Rockpool Acqui Regulatory News (ROC)

23 Oct 2006 07:01

Roc Oil Company Limited23 October 2006 23 October 2006 ROC OIL COMPANY LIMITED ("ROC") STOCK EXCHANGE RELEASE OPERATIONAL UPDATE - ANGOLA & AUSTRALIA 1. Cabinda South Block, Onshore Angola (ROC: 60% & Operator) ROC is pleased to advise that it has signed a two-year contract with SimmonsDrilling Overseas Limited ("Simmons") for the Simmons 80 Rig, which is expectedto start drilling onshore Cabinda between March and May 2007. The 1,200horsepower rig is currently being upgraded in Dubai, and is capable of drillingto 4,000 metres in conventional hole sizes. Under the terms of the contract, ROChas the ability to terminate the arrangement early by paying a break fee and toassign the rig to other operators in the region. In addition, to the arrangement with Simmons, ROC is continuing to investigatethe merits of bringing the 100% ROC-owned 750 horsepower Explorer rig from theUK to Angola which could allow drilling to start prior to end-2006. Commenting on the Angolan rig contract, ROC's Chief Executive Officer, Dr JohnDoran, stated that: "As everybody knows, the rig market is tight. It is particularly tight when youare looking for a rig to drill in an area where nobody has drilled for 34 years.ROC is pleased to have secured a two-year rig contract for its drillingprogramme onshore Cabinda. Our sincere hope is that once the rig arrives inAngola, we will have every reason to keep it busy for the following two yearsalthough, of course, that goal will be a lot easier to achieve if our firstthree or four wells provide a bit of encouragement." The Cabinda South Block Joint Venture comprises: Equity Contributing InterestRoc Oil Companies 60.0% & Operator 75.0%Force Petroleum Limited 20.0% 25.0%Sonangol P&P S.A. 20.0% -- 2. Cliff Head Oil Field, Perth Basin, Offshore Western Australia (ROC:37.5% & Operator) Further to its Stock Exchange Release on 17 October regarding the temporaryshut-in at Cliff Head Oil Field, ROC advises that production recommenced 21October. Current production from the field is 9,000 to 10,000 BOPD from three ofthe six production wells. Trucking of oil to the BP Refinery at Kwinanarecommenced on 23 October. The remaining production wells will be brought onstream in due course. The Cliff Head Joint Venture comprises: EquityRoc Oil (WA) Pty Limited 37.5% & OperatorAWE Oil (Western Australia) Pty Ltd 27.5%Wandoo Petroleum Pty Ltd 24.0%ARC (Offshore PB) Limited 6.0%CIECO Exploration and Production (Australia) Pty Ltd 5.0% Michelle ManookGeneral Manager - Corporate Affairs 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 (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