UPDATE 1-Roc Oil says on target to exceed '08 annual output

* Farms out 45 pct stake in Cabinda block to Pluspetrol

* Farm-out deal to help reduce '09 expenses

* Q1 sales fall to $52.2 mln sequentially

* Shares up 5 pct (Adds details)

April 28 (Reuters) - Australia's Roc Oil Co Ltd (ROC.AX) ROC.L on Tuesday said it was on target to exceed its 2008 annual production of 11,023 barrels of oil equivalent per day (boepd) and farmed out a 45 percent stake in the Cabinda Onshore South Block, Angola to Pluspetrol Resources Corp.

The company, which would now retain a 15 percent interest in the block, said Pluspetrol would also become operator of the block.

Roc Oil would be reimbursed for its share of the joint venture's working capital effective Dec. 31, 2008, it said.

"While reducing ROC's equity in the block to 15 percent, the company will continue to be exposed to the potential upside at no cost in 2009," Chief Executive Bruce Clement said in a statement.

The company said sales for the first quarter ended March 31 fell 36 percent to $52.2 million sequentially due to lower oil prices and sales volumes. Production averaged 12,789 boepd for the period.

The oil and gas company, said it cut exploration and development expenditure for 2009 by reducing the scope and cost of its development drilling programme in the Zhao Dong Project in China.

Roc Oil has a new one-year $35 million bridge facility and has extended its existing $30 million working capital loan facility through June 30, 2010.

As of March 31 the company had about $71.2 million in cash and gross debt of $168.9 million.

Shares of the company were up 5 pct at 20.50 pence at 0830 GMT on the London Stock Exchange. (Reporting by Shivani Singh in Bangalore; Editing by Tresa Sherin)