The Perth-based midcap attributed the increased revenue to higher global and regional crude oil prices and the timing of cargo liftings.
While production for the June quarter increased just 1% to 782,544 barrels of oil – or 8676 barrels of oil per day – the timing of cargoes meant Roc’s sales volumes lifted 34% to 574,409 barrels of oil equivalent.
This equated to sales revenue of $60 million, up more than 50% compared to the previous quarter. As a result, Roc’s first-half 2007 sales revenue was just under $100 million.
“This quarter delivered a combination of established production, new field production, exploration success, continuing aggressive exploration drilling and acreage acquisition,” chief executive John Doran said.
“The quarter-on-quarter increase in revenue reflects strong oil prices and the timing of cargo liftings since quarter-on-quarter production remained essentially flat.”
As a result of the quarterly production result, Roc warned that its full year output for 2007 would be at the lower end of its 10,000 to 12,000 barrel of oil per day (bopd) guidance range.
Roc Oil said production at the Cliff Head oil project in the Perth Basin increased 9% to 8475 bopd during the June quarter.
But production from Chinguetti, in Mauritania, slipped a further 15% to 15,600 bopd, while output from Zhao Dong, offshore China, fell 10% to 18,770 bopd.
The company also started receiving production from the Enoch field, in the North Sea, at the end of May, which is averaging 12,000 bopd and 20 million cubic feet of gas per day.
Elsewhere in the North Sea, Roc says the Blane oil field remains on track for first oil in the current quarter.