Rockpool Acqui Regulatory News (ROC)

12 Jun 2007 07:03

Roc Oil Company Limited12 June 2007 12 June 2007 ROC OIL COMPANY LIMITED ("ROC") STOCK EXCHANGE RELEASE Drilling Activity Update: Exploration Drilling KEY POINT • Discovery offshore Western Australia and exploration drilling underway onshore Angola. 1. Dunsborough-1, Offshore Perth Basin: ROC: 37.5% & Operator Roc Oil (WA) Pty Limited, a wholly owned subsidiary of ROC, advises that theDunsborough-1 exploration well, WA-286-P, in the offshore Perth Basin, has beenclassified as a new field oil and gas discovery. Since ROC's last Stock Exchange Report on 1 June 2007, Dunsborough-1 has beendrilled to a Total Depth of 1,755 metres Below Rotary Table and a comprehensivewireline electrical logging and fluid pressure and sampling programme has beencompleted. Preliminary interpretation suggests that the well has intersected aminimum 25 metre gross hydrocarbon column of which approximately 18 metres isnet pay. The accumulation appears to have a small ( < 13 metres) gross gas columnabove an oil column containing light oil (approximately 40o API) in sands ofpoor to moderate reservoir quality. Pressure data indicate that the total grosshydrocarbon column associated with the Dunsborough structure may be up to 70metres. Tentative volumetric estimates by ROC suggest that the structure couldcontain between 20 and 40 million barrels of oil in-place. As of 0600 hours on 12 June 2007, Australian Western Standard Time ("AWST"), thecurrent operation at Dunsborough-1 was preparing to plug and abandon the well inaccordance with the pre-drill schedule. Dunsborough-1, located approximately 25 km south of Geraldton, Western Australiaand about 50 km northwest of the Cliff Head Oil Field, is the third and finalwell in an offshore Perth Basin drilling programme which was initiated in earlyApril, 2007 by the WA-286-P and WA-325-P joint ventures, both of which areoperated by ROC. The programme's first well was the Frankland-1 gas discovery inWA-286-P, about 25 km southeast of Dunsborough-1, the programme's second wellwas the Perserverance-1 gas discovery in WA-325-P, approximately 50 km to thenorthwest of Dunsborough. Commenting on the three well programme ROC's Chief Executive Officer, John Doranstated that: "It is always nice to drill three offshore exploration wells and make threediscoveries, particularly when that extends the known oil and gas fields some200 kilometres along regional strike to the northwest of the Cliff Head OilField. However, at the end of the day we're not looking to play with explorationsuccess statistics but rather to clock up commercial success - and it will takesome time to establish whether or not we have done that. Of the three discoveries, Frankland and Dunsborough look as if they have thebest chance of being developed, while Perserverance will probably need a lot ofgood things to happen around it if is going to make the grade. Whatever the details, it would seem that an exploration programme that wasregarded by ROC as the last throw of the dice in the northern offshore PerthBasin, has certainly provided enough success to cause us to move the discoverieson to the appraisal stage and continue to explore around and on trend fromthem." Participating Interests in WA-286-P are: Roc Oil (WA) Pty Ltd (Operator)....................................37.5%AWE Oil (Western Australia) Pty Ltd................................27.5%Wandoo Petroleum Pty Ltd (Mitsui & Co Group of Companies)*.........24.0%ARC (Offshore PB) Limited...........................................6.0%CIECO Exploration and Production (Australia) Pty Ltd................5.0%* Subject to a purchase agreement with ARC Energy 2. Massamabala-1, Onshore Angola: ROC 60% & Operator Roc Oil (Cabinda) Company, a wholly owned subsidiary of ROC, advises that, as of1600 hours on 9 June 2007 (local time), the ROC-owned "Explorer" rig commenceddrilling the Massambala-1 exploration well in the Cabinda South Block, onshoreAngola. As at 0600 hours on 11 June 2007 (local time) the current operation was waitingon cement prior to drilling ahead. Massambala-1, a directionally drilled well located on the coastal plain south ofCabinda City, is the first of a minimum five well exploration drilling programmeto be operated by ROC onshore Angola during 2007. It is currently anticipatedthat Massambala-1 will reach a Total Depth of 2,185 metres by early August. ROC will issue Stock Exchange releases documenting the progress and results ofits drilling operations in Angola as material information becomes availablealthough this will not necessarily be on a weekly basis. This reportingrationale reflects the fact that oil and/or gas shows are not uncommon in theregion and therefore reporting hydrocarbon shows in isolation, as and when theyare encountered, regardless of magnitude and prior to receiving additionalback-up log data, may not be material. Participating Interests in the Cabinda South Block are: ROC Group Companies (Operator)............60%Force Petroleum Limited...................20%Sonangol P&P S.A..........................20% Commenting on the commencement of drilling onshore Angola, ROC's Chief ExecutiveOfficer, Dr John Doran, stated that: "The commencement of the first well in 35 years onshore Cabinda might beregarded as a significant event, but ROC's focus is not on any sense ofoccasion, as much as the operational end of our business, including thecontinuing interaction with the local communities, who have been very supportiveof our efforts to date. If these aspects of ROC's work in Cabinda continue toflourish then, from here on in, the rocks should be able to speak forthemselves. While nobody can be sure as to what the drill bit will find itcertainly looks as if the next many months will be quite an interesting periodfor the Company and its shareholders." 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: jdoran@rocoil.com.au Or visit ROC's website: www.rocoil.com.au Dr Kevin Hird General Manager - Business Development Tel: +44 20 7495 5707/+61 2 8356 2000 Mob: +44 775136 7149/+61 417 261 727 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