March 17 - Australia's Roc Oil Co Ltd said on Tuesday the revision of the development plan of the company-operated Basker-Manta-Gummy joint venture (BMG JV) has reduced the project's cost commitments for 2009 by $100 million.
At 0845 GMT, Roc Oil shares were up 8 percent at 17 pence on the London Stock Exchange.
The company said the 2009 drill rig programme has been significantly reduced through the assignment of BMG JV commitments for the Kan Tan IV rig and a recently completed rig swap with Shell Development (Australia) Pty Ltd.
"The changes to the development plan and schedule for 2009 implemented by the joint venture are aimed at reducing overall development costs for the BMG project and ensuring that investments for the project are being carefully managed in this period of lower oil prices and disrupted financial markets", ROC Chief Executive Bruce Clement said in a statement.
The oil and gas company said in 2009 and 2010, the BMG JV, which is located in Australia, will focus on enhancing the production performance of the Phase-1 oil project.
At 0845 GMT, Roc Oil shares were up 8 percent at 17 pence on the London Stock Exchange.
The company said the 2009 drill rig programme has been significantly reduced through the assignment of BMG JV commitments for the Kan Tan IV rig and a recently completed rig swap with Shell Development (Australia) Pty Ltd.
"The changes to the development plan and schedule for 2009 implemented by the joint venture are aimed at reducing overall development costs for the BMG project and ensuring that investments for the project are being carefully managed in this period of lower oil prices and disrupted financial markets", ROC Chief Executive Bruce Clement said in a statement.
The oil and gas company said in 2009 and 2010, the BMG JV, which is located in Australia, will focus on enhancing the production performance of the Phase-1 oil project.
