||ORD SHS NPV
||EPS - Basic
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|Oil & Gas Producers
Real-Time news about Roc Oil (London Stock Exchange): 0 recent articles
|dougdig: 10 May 2013
CHAIRMAN'S ADDRESS TO SHAREHOLDERS AND AGM
Attached is the Chairman's address to shareholders and AGM presentation being presented today in Sydney
at ROC's AGM. A copy of the presentation is also available on ROC's website:
& Chief Executive Officer
For further information please contact:
Investor Relations & Corporate Affairs
1 | P a g e
The Annual General Meeting provides an opportunity to not only review the past
year it allows your directors and senior management to talk about the year ahead
and the future direction and strategy of your company.
In my report to shareholders contained in the Annual Report I deal with some of the
key issues over the last year and some important strategic steps going forward.
It is worth for the moment recapping on the financial performance of the last year.
The underlying business profitability and liquidity improved appreciably in the year
ended 21 December 2012.
Additionally, and equally importantly, we operated safely and had no material
environmental incidents at our operations.
In summary, we have made good progress in the year building on the strategy put in
place 3 years ago to restructure and refocus the Company.
The new year has also started well on a number of fronts.
We released our quarterly activity report to the market on 29 April.
Year to date, our production is on track with our guidance.
Importantly, we have had a number of milestones with the delivery of first oil at
Beibu in March, on time and on budget. The project is ramping production up in line
with the project schedule with more wells being brought on line over may/June.
We have had some success in Malaysia with the initial results from the appraisal
wells in the Balai cluster project.
In the year ahead we see production from Beibu reaching plateau levels in late 2013;
further operational enhancements; and additional drilling at Zhao Dong also
contributing to production rates.
Blane, our non-operated North Sea project, is performing ahead of forecast, which is
pleasing after a period where production was shut in.
From a strategic perspective, developing our Malaysian opportunity with our
partners is a key imperative.
For this project, 2013 will be crucial as a number of key milestones will have to be
achieved which include:
2 | P a g e
Completion of pre-development phase;
Agreement with partners as to economic viability; and
Submission by the joint operating company, BC Petroleum (ROC 48%), of the
field development plan.
Additional complementary China projects are under review as is advancing the
rebuilding of our exploration function, which is progressing.
The CEO's report will demonstrate the depth and level of activity currently being
undertaken by the Company.
The share price last year came off a low in December 2011. It performed well in the
year and in the first few months of this year but has since given up some of those
I think there is now a better recognition of what we are doing and how we are
executing. While one cannot predict which way the markets will go, as they are very
fickle at present, the Board and executives' focus is very much on the profitable
execution of the business strategy, recognition from the market and value
enhancement will follow. We have to a degree seen this in the last 12 months.
We are focused on ensuring this continues.
I want to take a moment to talk about last year's first strike against the remuneration
report and the steps taken by the Board to address this issue.
At the Company's 2012 AGM, the Company received votes against its Remuneration
Report greater than 25% of the votes cast. At the time of this 'first strike', the
Company's corporate and remuneration strategies were already in place for 2012.
The Company and Board have engaged at length with various stakeholders since
then. During 2012, the Remuneration Committee, on behalf of the Board, engaged
remuneration consultant Aon Hewitt to undertake a comprehensive compensation
review across the organisation globally. In the review it was recognised that
demonstrating the link between pay and performance was critical to stakeholders
and a key component and outcome of the review was the linking more closely with
As a result of engagement with proxy advisers and stakeholders, the resolution to be
put to the meeting pertaining to remuneration has received overwhelming support
and this will be disclosed later in the meeting.
A consequence of the review is that key changes have been made to the CEO Alan
Linn's performance linked pay with effect from 1 January 2013 and will be made to
all senior management performance linked pay from 1 January 2014.
3 | P a g e
These changes see short terms bonuses historically paid in cash being paid partly in
cash and partly in deferred equity.
Changes are also to be made to the performance conditions attaching to equity
rights granted under ROC's long term incentive plan.
In line with market trends and stakeholder feedback, the "continuous employment"
and "absolute shareholder return" conditions are to be removed altogether as they
are considered not sufficiently demanding.
Consideration has been given to the inclusion of a pure accounting performance
measure such as earnings per share but this condition was regarded as no longer
consistent with market practices across peer groups and was also seen as unreliable
in variable economic conditions. Following a detailed assessment of current market
practices and peer group long term incentive plans, the Company will proceed with
two performance conditions attaching to rights to equity granted under the long
term incentive plan based on relative total shareholder return or TSR measured over
three years against two different peers groups; an indexed group and a selected and
disclosed comparator group. Going forward we believe that these two conditions
will be both motivating and challenging and will require outperformance by senior
management against very clear external benchmarks.
At this meeting the Board is asking you to approve the equity components of the
short and long term incentive awards to Mr Linn for 2012 performance which are all
based on these proposed changes.
In conclusion we have had a good year but the job ahead is to build on this and
ensure that this translates into improved share price and underlying fundamentals of
your business. This will ensure long term shareholder value is achieved.
I want to thank the Board, Alan Linn and his management team and staff for their
efforts during the year.
To shareholders, on behalf of the Board we also thank you for your continued
support and look forward to a positive and profitable 2013 and beyond.
Andrew J Love
10 May 2013
|ammons: 30% increase in what? Production? Reserves? Share price? Which analysts are you referring to?|
|eddie catflap: http://www.rocoil.com.au/Public/Investor_Centre/Announcements.aspx
Second page states......
The offer is open to Australian and New Zealand shareholders on the share
register of ROC on the Record Date of 7.00pm (Sydney time) on 30 June 2009.
(However, don't feel too bad at our exclusion. The placing price is A$0.78 where as the share price is currently A$0.655. Cheaper to buy in the market currently)
* flicks "V's" at Aussies *|
|poo bear: "5. Authority for Share Issue Ratification by passing the following resolution:
'That, for the purposes of Listing Rule 7.1 and for all other purposes, shareholders of the Company hereby approve and authorise the issue of up to 88,200,000 Shares at an issue price of at least 80% of the average market price of the shares calculated over the last five days on which sales in Shares were recorded on ASX before the date on which the Shares are issued, on the terms and conditions contained in the Explanatory Memorandum.'
Result - carried."
Slide presentation here:-
The clue is that this is not yet in the share price.
All imo make your own minds up.|
|monis: and again....
all very interesting...
May 04, 2009 (The Australian Financial Review - ABIX via COMTEX) -- RCILF | Quote | Chart | News | PowerRating -- Roc Oil Company has denied rumours of a takeover bid. The decline in the company's share price has prompted speculation that it is a takeover target. Its stock has fallen from about $A2.65 to as low as $A0.30 over the year to May 2009. Nevertheless, its share price rose by $A0.105 to $A0.60 on 4 May.
Publication Date: 5 May 2009|
|poo bear: This also is a couple of weeks old.
Roc Oil wary of predators as shares decline
"Roc Oil has declared itself a takeover target after its share price fell last week to levels unseen since it listed in London in 2004.
The fall in Roc's shares comes as it is making the transition from exploration company with some production to cash-generating production company with some exploration assets.
Roc has acquired a majority of Anzon Energy (LSE: AEL.L - news) and is attempting to acquire the balance of its only asset, Anzon Australia.
The Anzon move will increase its output from 10,000 barrels of oil equivalent a day to 14,000 boe/d, and if it wins Anzon Australia that figure will increase further, making it one of the biggest producers on Aim.
With the market currently putting little to no value on exploration assets and the oil price remaining high, the company's transition would have been expected to prompt an upward rerating of Roc shares, according to analysts.
Yet the drop in the share price to 44p late last week took the company's market capitalisation to about A$300m (£134m), a third of its value a year ago.
Roc suffered the death of founder and chief executive John Doran in June. According to Kevin Hird, general manager: "I would be surprised if we were not on people's list" of takeover targets.
Earlier this month, company broker Oriel Securities calculated the net asset value at 137p a share with core value of 87p. Oriel said: "If the market fails to recognise the company's fundamental value then a predator might".
Analyst Tim Heeley at investment bank Daniel Stewart said that using multiples typical of other oil companies, Roc's enterprise value could be calculated at as much as $1.7bn.
That valuation implies a market capitalisation of £850m, even ahead of the benefits of the Anzon move. He added that the company's share price performance certainly made it a takeover target.
The Anzon acquisition takes Roc into the Australian gas market and rationalises the shape of the company, concentrating its output in Australia and China, with potentially disposable rumps in the UK and Mauritania.
The squeeze on credit limits the range of potential predators but analysts see one obvious category - larger Australian companies with a regional focus.
Roc's shareholder base remains rooted in Australia and might be susceptible to an offer of paper rather than of cash."|
|poo bear: ".........ROC has also announced its intention to make an off -market takeover off er for all of the shares in Anzon Australia Limited
(AZA Takeover Off er). As AEL's only material asset is its investment in AZA, the number of ROC Shares you will receive under
the Scheme is to be set by reference to a value of $1.65 per AZA Share (the implied off er price under the AZA Takeover Off er as
at 13 June 2008). Based on current estimates, the implied merger ratio for AEL Shareholders (Merger Ratio) is approximately
1.33 ROC Shares for every AEL Share held (Scheme Consideration).1 As at 13 June 2008 (being the last Trading Day before
the announcement of the Merger), the value of the Scheme Consideration was estimated to be $2.69 (£1.30)2 per AEL Share.
AEL Shareholders should note that the ROC Share price has declined since the announcement of the Merger on 16 June 2008,
which has had the eff ect of decreasing the current value of the Scheme Consideration off ered under the Merger.
The Merger with ROC will provide AEL Shareholders with a number of important benefi ts including:
n Substantial premium to historical trading prices Based on the estimated value of the Scheme Consideration of $2.69
(£1.30)3 per AEL Share on 13 June 2008, the off er for AEL represents a signifi cant premium over the historical market price
of AEL Shares. This includes a 35% premium to the closing price of AEL Shares on 13 June 2008 and a 103% premium to the
closing price of AEL Shares on the last Trading Day on which AEL Shares traded prior to the Initial Approach Date;........"
Does it impact?
My opinion is that ROC is a buy at and around current levels
What happens to the share price depends, IMHO, on three things
- success in exploration drilling
- progress asociated with existing producing areas - China, Aus & N Sea
- new deals coming through the pipeline
The first of these - exploration - is the most likely source of step change movements in share price. As I remember it, ROC is drilling 5 or 6 wells in Angola this year alone and is participating in a further 10??? wells elsewhere in its exploration portfolio. Most of those will, of course, fail, because that's the nature of the business. But one or two might succeed and if so, could propel the share price to new heights - ie 200p and beyond A single big find could lead to the share price multiplying. If all fail, then the share price will bumble along until either the next round of the exploration programme - additional wells in Angola next year, more wells elsewhere - with some buoyancy from production and deals.
My own sense of the risk reward situation is that there is a 50% chance of success in Angola this year (we know there is oil on the acreage in Angola, because we hav video footage of the Shell discovery which recovered live oil to surface 30 years ago before the civil war - of course we don't know how much and whether it will be in commercial quantities). If it comes good the share price should soar. If not it shouldn't take too big a knock.
I already have a full portion of ROC so am not buying more forthe time being. If I had more money to invest, then some of it would be channeled into ROC.
|vavoom2: RNS Number:4187Q
Roc Oil Company Limited
31 January 2007
ROC OIL COMPANY LIMITED
(ABN 32 075 965 856)
REPORT TO SHAREHOLDERS
Activities for the Quarter Ended 31 December 2006
ROC's quarterly sales volume hit the one million barrel mark for the first time.
This represents reasonable progress compared to 4Q 2005 when the sales volume
was about 3,000 barrels. Other quarterly records include $66 million sales
revenue and 0.85 MMBO production. Gross oil production from the ROC-operated
Cliff Head Oil Field, offshore Western Australia, hit the two million barrel
mark, just eight months after production start-up.
In the above context, ROC's upside share price potential during 2007 could be
viewed as being tied to oil price movements. To ensure that the share price is
not simply a captive of the oil price, the Company's 2007 drilling and new
venture programmes have been designed on a scale that would allow the share
price to disconnect from oil price trends in the event of successful exploration
/appraisal drilling and/or new asset acquisition. If the Company achieves a
measure of success on these fronts then, regardless of whether oil prices
stabilise, weaken or strengthen, the share price would have the potential to
jump ahead of the oil price trend line.
This sequential growth strategy means that the big growth year which has just
gone will be followed immediately by another with equal growth potential.
1. REVENUE & PRODUCTION
* Total working interest oil production of 847, 087 BBLS (9,207 BOPD); up
3% compared to 825,039 BBLS (8,968 BOPD) in the previous Quarter
* Total sales revenue of $66.1 million; up 4% compared to $63.4 million in
the previous Quarter.
* Total sales volume of 1,048,282 BBLS; up 33% compared to 788,749 BBLS in
the previous Quarter.
1.1 Cliff Head Oil Field, WA-31-L, Offshore Western Australia (ROC: 37.5% &
Gross oil production rates of approximately 8,700 BOPD (ROC WI: 3,261 BOPD) for
the Quarter with a high of 15,500 BOPD. Intermittent production constraints
related to separate issues including: trucking capacity; electrical malfunction
at the offshore platform; and minor mechanical downtime at the onshore plant. On
31 December, the field produced its two millionth barrel of oil, eight months
after production start-up
1.2 Zhao Dong C & D Fields, Bohai Bay, Offshore China (ROC: 24.5% & Operator)
Following the imposition of a 22,000 BOPD production constraint announced in
October 2006, gross oil production was approximately 21,100 BOPD (ROC WI: 5,180
BOPD) with minor downtime experienced due to winter weather conditions. See
Section 6: Post Quarter Events
1.3 Chinguetti Oil and Gas Field, PSC Area B, Offshore Mauritania (ROC: 3.25%)
Gross oil production averaged approximately 23,400 BOPD (ROC WI: 760 BOPD). On 1
November, ROC announced a downgrade of initial gross 2P reserves to 52.4 MMB0.
On 16 November, the Operator, Woodside, issued an interim gross 2P reserve
estimate of 53.0 MMBO. The CH-18 production infill well commenced drilling on 29
December. See Section 6: Post Quarter Events
2.1 Blane Oil Field, North Sea (ROC: 12.5%)
Development drilling and completion of the second production well was
accomplished on 13 October. Pipe-lay work for the flow line to the Ula platform
commenced in early October and was completed by November. The Operator advises
that first oil production is still expected during 2Q 2007. For internal
planning purposes ROC is assuming first oil late in that period.
2.2 Enoch Oil and Gas Field, North Sea (ROC: 12.0%)
Production testing of the single development well was completed 21 October with
the well recording several flow rates on various choke sizes generally in line
with expectations. Pipeline post-lay work was also completed during the Quarter.
The Operator advises that first oil production is now expected during 2Q 2007.
For internal planning purposes ROC is assuming first oil early in that period.
2.3 Zhao Dong C4 Oil Field, Bohai Bay, Offshore China (ROC: 11.58% unitised &
On 31 December, PetroChina advised ROC that it had been notified by the National
Development and Reform Commission of the Chinese Government's approval to
proceed with the C4 Development Plan. The next step is the approval of the
Development Budget by the Joint Management Committee.
3. EXPLORATION AND APPRAISAL
3.1 Perth Basin, Offshore Western Australia (ROC: 7.5% - 50% & Generally
Activity focused on contracting a suitable rig for 1H 2007 to drill the
Frankland-1 and Perseverance-1 exploration wells in WA-286-P and WA-325-P
3.2 Wei 6-12 South Oil Field, Block 22/12, Beibu Gulf, Offshore China
(ROC: 40% & Operator)
Appraisal studies of the Wei 6-12 South and Wei 6-12 oil fields continued during
the Quarter. See Section 6: Post Quarter Events
3.3 Mauritania (ROC: 2.0 - 5.0%)
On 8 December the Dana-operated Aigrette-1 exploration well in Block 7 (ROC:
4.95%) was drilled to a Total Depth of 5,152 metres and plugged and abandoned
after encountering hydrocarbon-bearing sandstones within the Cretaceous target
zone. Whilst the result is technically encouraging, the discovery is likely to
be sub-commercial. The well completed the 2006 Mauritanian exploration drilling
3.4 Equatorial Guinea (ROC: 18.75% & Technical Manager)
Activity focused on finalising contract negotiations for the Aban Abraham deep
water drilling vessel, currently being upgraded in Singapore, with a view to
drilling the Aleta Prospect in 2H 2007.
3.5 Angola (ROC: 60% & Operator)
A two-year drilling rig contract was signed with Simmons Drilling Overseas
Limited for the Simmons 80 rig to commence drilling in the onshore Cabinda South
Block by May 2007. The rig is currently being upgraded in Dubai.
Upgrade work commenced in the UK on the ROC-owned Explorer rig with a view to
shipping it to Cabinda during 1Q 2007 for start-up of drilling during April/May
On 11 December, the Cabinda South Joint Venture formally approved the 2007 Work
Programme and Budget which includes three firm exploration wells. The total
budget approximates to US$54 million of which approximately US$43 million
relates to drilling activity.
The 217 km 2D seismic programme was completed in the Cabinda South Block,
onshore Angola, marking the end of an 18-month seismic acquisition phase which
acquired a total of 416 sq km of 3D and 722 km of 2D seismic. This work effort
represents in excess of 75,000 man-days on ground in Cabinda.
On 2 November, ROC announced a fully underwritten 3 for 8 Renounceable Rights Is
sue, at $2.70 per share, which raised approximately $219 million. The purpose of
the Rights Issue was to reduce debt incurred in relation to the acquisition of
the Zhao Dong asset and to provide greater financial flexibility for the Company
as it continues to build shareholder value. Approximately 91% of eligible
shareholders subscribed to the issue.
The final number of shares allotted on 8 December under the terms of the Rights
Issue was 81,226,213, taking ROC's total issued capital to 297,822,206 fully
paid ordinary shares.
As at 31 December, ROC had approximately 18,450 shareholders, up 44% compared to
1 July 2006
Approximately $200 million of the funds raised in the Rights Issue was used to
reduce corporate debt so that, at Quarter-end ROC had approximately $60.6
million in cash and $173.7 million of debt.|
|poo bear: http://www.rocoil.com.au/Public/Announcement/2006/ROC_to_Raise_Approximately_$219_million_via_a_Renounceable_Rights_Issue_011106.aspx
"ROC is pleased to announce a fully underwritten pro-rata renounceable 3 for 8 rights issue ("Rights Issue") of approximately 81 million ordinary shares with an issue price of $2.70 per share to raise gross proceeds of $219 million.
Shareholders entitled to participate ("Eligible Shareholders") are those with a registered address in Australia, New Zealand, Hong Kong, Singapore, Japan, Switzerland, or Qatar, and certain Qualified Investors in the United Kingdom. These shareholders will be offered 3 New Shares in the Company for every 8 Existing Shares held on 10 November 2006. Trading of Rights will commence on ASX on 3 November and end on 20 November. The Rights will not trade on AIM or be renounceable in the UK.
The $2.70 issue price represents a discount of about 24% to ROC's closing share price of $3.55 per share on 31 October and a discount of 25% to the weighted average share price of $3.60 for the preceding month. The New Shares will rank equally with existing ordinary shares of ROC.
The primary purpose of the Rights Issue is to enable ROC to reduce debt incurred in relation to the recent acquisition of a 24.5 % operated interest in the Zhao Dong Block in the Bohai Bay, offshore China. The Rights Issue will also provide greater financial flexibility for the Company to continue to build shareholder value.
The Rights Issue is fully underwritten by UBS AG. Oriel Securities Limited and Commsec will act as co-managers to the Rights Issue.
A Prospectus in relation to the Rights Issue will be lodged with the Australian Securities and Investments Commission and Australian Stock Exchange today. The Prospectus will be made available when the securities are offered and Eligible Shareholders wishing to acquire the securities will need to complete the application form that will accompany the Prospectus. Acceptances close on 27 November.
Subsequent to the Rights Issue, ROC will have approximately 297.7 million ordinary shares on issue.
Commenting on the capital raising, ROC's Chief Executive Officer, Dr John Doran, said:
"ROC has always maintained a consistent attitude towards borrowing we don't like it, but we are prepared to wear an appropriate amount of logical debt. When ROC looked at buying the Zhao Dong assets it was obvious that Apache was never going to sell for anything other than cash and the only way for ROC to provide the cash was to arrange a debt facility.
Immediately after the Apache deal was announced in June 2006, people started enquiring as to when and how we would restructure the 12-month loan facility. Until yesterday, our response was always the same: we are considering almost everything and we are committed to nothing.
Today, we committed to a Rights Issue that will substantially reduce the debt to an optimum level. The Rights Issue is deliberately designed to treat all Eligible Shareholders fairly and equally. It provides Eligible Shareholders with an attractively pitched issue price and the opportunity to participate in ROC's next growth phase which promises to be every bit as exciting as any we've experienced in the past."
".....The Rights will not trade on AIM or be renounceable in the UK.
AIM shareholders are not eligable from what I see.
The full, prospectus is on the ROC website, see section 2.
I think we dip out.|
Roc Oil share price data is direct from the London Stock Exchange