approximately 88.2 million new ordinary shares at an issue price of A$0.78 per share and A$26.2 million through a share purchase plan, which offered eligible shareholders the opportunity to purchase up to A$15,000 worth of shares at A$0.71 per share.
2009 Sold a 10% participating interest in BMG to Pertamina, the Indonesian National Oil Company.  Total cash consideration for the sale was US$31.5 million including working capital.  ROC retained a 30% interest and remained operator of the BMG project.
2009 Farmed out a 45% interest in the Cabinda Onshore South Block, Angola to Pluspetrol Resources Corporation, which also became operator.  ROC retained a 15% interest in the block and a free-carry through the full 2009 work programme.
2008 Following the successful construction and commissioning of new facilities, oil production commenced in October from the C4 Oil Field (ROC: 11.575% & Operator) and Extended Reach Area Fields (ROC: 24.5% & Operator) of the C&D Fields in the Zhao Dong Block, Bohai Bay, offshore China.
2008 Completed successful off-market takeover of Anzon Australia Limited (AZA) in October. ROC's offer was 0.792 ROC shares and $0.05 cash for every AZA share.
2008

Merger with Anzon Energy Limited (AEL) became effective on 8 September.  ROC's final consideration was 1.32 ROC shares for every AEL share.

2007 Oil production commenced at the Blane Field, North Sea, in September.
2007 Oil and gas production commenced at the Enoch Field, North Sea, in May.
2006

ROC completes fully underwritten pro-rata renounceable 3 for 8 rights issues of approximately 81 million ordinary shares, with an issue price of $2.70 per share, raising gross proceeds of $219 million on 8 December 2006.

2006

ROC acquired 24.5% operated interest in the Zhao Dong Block ("Block"), in Bohai Bay, offshore China for US$260 million.  The Block is part of a prolific petroleum province offering considerable upside potential with gross proved and probable remaining reserves of approximately 57.5 MMBO, and production in the order of 22,000 BOPD.  The transaction completed on 8 August 2006.

2006 ROC makes a potentially significant oil discovery Wei 6 -12S -1, in Block 22/12, Beibu Gulf, offshore China.  Pre-development studies are ongoing.
2006 Oil production commenced at the Cliff Head Oil Field, Perth Basin, offshore Western Australia in May.
2006 Oil production commenced at the Chinguetti Oil Field, offshore Mauritania in February. 
2006 ROC raises A$75.9 million/GBP 32.2 million before expenses by placing 28,000,000 fully paid ordinary shares with UK based institutional investors at a price of A$2.71 / £1.15 per share.  This price was a 1.5% discount to the volume weighted average price for the first 12 days of January 2006 and equivalent to the volume weighted average price of shares traded within  the previous month.  
2005 ROC raises US$15 million by placing 10 million shares at A$2.00 per share, a significant premium to the then share price.
2005 ROC sells Saltfleetby Gas Field in Lincolnshire for A$111 million after producing A$350 million in sales revenue.
2004 ROC undertakes a 3 for 5 share rights issue at a price of A$1.40 per share, raising A$92 million, underwritten by Goldman Sachs JBWere Pty Ltd and Patersons.
2004
 ROC lists on the Alternative Investment Market (AIM) of the London Stock Exchange.
2004 ROC activates the Onshore Cabinda South PSC in Angola in November.
2001 ROC’s first well in Australia discovers the Cliff Head Oil Field – first oil produced in May 2006.
2001 ROC’s first well in Africa discovers the Chinguetti Oil Field – establishing offshore Mauritania as an emerging new oil province.
2001 ROC exercises its option to acquire shares in Elixir Corporation Pty Ltd which held interests ranging from 2% to 2.7% in all of the licensed areas offshore Mauritania. ROC subsequently increased its interests to 2.0%-5.0%.
1999 ROC acquires a suite of oil and gas assets onshore eastern England and in the UK North Sea for A$115 million. The core asset, the then undeveloped Saltfleetby Gas Field in Lincolnshire, became recognised as Britain's largest onshore gas field.
1999 ROC lists on the Australian Stock Exchange, raising A$150 million through an initial public offering and giving its original private shareholders liquidity within three years of the Company being established.
1997 ROC starts as a privately owned company. The shareholders were primarily the current Board and Management, blue-chip corporate entities and high net worth individuals.