Roc Oil Company Limited
27 March 2007
27 March 2007
ROC OIL COMPANY LIMITED ('ROC')
STOCK EXCHANGE RELEASE
ACTIVITY UPDATE
1. PRODUCTION
1.1 Mauritania
Further to ROC's Stock Exchange announcement on 24 January 2007, the Company
advises that the Chinguetti-18 development well has been completed for
production and is being brought onstream. Completing of the well was delayed due
to downhole mechanical difficulties that have been now rectified. Gross
production from the Chinguetti Oil Field currently approximates to 24,000 BOPD
(Net ROC: 780 BOPD).
1.2 Australia
The Cliff Head Oil Field has been producing at a relatively steady rate,
generally between 8,000 and 9,000 BOPD (Net ROC: 3,000 - 3,375 BOPD) from four
of the six designated oil producers. A planned workover in April is expected to
be undertaken without major interruption to production.
1.3 China
Gross oil production from the Zhao Dong C and D fields has running at
approximately 23,000 BOPD (Net ROC: 5,630 BOPD). The 15 well 2007 drilling
programme is scheduled to start in April 2007.
2. DEVELOPMENT
2.1 UK
The latest information from the operator of the Enoch Oil and Gas Field and the
Blane Oil Field, suggests that while Enoch remains on schedule for first
production in 2Q 2007 first oil from Blane will likely slip to 3Q2007 due to
exceptional waiting on weather periods and delays with topside construction on
the third party host platform. These, and other factors, have contributed to a
cost increase for the Blane development which is now likely to total
approximately £250 million, (Net ROC: £31.5 million) up approximately 20% since
ROC's previously announced estimate in November 2006. The total capital cost of
the Enoch development is now expected to be approximately £100 million (Net ROC:
£12 million), up 7.5% from ROC's previously announced estimate in November 2006.
3. EXPLORATION
3.1 Angola
The ROC-owned Explorer Rig arrived in Cabinda on schedule in mid-March. The rig
is currently stacked and waiting on wellsite and road construction which is, in
turn, waiting on the end of the rainy season which usually occurs in late April.
Upgrading of the Simmons rig in Dubai continues on schedule and that rig is
still expected to arrive in Cabinda in May 2007.
Ongoing interpretation of the 2005 and 2006 seismic surveys has confirmed more
than 30 prospects and leads. In addition to the two prospects previously
identified, Masambala and Caju, three other prospects have so far been high
graded as possible candidates for drilling during 2007.
Based on the encouraging results achieved to date, ROC and its co-venturers have
agreed to acquire a further 200 sq km of 3D seismic during 2007 to detail a
large 2D seismic lead.
3.2 Australia
The Premium Wilcraft jack-up drilling rig remains on schedule to commence
drilling the Franklin-1, the first well of a three well exploration programme in
the offshore Perth Basin, in early April.
3.3 China
In response to an invitation to tender, ROC has received a number of bids
relating to jack-up rigs that could be made available for a multi-well
exploration drilling programme scheduled to commence in Block 22/12 in the Beibu
Gulf in late 2007/early 2008.
Damian Fisher For further information please contact:
General Manager Dr John Doran on
External Affairs & Investor Relations Tel: +61-2-8356-2000
Fax: +61-2-9380-2635
Email: jdoran@rocoil.com.au
Or visit ROC's website: www.rocoil.com.au
Dr Kevin Hird
General Manager Business Development
Tel: +44 (0)207 586 7935
Fax: +44 (0)207 722 3919
Email: khird@rocoil.com.au
Nick Lambert
Bell Pottinger Corporate & Financial
Tel: +44 (0)207 861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
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