| DECEMBER 2005 - STOCK EXCHANGE RELEASES |
| ACTIVITY UPDATE - ANGOLAN SEISMIC SURVEY AND 2006 BUDGET: (30-12-2005) |
As a consequence of the seismic data processed and interpreted to date, the ROC-operated Cabinda South Joint Venture has agreed to accelerate the exploration programme through 2006 with the intention of drilling the first of an initial programme of three exploration wells in September, 2006. In this context, the 2006 budget exploration expenditure for the Cabinda South Block is expected to be in the order of US$45million of which ROC will contribute about US$34 million/A$45 million.
Commenting on the implications of the seismic data, ROC's Chief Executive Officer Dr John Doran stated that: "Although interpretation is still at a preliminary stage, the seismic reviewed to date has confirmed onshore Angola in the pole position within ROC's exploration portfolio, as evidenced by the greatly accelerated 2006 work programme."
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| DRILLING ACTIVITY UPDATE ZOULÉ-1 EXPLORATION WELL, OFFSHORE MAURITANIA: (28-12-2005) |
Zoulé-1, which is targeting Cretaceous channel sands, is located in 782 metres of water and has a proposed Total Depth of 3,730 metres. The well is approximately 78 km from shore, 130 km north of the Chinguetti Oil Field and 27 km south-east of Pelican-1, a Cretaceous gas discovery drilled in Block 7 in late 2003 in which ROC has a 4.950% interest.
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| MAURITANIA OFFSHORE DRILLING UPDATE: (23-12-2005) |
“Woodside Petroleum Ltd reports the following activity by its wholly-owned subsidiaries, Woodside Mauritania Pty. Ltd. and WEL Mauritania B.V., offshore Mauritania since the last report issued (by Woodside) on 22 November 2005..
The ‘Stena Tay’ drill rig is expected to resume exploration drilling for Woodside operated joint ventures in Mauritania next week. The next well to be drilled will be the Zoulé-1 exploration well in PSC Area C, Block 6. The well will target a Cretaceous objective and has a planned total depth of approximately 3730 metres. Following Zoulé-1, the Doré-1 exploration well will be drilled in PSC Area B to target late Paleogene and early Miocene objectives. Woodside anticipates issuing the next Mauritania Offshore Drilling Update on 3 January 2006 unless it is necessary to issue an earlier release 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 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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| DRILLING ACTIVITY UPDATE FAUCON-1 EXPLORATION WELL, OFFSHORE MAURITANIA: (20-12-2005) |
Therefore, the main outcome of the drilling of Faucon-1 remains as reported last week: it encountered two hydrocarbon-bearing sandstones some 150 metres apart. The upper sandstone is gas-bearing and four metres thick while the lower 40 metres thick sandstone has a 10 metre interval at the top of it which appears to contain light oil or liquids-rich gas-condensate. The composition of the hydrocarbon fluid cannot be finally determined until the downhole pressurised fluid samples recovered from the well have been fully analysed in an onshore laboratory. Faucon-1 is located in 1,162 metres of water, 140 km south of the Chinguetti Oil Field.
"Any time you find net hydrocarbon pay in the Cretaceous in a previously undrilled area 140 km from Chinguetti, you have to be encouraged. Exploration offshore Mauritania is still in its infancy: more than 14 million acres/50,000 sq km; barely scratched by the drill bit."
The Joint Venture Interests in Block 1 are: .... . . . .... . . . .... . . . .... . . . .... . . . ... . . . Equity
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| DRILLING ACTIVITY UPDATE FAUCON-1 EXPLORATION WELL, OFFSHORE MAURITANIA: (13-12-2005) |
During the week the well drilled an 8½” hole from 3,536 metres to the current depth of 3,674 metres. Due to increasing formation pressure it was decided to run a 7” liner and this has now been cemented in place. The current operation is preparing to drill ahead in 6” hole to the planned total depth of 4,237 metres. An intermediate logging programme was completed over the Upper Cretaceous interval, above 3,536 metres. This included reservoir pressure measurements and reservoir fluid sampling. Initial interpretation of the data collected indicates the presence of two hydrocarbon bearing sandstones, some 150 metres apart. The lower sandstone has a gross thickness of approximately 40 metres of which the upper 10 metres contains a hydrocarbon which appears to be a light oil or a liquids rich gas-condensate. The upper sandstone is approximately four metres thick and is currently interpreted to be gas bearing. The precise composition of the hydrocarbon fluids recovered from both zones will not be finally determined until the fluid samples have been fully analysed in an onshore laboratory. The logged interval appears to correspond to an upper reservoir target objective and there is potential for other sands to be encountered in the > 500 metre section which is yet to be drilled.
The Joint Venture Interests in Block 1 are: .... . . . .... . . . .... . . . .... . . . .... . . . ... . . . Equity
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| DRILLING ACTIVITY UPDATE FAUCON-1 EXPLORATION WELL, OFFSHORE MAURITANIA: (06-12-2005) |
Drilling has been temporarily suspended at 3,536 m while additional wireline logs, formation pressures, fluid and core samples are obtained. Thereafter, it is intended that the well be deepened by up to a further 700 m in order to fully explore the Cretaceous section. Once the additional wireline information has been obtained and evaluated a further announcement will be made regarding hydrocarbon type encountered and the likely significance of the accumulation.
The Joint Venture Interests in Block 1 are:
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