30 Dec 2005 07:00
Roc Oil Company Limited30 December 2005 30 December 2005 ROC OIL COMPANY LIMITED ("ROC") STOCK EXCHANGE RELEASE ACTIVITY UPDATE: ANGOLAN SEISMIC SURVEY AND 2006 BUDGET Roc Oil (Cabinda) Company, a wholly owned subsidiary of ROC, is pleased toadvise that the processing and initial interpretation of the 162 sq km 3D and505 km 2D seismic acquired in the Cabinda South Block, onshore Angola, betweenJune and November 2005 continues to yield encouraging results with numerousprospects and leads and several different play concepts being identified. As a consequence of the seismic data processed and interpreted to date, theROC-operated Cabinda South Joint Venture has agreed to accelerate theexploration programme through 2006 with the intention of drilling the first ofan initial programme of three exploration wells in September, 2006. In thiscontext, the 2006 budget exploration expenditure for the Cabinda South Block isexpected to be in the order of US$45million of which ROC will contribute aboutUS$34 million/A$45 million. Commenting on the implications of the seismic data, ROC's Chief ExecutiveOfficer Dr John Doran stated that: "Although interpretation is still at a preliminary stage, the seismic reviewedto date has confirmed onshore Angola in the pole position within ROC'sexploration portfolio, as evidenced by the greatly accelerated 2006 workprogramme." The Cabinda South Joint Venture comprises: +-----------------------+-------------------------------------------------+|ROC (Operator) |60% Working Interest (75% contributing interest)*|+-----------------------+-------------------------------------------------+|Force Petroleum Limited|20% Working Interest (25% Contributing Interest) |+-----------------------+-------------------------------------------------+|Sonangol |20% Working Interest |+-----------------------+-------------------------------------------------+*ROC's interests are held through two wholly owned subsidiary companies: Roc Oil(Cabinda) Company (45% WI) and Lacula Oil Company Limited (15% WI). Michelle Manook For further information please contact:General Manager - Corporate Affairs 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)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