| AUGUST 2005 - STOCK EXCHANGE RELEASES |
| MAURITANIA OFFSHORE DRILLING UPDATE: (30-08-2005) |
"Woodside Mauritania Pty Ltd., a wholly owned subsidiary of Woodside Petroleum Ltd., reports the following active,ties offshore Mauritania since the last report issued on 23 August 2005.
The ‘Stena Tay’ drill rig acquired wireline logs on Sotto-1 ST1. No significant hydrocarbons were encountered in the well, which was plugged and abandoned. The rig then sailed to the Espadon location.
PSC Area B: Espadon-1 Exploration Well The Espadon-1 well was spudded by the ‘Stena Tay’ drill rig on 29 August 2005 in approximately 1675 metres of water. The well has a proposed total depth of approximately 3,340 metres. At midnight on 29 August, the 18½ inch diameter top hole was drilling ahead at 2,000 metres. The 'West Navigator’ drillship continues to perform completion work on the Chinguetti development wells. Woodside does not plan to issue regular announcements regarding operations on the Chinguetti development wells, but will do so if necessary to comply with its continuous disclosure obligations under the ASX Listing Rules. General All reported drilling deptsh are referenced to the rig rotary table and all times are Universal Time (UTC) (Mauritanian time). The locations of planned exploration wells and the Chinguetti Oil Field are shown on the attached map.”
Company............................... . . . . Chinguetti Joint Venture . . . .. . . PSC-A . . . .. . . PSC-B . . . ..PSC-C, Block 6
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| SUMMARY OF ROC’S FINANCIAL RESULTS FOR FIRST HALF 2005 (“1H2005”) (26-08-2005) |
STRONG FIRST-HALF 2005 RESULT KEY FINANCIAL POINTS • Record $61.3 million net profit after income tax, largely due to the sale of Saltfleetby Gas Field, effective 31 December 2004, which resulted in a first-half (1H2005) profit after tax of $80.7 million. The result, which represents a $74.2 million turnaround compared to the $12.9 million loss for 1H2004, includes $13.4 million exploration expenditure expensed and written off. • Final investment decisions made for the Cliff Head Oil Field, offshore Western Australia and immediately after half year end, the Blane and Enoch fields in the North Sea. • Development of the Cliff Head and Chinguetti oilfields progressed on schedule with first oil expected during 1Q2006 at combined production rates of 5,000 8,000 BOPD net to ROC. • Strong financial position maintained with cash and receivables of $154.9 million and no debt, compared to 30 June 2004 cash and receivables of $139.3 million and debt of $20.1 million. • As a result of the $109 million Saltfleetby Gas Field sale, 1H2005 production and sales revenue were substantially lower compared to 1H2004: 38 BOEPD compared to 3,072 BOEPD and $0.4 million compared to $19.0 million, respectively. • Development expenditure for the half year of $30 million, primarily relating to the Cliff Head and Chinguetti oilfields, was substantially higher than the $0.7 million expended in the corresponding period last year. • Exploration expenditure for 1H2005 was moderately higher than the corresponding period last year: $14.9 million compared to $12.4 million.
Two exploration/appraisal wells were drilled in 1H2005 in the Perth Basin offshore Western Australia; both were plugged and abandoned as dry holes.
WEST AFRICA • Development – Chinguetti Oil Field, PSC B (Exclusive Exploitation Authorisation), Offshore Mauritania (ROC: 3.25%, Operator: Woodside) • Appraisal – Tiof Oil Field, PSC B, Offshore Mauritania (ROC: 3.693%, Operator: Woodside) • Exploration – Cabinda South Block, Onshore Angola (ROC: 60% and Operator)
UK • Development – Blane Oil Field and Enoch Oil and Gas Field, North Sea (ROC unitised interests 12.5% and 12.0% respectively, Operator: Paladin) • Exploration – Onshore (ROC: 100% and Operator) CHINA • Pre-development - Wei-12-8 West Oil Field, Block 22/12, Beibu Gulf (ROC:19.6% after Government back-in and Operator)
CORPORATE Two oil price hedging contracts were entered into covering approximately 25% of ROC’s share of the total forecast production from Chinguetti and Cliff Head fields for the relevant periods: A-IFRS Consistent with Australian Accounting Standards ROC adopted A-IFRS. The change has no effect on ROC’s cash flow and business practices or activities.
During 1Q2005, ROC invested $4.3 million in the Ardmore Project in the UK North Sea through the provision of secured funds to Acorn North Sea Limited ("ANSL"). On 1 June 2005, without any further investment ROC requested that an Administrative Receiver be appointed to ANSL due to concerns about the future viability of the Ardmore project. As a result, ROC expects to recover towards $3 million of its total investment of $11 million of which $1.8 million had been received by 30 June 2005. The balance is anticipated to be received during 2H2005.
Commenting on the financial results, Dr John Doran stated that, “As a consequence of the strong 1H2005 financial result, largely driven by the very profitable sale of the Saltfleetby Gas Field at the end of 2004, ROC was able to self-fund, with a considerable degree of comfort, substantial development expenditure at Chinguetti and Cliff Head as well as a global exploration and appraisal drilling programme which will continue well into 2006.
Michelle Manook General Manager – Corporate Affairs E-mail: mmanook@rocoil.com.au |
| MAURITANIA OFFSHORE DRILLING UPDATE: (23-08-2005) |
"Woodside Mauritania Pty. Ltd., a wholly-owned subsidiary of Woodside Petroleum Ltd., reports the following activity offshore Mauritania since the last report issued on 16 August 2005.
The ‘Stena Tay’ drill rig drilled Sotto-1 ST1 to a final total depth 3,279 metres. At midnight on 22 August 2005, preparations were underway to commence wireline logging. Logs and other data acquired while drilling suggest that the well has not encountered any significant hydrocarbons. Following completion of wireline logging, the Sotto-1 ST1 well will be plugged and abandoned and the ‘Stena Tay’ will move to the Espadon-1 exploration well in PSC-B.
Chinguetti Development Wells The 'West Navigator’ drillship continues to perform completion work on Chinguetti Development wells. Woodside does not plan to issue regular announcements regarding operations on Chinguetti development wells, but will do so if necessary to comply with its continuous disclosure obligations under the ASX Listing Rules. General All reported drilling depths are referenced to the rig rotary table and all times are Universal Time (UTC) (Mauritanian time). Joint Venture Participants have approved the drilling of 4 exploration wells subsequent to Sotto. These are Espadon-1, Tevet-2, Labeidna-1 and Colin-1. Tevet-2 will target a statigraphically deeper reservoir that the Tevet-1 discovery well. The locations of these wells and the Chinguetti Oil Field are shown on the attached attached map."
Company............................... . . . . Chinguetti Joint Venture . . . .. . . PSC-A . . . .. . . PSC-B . . . ..PSC-C, Block 6
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| DRILLING UPDATE: MAURITANIA (23-08-2005) |
“Although wireline logging at Total Depth is yet to commence, the drill data and Measurement While Drilling (MWD) log information obtained so far suggest that the well has not encountered any commercially significant hydrocarbons.” ROC’s interest in PSC Area A is 4.155%
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| MAURITANIA OFFSHORE DRILLING UPDATE: (16-08-2005) |
"Woodside Mauritania Pty. Ltd., a wholly-owned subsidiary of Woodside Petroleum Ltd., reports the following activity offshore Mauritania since the last report issued on 9 August 2005.
The 'Stena Tay' drill rig drilled the Sotto-1 well to a depth of 1,353 metres. Due to operational difficulties it was necessary to sidetrack the well, and at midnight on 15 August, preparations were underway to drill the Sotto-1 ST1 sidetrack to a planned total depth of 3,350 metres.
Chinguetti Development Wells The 'West Navigator' drillship continues to perform completion work on Chinguetti Development wells. Woodside does not plan to issue regular announcements regarding operations on Chinguetti development wells, but will do so if necessary to comply with its continuous disclosure obligations under the ASX Listing Rules. All reported drilling depths are referenced to the rig rotary table and all times are Universal Time (UTC) (Mauritanian time). The locations of Sotto-1, the Chinguetti Oil Field and the Tiof and Banda discoveries are shown on the attached map."
Company............................... . . . . Chinguetti Joint Venture . . . .. . . PSC-A . . . .. . . PSC-B . . . ..PSC-C, Block 6
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| MAURITANIA OFFSHORE DRILLING UPDATE: (09-08-2005) |
"Woodside Mauritania Pty Ltd, a wholly-owned subsidiary of Woodside Petroleum Ltd., reports the following activity offshore Mauritania.
Following upgrade work, the ‘Stena Tay’ drill rig returned to Mauritanian waters on 27 July 2005 and resumed work on Chinguetti Development wells prior to commencing the 2005 exploration drilling program. The Sotto-1 Exploration Well was spudded on 6 August 2005 in approximately 320 metres of water and drilling continued to 1,146 metres. At midnight on 8 August 2005, 13-3/8 inch casing was being run prior to drilling to the planned total depth of approximately 3,350 metres.
Chinguetti Development Drilling and Banda Gas Injector Well The 'West Navigator’ drillship continues to perform completion work on Chinguetti Development wells. As part of the Chinguetti Development Well program a gas injection well has been drilled into the Banda field. This well is currently being tested by the ‘West Navigator’ drill ship and the well test is progressing as planned. The well has flowed gas at the rate of 32mmscf/d through a 52/64 inch choke, at a surface flowing pressure of 2866 psi during the main flow period. Testing is continuing with a reduced flow rate period for sampling and production logging. Gas produced in association with the Chinguetti oil production, in excess of the Chinguetti field requirements will be injected and stored in the Banda gas reservoir. Woodside does not plan to issue regular announcements regarding operations on Chinguetti development wells, but will do so if necessary to comply with its continuous disclosure obligations under the ASX Listing Rules. All reported drilling depths are referenced to the rig rotary table and all times are Universal Time (UTC) (Mauritanian time). The locations of Sotto-1, the Chinguetti Oil Field, the Tiof and Banda discoveries are shown on the attached map. Wells are expected to be drilled in three production sharing contract areas during the remainder of the 2005 campaign."
Company............................... . . . . Chinguetti Joint Venture . . . .. . . PSC-A . . . .. . . PSC-B . . . ..PSC-C, Block 6
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| EXPLORATION DRILLING PROGRAMME START-UP: (08-08-2005) |
ROC announces that the Sotto-1 exploration well in Mauritania PSC A, commenced drilling on 6 August, 2005 at 2300 GMT. The well is being drilled by the Stena Tay drilling vessel. Sotto-1 is located approximately 110km southwest of Nouakchott, the Mauritanian capital, and 42km south of the Chinguetti Oil Field in a water depth of 320m. The planned total depth of the well is 3,330m.
Hydrocarbon shows will only be reported after all required logs have been run and evaluated, although ROC will release weekly updates on the exploration drilling campaign.
"The high risk Sotto-1 well marks the start of something that has become almost a seasonal event over the past few years for ROC – participating in an exploration drilling programme offshore Mauritania. Given the large size of Mauritania's offshore area and the fact that, prior to the first modern drilling campaign in 2001, commercial oil had not been discovered in the country, this year's exploration drilling programme should not be viewed any differently to its predecessors – it's another important step in our understanding of this newly emergent hydrocarbon province which will probably provide a mix of results typical of such frontier drilling programmes."
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| STOCK EXCHANGE RELEASE - MAURITANIA: (04-08-2005) |
Woodside, which operates the Chinguetti oil field development, about 90km offshore west of the capital Nouakchott, has maintained normal drilling operations except for a minor disruption due to delays in freight movements. All of Woodside’s staff and contractors have been accounted for and are safe. The company will continue to monitor the situation."
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