| FEBRUARY 2002 - RELEASES |
| ACTIVITY UPDATE (22-02-02) |
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1.1.1 Beibu Gulf, Republic of China (ROC: earning 25%) The Wei 6-12-1
exploration well in Block 22/12 is expected to start next week (see ASX
release dated 8 February 2002). The planned depth to test the primary
objective is 1,750 metres and should be reached within two weeks of the
commencement of drilling. 1.2 SEISMIC 1.2.1 South Humber Basin, Onshore UK (ROC: 100% and Operator) Recording of the 131 sq km Immingham Seismic Survey was completed on 20 February 2002, exactly a year to the day since the first case of Foot and Mouth Disease was confirmed in the UK which caused the original survey to be delayed by 11 months. The seismic survey team is now moving to the nearby 254 sq km Lincs Wolds survey area, where recording is expected to start before end February 2002. Both survey
areas are in the South Humber Basin; together they cover 25% of the three
exploration licences in the immediate vicinity of the Saltfleetby Gas
Field. 1.2.2 Mauritania - PSCs A and B - Blocks 3 to 5 (ROC: 2.4 to 2.7%) The MV Topaz, owned by seismic contractor WesternGeco, has commenced operations for the acquisition of approximately 1,400 sq km of 3D seismic data. These data will extend coverage over parts of the basin the prospectivity of which has been upgraded as a result of the Chinguetti-1 oil discovery.
2. DEVELOPMENT
Dr John Doran Return to ASX Releases main page
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| ACTIVITY UPDATE (14-02-02) |
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KEY POINT Roc Oil (Mauritania) Company ("Roc Mauritania"), a wholly owned subsidiary of Roc Oil Company Limited, together with Hardman Petroleum (Mauritania) Pty Ltd ("Hardman") and Woodside Mauritania Pty Ltd ("Woodside"), has signed a farmout agreement with Energy Africa Mauritania Limited ("Energy Africa") relating to Block 2, offshore Mauritania (Attachment 1). Under the agreement, Energy Africa will pay the first US$3 million of a planned 3D seismic survey to earn, on a pro-rated basis, a 20% interest from all three farmors. On this basis, ROC will contribute 0.8% to the Energy Africa farmin. The farmout is subject to Mauritanian government approval. The 3.2%
interest retained by ROC in Block 2 subsequent to Energy Africa's farmin
represents a small increase on the 2.5% interest which the Company held
in the Block prior to the withdrawal of Agip in October 2001. Dr John Doran Return to ASX Releases main page
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| ASX COMPANY ANNOUNCEMENTS PLATFORM (12-02-02) |
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| ACTIVITY UPDATE (08-02-02) |
ROC AGREES TO FARMIN TO THE BEIBU GULF, OFFSHORE CHINA KEY POINTS ROC is pleased to advise that it has agreed to farmin to Block 22/12 ("the Block") in the Beibu Gulf, offshore China (Attachment 1). The essence of the agreement is:- · ROC, through a wholly owned subsidiary, has agreed to acquire from Bligh Oil and Minerals NL ("Bligh"), a 25% interest in and become designated operator of, the Block. In the event of a commercial development the China National Offshore Oil Corporation ("CNOOC") has the right to back-in for up to 51% working interest to be acquired from all participants on a prorated basis. · The farmin is subject to the approval of CNOOC which is currently being sought by Bligh. · In consideration for acquiring the 25% interest ROC will pay 25% of the costs of drilling an exploration well to test the 6/12-1 Prospect to an initial depth of 1750 metres. The well will be drilled under a turnkey contract for an estimated dry hole cost of US$4 million. · In the event that the well is a discovery, or at least offers sufficient encouragement to cause ROC to want to continue in the Block, the Company will exercise an option to maintain its pre-CNOOC back-in interest at a 25% level. If ROC exercises this option it will provide Bligh with an amount in the order of US$750,000 which reflects a reimbursement of Bligh's pre-drill costs and pre-payment of some of Bligh's future permit administration costs.
ROC first started to do business in China four years ago through the export sale of its Mongolian oil production. More recently, ROC has farmed out 50% of two exploration wells to be drilled in Mongolia in mid-2002 to a Chinese oil company, Dongsheng Jinggong Petroleum Development Group Company Limited. In this sense, the farmin to the Beibu Gulf is simply the latest and most tangible expression of the regard that ROC has developed for oil and gas opportunities in China. The well will be ROC's first direct involvement in exploration in China and is scheduled to be drilled within a month. Because of
the timing of the well, Bligh will remain as the operator during the drilling
activity although ROC's technical personnel have been invited to liaise
closely with their counterparts in Bligh. 3. The Block The Block, situated approximately 60 km off the coast of China, northwest of Hainan Island, covers an area of 608 sq km (Attachment 1). Water depths are shallow, ranging from, approximately, 25 metres to 40 metres. Within the Block there are several undeveloped oil accumulations which, in ROC's opinion, may merit further study independent of the outcome of the next well. The 6/12-1 Prospect lies in 30 metres of water, 10 km east of the 12/1-1 Oil Field which is located in an adjacent permit area and reportedly producing in excess of 20,000 barrels of oil per day. A pipeline to the Weizhou Island Oil Terminal, 10 km to the north, passes within 5 km of the 6/12-1 Prospect. The farmin well will target a structural play which has a strong stratigraphic element and the capacity to contain in excess of 100 million barrels of recoverable oil. If the well is a discovery there are other undrilled prospects and leads in the Block which would be considered for follow-up drilling. Commenting on the Company's entry into China, ROC's CEO Dr John Doran stated that:- Immediately following the ROC-operated Cliff Head oil discovery at the beginning of the year, the Company indicated that it was curtailing "most, but not quite all" new venture activities. ROC's proposed farmin into the Beibu Gulf escaped the Company's self-imposed embargo on new ventures for a number of reasons not least because we had been monitoring the opportunity for more than a year, actively discussing the possibility of farming in for several months and have, for some time, wanted to gain a sensible foothold in China. ROC
is well aware that the road to China has been well travelled by many western
oil companies and that few have reported clear cut success while many
have experienced a degree of frustration. However, the move is consistent
with ROC's sensibly contrary corporate outlook and its positive commercial
experiences in China since 1998. While a dry hole will not have any profound
impact on its finances a measure of drilling success in the Beibu Gulf
will provide ROC with a strategic entry point into a huge and growing
energy market that is yet to be fully accessed by smaller western oil
companies. Dr John Doran Return to ASX Releases main page
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| ACTIVITY UPDATE (05-02-02) |
AUSTRALIAN WORLDWIDE EXPLORATION LIMITED ("AWE") AND ROC OIL COMPANY LIMITED ("ROC") JOINT RELEASE TO AUSTRALIAN STOCK EXCHANGE ("ASX") WA 286P AND TP/15 PARTICIPANTS COMMIT TO DRILL UP TO SEVEN WELLS · A
drilling programme of up to five wells in WA 286P (two firm and three
contingent) and two wells in TP/15 (one firm and one contingent) will
be undertaken as soon as practical. · One
of the two firm wells in the WA 286P programme will further appraise the
Cliff Head Oil Field; the other will test one of several undrilled prospects
in the vicinity of the field, probably the adjacent prospect, formerly
referred to as the "satellite structure" (see WA 286P ASX Release
issued by ROC, dated 16 January 2002). · If
the appraisal well at Cliff Head is successful the WA 286P Joint Venture
will consider drilling a further appraisal/development well within that
field as one of the three contingent wells included in the programme.
One of the two other contingent wells will likely target one of the two
untested structures which straddle the WA 286P and TP/15 permit boundary:
Twin Lions or Vindara (Attachment
1). · The
availability of a suitable rig, logistical constraints and weather considerations,
suggest that the first well in this collective drilling programme will
start drilling in late-December 2002/early-January 2003 which is consistent
with the May 2002 to January 2003 timeframe previously advised (see ROC
ASX Release dated 16 January 2002). Discussions with relevant rig contractors
are already underway. · The
multi-well work programme referred to above is expected to cost in excess
of $30 million, including coring and testing programmes, split approximately
two thirds-one third between the WA 286P and TP/15 joint ventures. · In addition to the forthcoming drilling programmes, the WA 286PJoint Venture is continuing to study and review technical data, gathered from the two recent wells drilled in the area in order to better gauge the area's commercial potential.
The WA 286P Joint Venture is comprised of: -
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The TP/15 Joint Venture is comprised of: -
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WA 286P |