In a separate transaction, ROC also acquired an option to purchase a 3% overriding royalty, which attaches to the 15% working interest being acquired from Lacula, for $US100,000.
"The transactions represent a neat consolidation of ROC's interests in an area which the company views as being quite unique. ROC first tried to acquire the 15% interest, which it has now acquired from Lacula, in early 1998," said Roc chief executive officer John Doran.
The Block covers 1,080sq.km about 450km north of Luanda, the Angolan capital and has not been subject to any exploration since 1972 when it was relinquished by Gulf Oil Company.
ROC's co-venturers in the Block are Force Petroleum 20%, and Sonangol 20%, the National Oil Company of the Republic of Angola, which is carried through the exploration stage by the non-government parties.