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 17� 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%