19 August 2011, Sweetcrude, Abuja – Australia’s Roc Oil has agreed to slash its interest in Block H, off Equatorial Guinea, to West Africa-focused White Rose Energy Ventures.
The new development will see Roc’s interest in the block farmed down from 37.5% to 20%, with the company relinquishing technical operatorship of the permit to White Rose.
In exchange, White rose will make an upfront payment of $900,000, free carry Roc through the drilling of an exploration well and pay additional bonuses subject to the success of the well.
Roc said Block H contained a number of leads including the Aleta-1 prospect, a large Cretaceous channel sand system, which is expected to be spudded next year.
“The farm-down of this asset will allow Roc to redeploy capital and resources to pursue opportunities more consistent with the company’s strategy, whilst retaining exposure to the potential upside provided by the Aleta-1 prospect,” Roc chief executive officer, Alan Linn, said.
The farm-down of Roc’s interest in Block H ollows the sale of its stakes in a number of African blocks as the company looks to switch its focus to opportunities in the region of China, South East Asia and Australasia.
Earlier this year, Roc sold its 10% stake in the Cabinda South licence, onshore Angola, and its 75% interest in both the Juan de Nova Maritime Profond Block, off Juan de Nova Island, and the Belo Profond Block, off Madagascar.
Linn said the company was still looking to offload its remaining offshore Mauritania assets.
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