Roc Oil Company (ROC) has announced its third quarter results with production dropping by 6% following platform shutdowns.
The company recently announced it would be taken over by Fosun International in a $441million deal.
Production in the third quarter was 10,359 BOEPD (Barrels of Oil Equivalent Per Day) which ROC said had been caused by the shutdown on Beibu, Zhao Dong and D35 for planned maintenance and weather.
Total revenue sales were down 12% from $59.8million compared with $68.1million in the second quarter, with lower oil prices and stock movement said to be a contributory factor.
Mike Harding, ROC chairman, said: “ROC delivered another good quarter for the three months ending September 30 2014. Importantly, we continued to deliver safe operations during a period of significant drilling and maintenance activity.
“Key achievements include the farm-out of Block 09/05, finalisation of the D35 farm-out and exploration drilling in both the Beibu Gulf and Block 09/05.
“Core assets continue to produce reliably, providing healthy cash flows from operations and supporting the business capacity to fund value growth projects.”
ROC said it drilled its first exploration well in China on Block 09/05, but it failed to confirm the presence of hydrocarbons.
Two successful exploration wells have been completed in the Beibu Gulf and the development area has now been expanded to include the WZ12-10-1 prospect.
Earlier this week the Australian explorer appointed a new non-executive director to its board following the announcement the Fosun takeover offer was unconditional.
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