ROC serves notice of New Zealand permit exit

Offshore staff

SYDNEY, Australia – ROC Oil (Taranaki) intends to withdraw from exploration block PEP52181 in the Taranaki basin off New Zealand, pending government approvals.

ROC does not carry any value for exploration block PEP52181 on the balance sheet.

Alan Linn, ROC’s CEO, said: “As previously reported, ROC has been working to farm-down its 50% interest in PEP52181 to provide a more balanced equity position prior to entering into a commitment to drill an exploration well on the Kaheru prospect.

“The decision to withdraw from the permit was based on the need for ROC to carefully balance expenditure and risk profiles over the coming years, as the company enters into an intensive period of activity, especially at the Beibu Gulf project, offshore China, and the Balai Cluster Risk Service Contract, offshore Malaysia.”

3/23/2012

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