Australia's Roc Oil said Tuesday it has farmed out a chunk of its Cabinda South Block in Angola, where it has had little exploration success. Roc farmed out 45% to a subsidiary of Argentina's Pluspetrol Resources, which will become operator. Roc will keep 15% and be reimbursed for working capital and drilling inventory for this year, which the company said will total US$3 million-US$4 million. Pluspetrol will also cover Roc's remaining share of exploration costs.
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