Roc Oil (WA) Pty Limited, a wholly owned subsidiary of ROC, announced on 20 December 2010 that it had agreed to sell its 20% interest in WA-351-P, offshore Carnarvon Basin, Western Australia, to Woodside Energy Ltd for US$15.75 million subject to working capital adjustments and normal industry terms and conditions, including the receipt of joint venture and relevant government approvals.
Tap (Shelfal) Pty Ltd (a wholly owned subsidiary of Tap Oil Limited), an existing joint venture party, gave notice on 18 January 2011 to Roc Oil (WA) Pty Limited of the exercise of its rights of pre-emption on the same terms and conditions as the sale to Woodside Energy Ltd.
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Source: Roc Oil, January 20, 2011; Image: Tap