Oil and gas explorer ROC Oil Company Ltd
(ASX:ROC) says production remains on target to meet the company’s forecast of 10,000 to 11,000 barrels of oil per day for the full year.
This is despite the company reporting a 7 per cent decline in production for the September quarter.
ROC says this decline was due to a 42 per cent reduction in BMG production as a result of planned well shut-ins for drilling and workover operations and the planned production shut-ins for inspection and maintenance programmes on the Crystal Ocean FPSO and Basker Spirit tanker.
ROC says total oil sales increased in the September quarter to US$51.3 million.
The company says that with the Brent oil price in excess of US$70 a barrel in October and with ROC’s strengthened financial position, the board and management remain confident that the company is well positioned for a period of growth over the next three years.
ROC Oil has posted losses in the last three years.
