| FEBRUARY 2005 - STOCK EXCHANGE RELEASES |
| STOCK EXCHANGE RELEASE - ROC'S 2004 FINANCIAL RESULTS (28-02-2005) |
To view the SUMMARY OF ROC’S 2004 FINANCIAL RESULTS, click here To view the Directors’ Report, Directors’ Declaration and Annual Financial Report for the Financial Year Ended 31 December 2004, click here
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| STOCK EXCHANGE RELEASE - DRILLING ACTIVITY UPDATE: CLIFF HEAD-6 STARTS DRILLING (28-02-2005) |
KEY POINT
• Cliff Head-6 (CH-6), commenced drilling at the Cliff Head Oil Field on 27 February 2005. By next week's report time, CH-6 is expected to have reached Total Depth.
CH-6 is a deviated well located on the central horst about 1.6 km north of the CH-1 discovery well. The well is expected to take approximately 7 days to reached a Total Depth of 1,481 metres.
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| STOCK EXCHANGE RELEASE - DRILLING ACTIVITY UPDATE: CLIFF HEAD - 5 (25-02-2005) |
KEY POINT
• Cliff Head-5 (CH-5), a vertical, “pathfinder”, appraisal well in the Cliff Head Oil Field, offshore Western Australia, is being plugged and abandoned after encountering the top of the reservoir target 56 metres low to prognosis and coincident with the field’s oil-water contact. The Ensco 56 rig will now move to drill the next well in the programme, Cliff Head-6 (CH-6), approximately 2.3 km northwest of the CH-5 location.
CH-5 is a vertical "pathfinder" appraisal well located about 1 km southeast of the CH-1 discovery well. The primary purpose of CH-5 was to determine the nature and extent of the reservoir in the East Ridge portion of the Cliff Head structure which had not previously been drilled. The well encountered the top of the main reservoir target sand 56 metres low to prediction and coincident with the field's oil-water contact. The discrepancy between the prognosed and actual depth at top reservoir target level is currently interpreted to be mainly due to unexpected seismic velocity variations in the overlying sequence in that part of the field. The reservoir quality of the target sand sequence drilled by CH-5 is the best yet encountered in the Cliff Head area. The results of CH-5 indicate that the depth configuration of the field at top reservoir level needs to be refined in the light of additional subsurface data points and with particular reference to the seismic velocity variations. This work is currently underway. Until the work has been completed, during March 2005, it is not possible to make any definitive statement about the impact which the CH-5 well has had on field reserves. Directionally, however, it would seem that proved and probable recoverable oil reserves at Cliff Head may be reduced by a few to several millions of barrels of oil (“MMBO”) from the previously quoted range of 18 to 21 MMBO. It is possible that the addition of the new velocity variation information to the field database will cause other parts of the structure, which are currently mapped as being below the oil-water contact, to be remapped as being above that contact. Whether or not this will prove to be the case will not been known until after the drilling of CH-6 which should be complete in early March 2005. A Final Investment Decision will also wait upon the results of CH-6.
Commenting on the results from CH-5, Dr John Doran, ROC's Chief Executive Officer, stated that: "Fifty-six metres is a big seismic bust, particularly at relatively shallow depth. Seismic velocity variations of this magnitude can work against you - as they have plainly done at the CH-5 location - or, they can work for you, as could happen in other parts of the structure. However, whether or not that will happen elsewhere within the Cliff Head field is pure speculation at this stage. The fact that the target reservoir sands in CH-5 represent the best quality sands seen in the field area offers a degree of ironic comfort."
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| STOCK EXCHANGE RELEASE - DRILLING ACTIVITY UPDATE (23-02-2005) |
KEY POINT
• Cliff Head-5 ("CH-5"), an appraisal well in the Cliff Head Oil Field, offshore Western Australia, has encountered the top of the anticipated reservoir substantially low to prognosis.
CH-5 is a vertical "pathfinder" well located about 1 km southeast of the CH-1 discovery well (Attachment 1). The pre-drill plan for CH-5 was that it be plugged and abandoned because its primary purpose was to determine the nature and extent of the reservoir in the East Ridge portion of the Cliff Head structure so as to better define the location of a horizontal development well. It is currently not understood whether CH-5 has come in low to prognosis due to adverse seismic velocity variations which would have an adverse impact on field reserves, or due to drilling inadvertently on the wrong side of a nearby fault, which would probably have a less severe impact on field reserves.
Regardless of the outcome of CH-5, upon completion of well operations the rig will move to drill the CH-6 development well location in the main horst part of the Cliff Head structure.
"With the results we have seen so far from CH-5 it is pretty clear why we described the well as a 'pathfinder'. If we have ended up on the 'wrong side' of the fault, then the situation may possibly be rectified by a sidetrack to the east. If, however, we are on the 'right' side of the fault, the fact that the top reservoir has been encountered substantially lower than prognosed means that we need to greatly improve our understanding of the East Ridge portion of the Cliff Head structure and this will impact on the details and timing of the Final Investment Decision for the development of the field."
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| STOCK EXCHANGE RELEASE - MAURITANIA OFFSHORE DRILLING UPDATE (22-02-2005) |
ROC advises that the following release was made earlier today by Woodside Petroleum Limited:
At midnight on 21 February 2005, the 'West Navigator' was suspending the well as a potential future oil production well prior to resuming operations on Chinguetti Development wells.
All reported drilling depths are referenced to the rig rotary table and all times are Universal Time (UTC) (Mauritanian time). The locations of the Chinguetti Oil Field, the Tiof and Banda discoveries and exploration wells are shown on the attached map. Wells are expected to be drilled in two production sharing contract areas during the remainder of the 2005 campaign."
Participating Interests in the areas are: Company............................... . . . . . . .PSC-A..........PSC-B |
| STOCK EXCHANGE RELEASE - TWO-WELL APPRAISAL/DEVELOPMENT DRILLING PROGRAMME STARTS AT THE CLIFF HEAD OIL FIELD, OFFSHORE WESTERN AUSTRALIA (21-02-2005) |
KEY POINT
• Cliff Head-5, the first well of a two well appraisal/development drilling programme, commenced drilling at the Cliff Head Oil Field on 18 February 2005. By next week's report time, CH-5 is expected to have reached Total Depth after coring through the prognosed reservoir. The rig will then move to drill the development well Cliff Head-6.
CH-5 is a vertical "pathfinder" well located about 1 km southeast of the CH-1 discovery well (Attachment 1). Regardless of drilling results, CH-5 will be plugged and abandoned because its primary purpose is to determine the nature and extent of the reservoir in the East Ridge portion of the Cliff Head structure so as to better define the location of a horizontal development well which, subject to a Final Investment Decision ("FID") by the Joint Venture, will be drilled from the future production platform to access the oil in the East Ridge.
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| STOCK EXCHANGE RELEASE - MAURITANIA OFFSHORE DRILLING UPDATE (15-02-2005) |
ROC advises that the following release was made earlier today by Woodside Petroleum Limited:
Since the last report, the well has flowed at a maximum rate of approximately 12,400 barrels of oil plus 11.0 million standard cubic feet of gas per day constrained by a 104/64 inch choke. Currently the well is flowing at a stable rate of approximately 9,150 barrels of oil per day in the main flow period constrained by a 72/64 inch choke.
All reported drilling depths are referenced to the rig rotary table and all times are Universal Time (UTC) (Mauritanian time). The locations of the Chinguetti Oil Field, the Tiof and Banda discoveries and exploration wells are shown on the attached map. Wells are expected to be drilled in two production sharing contract areas during the remainder of the 2005 campaign."
Participating Interests in the areas are: Company............................... . . . . . . .PSC-A..........PSC-B Commenting on the Tiof-6 flow, ROC's Chief Executive Officer, Dr John Doran, stated that: "This is a better than expected result. It augers well for the productivity of sands within the Tiof channel system although a lot more work needs to be done before any field-wide commercial implication can be drawn from the result."
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| STOCK EXCHANGE RELEASE - ROC KICKS-OFF RECORD A$50 MILLION DRILLING PROGRAMME FOR THE BALANCE OF 2005 (14-02-2005) |
Attachment 1 summarises ROC’s current expectations regarding its drilling programme for the balance of 2005. This programme effectively commenced on Saturday, 12 February when ROC, as operator of the Cliff Head Oil Field Development Project, received the ENSCO 56 jack-up drilling rig for tow to the Cliff Head-5 location where drilling is expected to start on/about 18 February 2005. It is important to note that all drilling programme forecasts are inevitably subject to change according to rig availability, logistics, government approvals and/or Joint Venture decisions. Attachment 1 should, therefore, be regarded as a directional guide to ROC’s drilling activity for the balance of the year rather than a definitive, unchanging, prediction.
• ROC expects to participate in the drilling of a record 34 wells. • The total cost of the programme, net to ROC, is expected to be in the order of A$50 million: a record investment by the Company. • Nineteen (56%) of the wells will relate to the development of the Chinguetti Oil Field, currently underway offshore Mauritania, the Ardmore Oil Field in the UK North Sea, which is also underway, and, subject to Final Investment Decision anticipated by early March 2005, the Cliff Head Oil Field, offshore Western Australia. • If the Chinguetti and Cliff Head development programmes are completed on schedule it is expected that, within the next twelve months, ROC’s production will increase from zero to about 8,000 BOPD. This is without reference to the Company’s option over up to 26% of the Ardmore Oil Field in the North Sea which, subject to successful development drilling, could add a net 2,000 to 3,000 BOPD to ROC’s entire 2005 and early 2006 production. • ROC will operate 12 (35%) of the wells. • Drilling activity will be spread between six countries and seven regions: onshore England; UK North Sea; West Africa, specifically deep water Mauritania and Equatorial Guinea; shallow waters offshore China and offshore Australia and onshore New Zealand. • Each of the 15 exploration/appraisal wells is expected to have the potential to add at least several million barrels to ROC’s net proved and probable reserves - and some of those wells have the capacity to add a lot more. Commenting on the 2005 drilling programme, ROC’s chief Executive Officer, Dr John Doran stated that: “During the last couple of months the transactional side of ROC’s activities has been in the ascendancy with the sale of the Saltfleetby Gas Field, the purchase of an option over the Ardmore Field in the UK North Sea and the placement of shares at a premium to market price. While ROC expects to continue to participate in other value-adding transactions during 2005, one of the other elements which will characterise the balance of the year will be a record level of drilling activity.” |
| STOCK EXCHANGE RELEASE - MAURITANIA OFFSHORE DRILLING UPDATE (08-02-2005) |
ROC advises that the following release was made earlier today by Woodside Petroleum Limited:
At midnight on 7 February 2005, the ‘West Navigator’ continued preparations to production test the well.
All reported drilling depths are referenced to the rig rotary table and all times are Universal Time (UTC) (Mauritanian time). The locations of the Chinguetti Oil Field, the Tiof and Banda discoveries and exploration wells are shown on the attached map. Wells are expected to be drilled in two production sharing contract areas during the remainder of the 2005 campaign."
Participating Interests in the areas are: Company............................... . . . . . . .PSC-A..........PSC-B |
| STOCK EXCHANGE RELEASE - MAURITANIA OFFSHORE DRILLING UPDATE (01-02-2005) |
ROC advises that the following release was made earlier today by Woodside Petroleum Limited:
At midnight on 31 January 2005 preparations to production test the well were underway.
All reported drilling depths are referenced to the rig rotary table and all times are Universal Time (UTC) (Mauritanian time). The locations of the Chinguetti Oil Field, the Tiof and Banda discoveries and exploration wells are shown on the attached map. Wells are expected to be drilled in two production sharing contract areas during the remainder of the 2005 campaign."
Participating Interests in those areas are: Company............................... . . . . . . .PSC-A..........PSC-B |