Companies / China
Roc Acquisition Doubles Reserves Position
June 2006 | Company News AlertAustralia's Roc Oil has bought various concessions in China's Bohai Bay from US-based exploration independent Apache, transforming the group's international portfolio and giving an indication as to management's future strategic direction. The deal will increase total group output from 4,500 barrels per day (b/d) to 12,000b/d and double its oil reserves to reach 30mn barrels of oil. The US$260mn deal with Apache was financed under a 12-month debt facility but still leaves Roc with US$58mn in cash
Sorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
If you would like to subscribe to Asia Pacific Oil and Gas Insight and gain instant access to this article, please click here to subscribe.
If you would like to take a trial to Asia Pacific Oil and Gas Insight please click on the trial link below.
