Roc lowers Equatorial Guinea stake

Roc, lowers, Equatorial, Guinea, stake, Oil, africa, explorationRoc Oil to farm down its interest in Block H, off Equatorial Guinea, to West Africa-focused White Rose Energy Ventures

Australia's Roc Oil has agreed to farm down its interest in Block H, off Equatorial Guinea, to West Africa-focused White Rose Energy Ventures

Under the deal Roc will see its interest in the block farmed down from 37.5 per cent to 20 per cent and will relinquish 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.

Redeploying capital

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 Alan Linn said.

The farm-down of Roc’s interest in Block H allows 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.

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