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Roc Oil Company Limited (ASX:ROC) has scored a production sharing contract for shallow water Block M07 in the Moattama basin, offshore Myanmar.
The oil and gas explorer says the award demonstrates its commitment to South East Asia and securing value growth opportunities in established and emerging basins.
Roc believes M07 offers the potential for exploration lead growth close to producing fields and existing infrastructure.
The production sharing contract has been awarded from the Myanmar Ministry of Energy and will enable Rock to hold a 59.4 per cent interest. Tap Oil Limited (ASX:TAP) will hold a 35.6 per cent stake with the remaining interest held by Smart E&P International Limited.
Roc will operate the licence on behalf of the joint venture which will have the option to progress into a three year exploration work programme following a study period.
The company has described M07 as an exciting opportunity which it says is located in Myanmar’s most prolific offshore hydrocarbon province.
Roc Oil Company reported a net profit of $50.5 million in the full 2013 financial year.
