Sydney, Australia, 20 Jan – Australian oil company ROC plans to issue 28 million ordinary shares to the value of US$56.8 million to finance its oil exploration program in Angola, in the South Cabinda bloc, the company said Thursday.
The shares will be entirely placed with institutional investors on the London market through broker Oriel Securities. Following the placement, the company’s capital will be represented by 215.9 million shares.
In a statement published in Sydney, where the company is headquartered, ROC said that the funds achieved from the share sale would be almost entirely spent on buying 3 dimensional seismic images of 250 square kilometers, two dimensional images of 200 kilometers and the drilling of 3 exploration wells.
The location of the wells, the first of which is expected to be drilled in September 2006, would be based on the images bought by the company in 2005 and their interpretation would be concluded in the next few months, the company said.
ROC is one of Australia’s main oil and gas companies and its shares have been listed on Australia’s stock exchange since 1999 and the London stock exchange since 2004. (macauhub)