Last checked at 23 Jun 2009 08:20
23 June 2009
ROC OIL COMPANY LIMITED ("ROC")
STOCK EXCHANGE RELEASE
BASKER-MANTA-GUMMY ("BMG"): 2009 DRILLING PROGRAMME UPDATE
Anzon Australia Pty Limited ("AZA"), a wholly owned subsidiary of ROC, advises that the Basker-5 ("B5") well workover has been suspended and the Ocean Patriot rig moved to the Basker-3 ("B3") well workover.
The B5 workover programme was designed to isolate water production within the B5 well through the installation of a cement plug to isolate the lower reservoir sands. The production log acquired during the workover to confirm the source of water inflow showed a more complex combination of water and gas flowing within the well. The workover has been suspended and the isolation procedure is under review due to the results from B5 production log test.
As a result the oil acceleration benefits from B5 which, prior to commencement of the programme, were assessed to be approximately 800 BOPD (ROC: 240 BOPD), are currently uncertain.
Subject to further assessment of the log results, a revised B5 workover may be undertaken at the end of the current drilling campaign, which includes the B3 workover and the Basker-7 ("B7") development well.
Subject to the satisfaction of conditions precedent (including applicable regulatory approvals) relating to the proposed sale by AZA of a 10% interest in BMG to Pertamina, participating interests in the BMG Joint Venture are:
Anzon Australia Pty Limited (Operator)................................30%
Beach Petroleum Limited..........................................................30%
CIECO Exploration and Production (Australia) Pty Ltd.............20%
Sojitz Energy Australia Pty Ltd..................................................10%
PT Pertamina Hulu Energi.........................................................10%
Matthew Gerber
Manager Investor Relations & External Affairs
For further information please contact:
Mr Bruce Clement on
Tel: +61-2-8023-2000
Fax: +61-2-8023-2222
Email: bclement@rocoil.com.au
Or visit ROC's website: www.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
In accordance with ASX and AIM Rules, the information in this Release has been reviewed and approved by Mr Neil Seage, Chief Reservoir Engineer, Roc Oil Company Limited, BA, BEng (Hons), MBA and Dip App Fin. Mr Seage, who is a member of the Society of Petroleum Engineers, has more than 30 years of relevant experience within the industry and consents to the information in the form and context in which it appears.