ROC exits Indian Ocean concessions

ROC has agreed to sell its 75% interest in the Juan de Nova Maritime Profond block in the Indian Ocean to South Atlantic Petroleum JDN SAS for up to $8.5 million.

Offshore staff

SYDNEY, Australia -- ROC has agreed to sell its 75% interest in the Juan de Nova Maritime Profond block in the Indian Ocean to South Atlantic Petroleum JDN SAS for up to $8.5 million.

The concession is in the French Exclusive Economic zone off the coast of Juan de Nova Island (Mozambique Channel).

Roc Oil (Madagascar), a wholly owned subsidiary of ROC, also has relinquished its 75% interest in the Belo Profond block offshore Madagascar (Mozambique Channel). Current joint venture partner Marex MC will take on this interest.

Alan Linn, ROC’s CEO, said: "ROC’s strategy is to generate future growth through exploration, appraisal, and pre-development opportunities located in the focus region of China, Southeast Asia, and Australasia. The deepwater and frontier exploration characteristics of the Mozambique Channel blocks are not consistent with this strategy.

“ROC’s exit from the Mozambique Channel will allow the redeployment of capital and resources to pursue opportunities more consistent with the company’s strategy. ROC will continue to pursue the divestment of its remaining African assets, which are located offshore Equatorial Guinea and offshore Mauritania."

07/08/2011

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