ROC achieved an average daily production rate of 8,483 BOEPD in 2010, which was within the guidance range of between 8,000-9,000 BOEPD.
This result was particularly pleasing given that 35 days of production were lost at Zhao Dong due to severe weather conditions in 1Q 2010 and that oil production from the Basker-Manta-Gummy fields was suspended on 19 August 2010. Despite the production disruptions, Zhao Dong met the production target set at the start of the year and continues to perform strongly, with oil production year-to-date averaging above 21,000 BOPD.
Despite lower production during the Quarter, sales revenue increased by 26% to US$75.3 million. Total sales revenue for 2010 was US$235.5 million and ROC had a net cash balance of US$31.3 million at 31 December 2010.
Following CNOOC Limited approval of the Beibu Gulf Project Investment and Overall Development Plan, international joint venture partners are now progressing to a Final Investment Decision, which is expected by the end of February 2011. ROC is proud of the cooperation achieved with CNOOC Limited on the Beibu Gulf project, which is the first instance where CNOOC Limited has entered into arrangements to share existing and new infrastructure with international joint venture partners to facilitate the development of multiple Chinese offshore oil fields, and looks forward to further strengthening the relationship over the next two years. First oil is anticipated before year-end 2012.
Appointment of a permanent Chief Executive Officer is anticipated during February 2011.
[mappress]
Source: ROC, January 31, 2011;