Roc Oil Company Limited
02 January 2008
2 January 2008
ROC OIL COMPANY LIMITED ('ROC')
STOCK EXCHANGE RELEASE
DRILLING UPDATE: MULTI-WELL EXPLORATION/APPRAISAL
DRILLING PROGRAMME COMMENCES, OFFSHORE CHINA
Roc Oil (China) Company, a wholly owned subsidiary of ROC, is pleased to
announce the commencement of a multi-well exploration/appraisal drilling
programme in Block 22/12, Beibu Gulf, Offshore China.
At 0500 hrs (local time) on 1 January 2008 the Premium 'Murmanskaya' jack-up rig
commenced drilling the Wei 6-12W-1 well on the Wei 6-12 West Prospect, a
stratigraphic-structural feature approximately 2.5 kilometres northwest of the
Wei 6-12S-1 oil discovery which the Joint venture made in 2006.
The well, which is in 30 m of water, is expected to reach Total Depth of
approximately 2,425 metres later this month. The commencement of the drilling
programme was delayed by approximately two weeks because of rig equipment
malfunctions which have now been rectified.
As of 0600 hrs (local time) on 2 January 2007 the current operation was drilling
ahead in 171/2 inch hole at 560 metres.
The second well in the programme will test the Wei 6-12 East Prospect, a
structural-stratigraphic feature 1.7 kilometres east of the Wei 6-12S-1 oil
discovery.
The third well in the programme will be Wei 12-2-2 which will appraise a
structure in the southern part of the Block which tested oil in 1993.
There is a potential for a fourth well in the form of a sidetrack/step-out if
one of the first three wells makes a discovery which requires immediate
appraisal. All of the wells will be operated by ROC using the Premium
'Murmanskaya' jack-up drilling rig. The entire drilling programme is expected to
be completed by the end of 1Q 2008.
Commenting on the commencement of the drilling programme, John Doran, ROC's
Chief Executive Officer, stated that:
• Between 2002 and 2006 the Joint Venture drilled two structures in the
northern part of the Block and made two oil discoveries, both of which are
now the subject of development planning studies. The first two wells of the
current drilling programme are located in the same area but because they are
testing targets that are primarily stratigraphic, not structural, there will
be a commensurate increase in exploration risk - and potential commercial
reward.
• The proximity of the first two wells in the programme to the two oil
accumulations already discovered by the Joint Venture means that a another
discovery - or two - would be a healthy addition to the reserve base already
established in this part of the Block. However, the commercial potential of
the existing discoveries is not dependent upon the outcome of the 2008
drilling programme.
Participating Interests in Block 22/12 Joint Venture are:
Roc Oil (China) Company..........40% (Operator)
Horizon Oil Limited..............30%
Petsec Petroleum.................25%
Oil Australia Pty Ltd*........... 5%
The above interests are subject to Government participation in developments of
up to 51%
* A subsidiary of First Australian Resources
For further information please contact:
Dr John Doran on
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)20 7495 5707/+61 (0)2 8356 2000
Mob: +44 (0)7751 3671 49/+61 (0)417 261 727
Email: khird@rocoil.com.au
Michael Shaw
Oriel Securities Limited (Nominated Adviser)
Tel: +44 (0)20 7710 7600
Bobby Morse
Buchanan Communications
Tel: + 44 (0)20 7466 5000
Fax: + 44 (0)20 7466 5001
E-Mail: bobbym@buchanan.uk.com
Mob: +44 (0)7802 875 227
This information is provided by RNS
The company news service from the London Stock Exchange
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