ROC OIL COMPANY LIMITED (ROC)



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General Information
Company Name: Roc Oil Company Limited
Stock Code: ROC
Website: www.rocoil.com.au
GICS Sub-Industry: Oil & Gas Exploration & Production
Market Cap ($M): 313
Equiv. Shares (M): 688

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.455 $ 0.460 $ 0.465 $ 0.455 $ 0.455 1,407,582 0%

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 3rd Apr 2014
12 Month Target Price (average): $0.658
Brokers Surveyed: 4

Company Overview

Business Description:
Roc Oil Company Limited (ROC) is an Australian company engaged in oil and gas exploration, development and production. The producing fields include Beibu Gulf and Zhao Dong in China, Cliff Head in Australia, as well as Blane and Enoch in United Kingdom. ROC's total production was 2.64Mmboe (9,187Boepd) for FY13.

Strategy Analysis:
ROC seeks to establish a substantial reserve base for sustainable production. It aims to cost effectively develop and acquire new and existing exploration and production assets in countries within Australasia. Meaningful interests and operatorship is preferred. Leverage is sought from established relationships with governments, national oil companies and joint ventures. Roc Oil Company reported NPAT of US$60.95m for the year ended 31 December 2012. Revenues from ordinary activities were US$242.07m, down 15% from last year. Diluted EPS was 8.8 US cents compared to 3.9 US cents last year. Net operating cash flow was US$126.26m compared to US$43.39m last year. No dividend was declared.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  F 2.3 0.3 -- 140.3 0.0 0.0 0.0
2011  F -39.1 -5.5 -250.8 -8.3 0.0 0.0 0.0
2010  A 25.9 3.6 -49.2 11.3 0.0 0.0 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F
Beach Energy (BPT) $2,250 M 0.0151 0.8698 -0.2413 16.2326 8.6816 11.4426 0.0158 0.0226 0.0347
Oil Search (OSH) $12,961 M 0.5489 0.4480 1.5767 50.6433 34.9758 13.5737 0.0052 0.0046 0.0144
Roc Oil (ROC) $316 M -0.1428 0.0083 -0.3402 6.3361 6.2842 9.5238 0.0000 0.0000 0.0000
Santos (STO) $13,118 M 0.1518 0.1660 0.6240 25.9302 22.2388 13.6937 0.0223 0.0250 0.0375
Woodside Petroleum (WPL) $33,681 M -0.0512 0.2060 -0.0694 17.6878 14.6660 15.7601 0.0681 0.0546 0.0507

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
ROC 1.96 6.25 1.05 10.00 1.13
Market 1.07 16.0 1.27 1.98 1.72
Sector 1.47 14.3 0.77 0.95 6.50

Directors
Name Position Start Date
Mr Alan Linn Chief Executive Officer,Executive Director 27 February 2012
Mr Nigel D.R Hartley Non-Executive Director 01 June 2012
Mr Christopher C Hodge Non-Executive Director 07 September 2010
Mr Graham Mulligan Non-Executive Director 07 September 2010
Mr Robert Claude Andre Leon Non-Executive Director (other) 03 December 2008
Mr Michael Harding Non-Executive Director,Non-Executive Chairman 01 June 2012

Management
Name Position
Jacquie Shanahan Assistant Company Secretary
A Neilson Chief Financial Officer
R B Stork Chief Operating Officer
Leanne Nolan Company Secretary,General Counsel
P Eliet General Manager - Exploration, Geoscience & Business Development

Substantial Shareholders
Holding Name
-- (--%) Not Disclosed in Annual Report

Calendar of Events
Date Event
25 February 2015 Report (Prelim)
28 January 2015 Report (Quarterly)
29 October 2014 Report (Quarterly)
27 August 2014 Report (Interim)
29 July 2014 Report (Quarterly)
28 April 2014 Report (Quarterly)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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