SYDNEY, Australia – ROC subsidiaries Roc Oil (Mauritania) Co. and Roc Oil (Chinguetti) BV have agreed to sell for $4 million their interests offshore Mauritania to Tullow Mauritania Ltd., Tullow Petroleum (Mauritania) Pty Ltd, and Tullow Chinguetti Production Pty Ltd.
Subject to normal terms and conditions, the sale effective date will be Jan. 1, 2011.
"The sale of offshore Mauritanian interests signals the final element of ROC’s objective to exit or farm down its African acreage exposure,” said Alan Linn, ROC CEO. “The exit from Africa will allow ROC to redeploy capital and resources to pursue opportunities more consistent with the Company’s strategy to generate future growth through exploration, appraisal and pre-development opportunities located in the focus regions of China, South East Asia and Australasia. The recent award of the Balai Cluster Small Field Risk Service Contract in Malaysia is an example of how ROC is successfully pursuing this strategy.”