Australian company Roc Oil has recorded an annual profit for the first time since 2005 with a net profit of US$27.7 million in 2011, a marked improvement on 2010’s US$35.9 million loss. The profit came as Roc recorded a 21% rise in revenue with figures reaching US$285.5 million.
A significant increase in the average price of oil sold by the company also contributed to the profit with an average price of US$110.93 per bbl compared to 2010’s average of US$78.60 per bbl.
The rise in oil prices was so significant that it helped the company generate a profit despite a 13% decline in production from 2010’s 3.1 million bbls to 2.8 million bbls in 2011.
Roc’s CEO, Alan Linn said “This pleasing result was due to the solid performance of the underlying operational business, success at controlling costs and ongoing oil price strength.”
Roc’s production target for 2012 is 6000 – 7000 bpd.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/27022012/roc_oil_registers_first_profit_since_2005/