27th Nov 2007 07:01
Roc Oil Company Limited27 November 2007 27 November 2007 ROC OIL COMPANY LIMITED ("ROC") STOCK EXCHANGE RELEASE EXPLORATION/APPRAISAL UPDATE: DRILLING ACTIVITY KEY POINT • During the next nine months ROC is scheduled to participate in a continuousexploration and appraisal drilling programme in four countries: Australia, Angola, China and Mauritania. The programme currently comprises at least 12 exploration/appraisal wells, excluding field infill development wells in China and Mauritania. ROC will operate the entire programme other than two wells offshore Mauritania. 1. Offshore Northern Perth Basin (ROC: 37.5%) The ROC-operated WA-286-P Joint Venture has agreed to contract the PremiumWilcraft jack-up rig to drill two exploration/appraisal wells in the offshoreNorthern Perth Basin, commencing January 2008. One well will appraise the 2007Frankland gas discovery; the other well will target the potential of the areaaround the 2007 Dunsborough oil discovery by drilling the nearby Lilac Prospect. 2. Onshore Angola (ROC: 60%) The Simmons 80 rig commenced drilling the Milho-1 exploration well on 24November 2007. The well, the first in the current programme to specificallytarget a pre-salt structure, is expected to reach Total Depth by the end ofJanuary 2008. Immediately following Milho-1, it is expected that, subject toformal Joint Venture approval, three other back-to-back exploration wells, alltargeting pre-salt structures, will be drilled which will extend the continuousdrilling programme into mid-2008. Consistent with ROC's established practice regarding its Angolan drillingactivity, the Company will only issue public statements after the end of eachdrilling operation. Subject to a review of the results of the laboratory analyses of the heavy oilrecovered from the Massambala-1 core samples, the Joint Venture plans toappraise that discovery during 2008. 3. Beibu Gulf, Offshore China (ROC: 40% subject to Government 51% back-inentitlement) The ROC-operated Block 22/12 Joint Venture has finalised a rig contract for thePremium Murmanskaya jack-up rig to drill four exploration/appraisal wellsstarting in mid-December. The first two wells will test the Wei 6-12-West andWei 6-12-East structural-stratigraphic prospects, 2.5 km and 1.7 km,respectively, from the 2006 Wei 6-12-South oil discovery. 4. Offshore Mauritania (ROC: Block C6 - 5%; PSC B - 3.693% and Chinguetti - 3.25%) A 2008 deep water drilling programme is expected to commence offshore Mauritaniaat the end of January 2008 and to run through to mid-2008. The first well,Khop-1, is an exploration well which will test a structure in Block C6.Subsequent wells include an exploration/ appraisal well on the Banda Gas Fieldin PSC B and several infill development wells in the Chinguetti Oil Field. 5. CEO's Comments Commenting on the drilling activity, ROC's Chief Executive Officer, John Doranstated that: "Not for the first time, the look-ahead exploration/appraisal drilling programmefor ROC includes some pretty interesting wells. As a result, by mid-2008, theCompany will have a much better idea of the true potential of some of itscurrently key exploration/appraisal areas. Meanwhile, as the drilling rolls forward, ROC's activity on the production frontcontinues unabated with the Company's global activities currently providing itwith about 13,000 barrels of oil per day - a useful balance to the exploration/appraisal drilling programme." In accordance with ASX and AIM Rules, the information in this Release has beenreviewed and approved by Dr John Doran, Chief Executive Officer, Roc Oil CompanyLimited, BSc (Hons) Geology, MSc and PhD. Dr Doran, who is a member of theSociety of Petroleum Engineers, has more than 30 years relevant experiencewithin the industry and consents to the information in the form and context inwhich it appears. Damian FisherGeneral ManagerExternal Affairs & Investor Relations For further information please contact: Dr John Doran on Tel: +61-2-8356-2000 Fax: +61-2-9380-2635 Email: [email protected] 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: [email protected] 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: [email protected] Mob: +44 (0)7802 875 227 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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