Roc Oil exiting Mozambique Channel, Africa assets

By OGJ editors
-- Roc Oil Co. Ltd., Sydney, will refocus in China, Southeast Asia, and Australasia, ultimately selling all of its interests in Africa, the company said.

South Atlantic Petroleum JDN SAS, a subsidiary of South Atlantic Petroleum Ltd., will pay $8-8.5 million for Roc Oil’s 75% interest in the Juan de Nova Maritime Profond block in the French Exclusive Economic Zone in the Mozambique Channel off Juan de Nova Island (see map, OGJ, Feb. 2, 2009, p. 40). Effective date of the sale is July 1.

The agreement is subject to normal industry terms and conditions, including the receipt of relevant joint venture waivers or approvals and all necessary government approvals. Due to the approval process, the sale may not close in 2011, Roc Oil said.

Meanwhile, Roc Oil (Madagascar) Pty. Ltd. has withdrawn from its 75% interest in the Belo Profond block in the Mozambique Channel off Madagascar, effective June 23. Marex MC Inc., Houston, ROC’s current joint venture partner, has elected to take assignment of ROC’s entire interest in Belo Profond.

Roc Oil exited its Angola onshore acreage in May and is pursuing divestment of its remaining African assets off Equatorial Guinea and Mauritania.

The company said the deepwater and frontier exploration characteristics of the Mozambique Channel blocks are not consistent with its strategy to generate future growth through exploration, appraisal, and predevelopment opportunities in the China-Southeast Asia region.

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