Roc Oil

Roc Oil’s full year result confirms the company is on the mend. Oil production fell 14% to 2.4m barrels of oil equivalent (mmboe) and, despite higher oil prices and lower production costs, revenue fell 15% to $242m. Net profit soared 120% to $61m, translating to earnings per share of 8.9 cents, up 130%. The results were flattered by several one-off items, including gains on asset sales, foreign exchange and one-off tax benefits.   Roc today is a very different business to the one that swaggered into Angola several years ago. After sinking hundreds of millions of exploration dollars for...

Roc Oil’s full year result confirms the company is on the mend. Oil production fell 14% to 2.4m barrels of oil equivalent (mmboe) and, despite higher oil prices and lower production costs, revenue fell 15% to $242m. Net profit soared 120% to $61m, translating to earnings per share of 8.9 cents, up 130%. The results were flattered by several one-off items, including gains on asset sales, foreign exchange and one-off tax benefits.  

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