| MARCH 2005 - STOCK EXCHANGE RELEASES |
| STOCK EXCHANGE RELEASE - DRILLING ACTIVITY UPDATE: HADDA-1, EXPLORATION WILDCAT WELL, OFFSHORE PERTH BASIN, WESTERN AUSTRALIA (29-03-2005) |
HADDA-1, THE OFFSHORE PERTH BASIN
Hadda-1, a rank exploration wildcat well, was drilled as a vertical well in about 45 metres of water, about 150 km northwest of Geraldton, Western Australia and some 200 km northwest of the Cliff Head Oil Field.
WA-325-P...............................Current.........Equities post-deals |
| STOCK EXCHANGE RELEASE - DRILLING ACTIVITY UPDATE: HADDA-1, THE OFFSHORE PERTH BASIN (24-03-2005) |
HADDA-1, THE OFFSHORE PERTH BASIN
Hadda-1, is a vertical well drilled by the ENSCO-56 jack-up drilling rig, in about 45 metres of water, in WA-325-P, about 150 km northwest of Geraldton , Western Australia and some 200 km northwest of the Cliff Head Oil Field.
WA-325-P...............................Current.........Equities post-deals |
ASX Company Announcements Platform - Lodgement of Open Briefing - Corporatefile.com.au (21-03-2005) |
|
| STOCK EXCHANGE RELEASE - EXPLORATION WELL, HADDA-1, COMMENCES DRILLING IN THE OFFSHORE PERTH BASIN (17-03-2005) |
EXPLORATION WELL, HADDA-1, COMMENCES DRILLING IN THE OFFSHORE PERTH BASIN
WA-325-P...............................Current.........Equities post-deals |
| STOCK EXCHANGE RELEASE - DRILLING ACTIVITY UPDATE: (14-03-2005) |
CLIFF HEAD-6 SUSPENDED AS FUTURE OIL PRODUCER
............................... . . . . .. . . . . . . .Equity.......... |
| STOCK EXCHANGE RELEASE - JOINT VENTURE COMMITS TO DEVELOP THE CLIFF HEAD OIL FIELD, OFFSHORE WESTERN AUSTRALIA (14-03-2005) |
KEY POINT
Roc Oil (WA) Pty Ltd, a wholly owned subsidiary of Roc Oil Company Limited (“ROC”), operator for and on behalf of the WA-286-P Joint Venture (the “Joint Venture”), is pleased to advise that the Joint Venture has taken a Final Investment Decision with regard to the development of the Cliff Head Oil Field in the offshore Perth Basin, Western Australia. As a result, production is expected to start within 12 months, subject to receipt of final Government approvals. Initial production rates will be in excess of 10,000 BOPD through facilities with 15,000 BOPD design capacity. 2. RESERVES AND POTENTIAL Proved and probable recoverable reserves are estimated to be in the order of 14 MMBO within that part of the field which has been fully appraised. Additional possible as yet undrilled reserve potential exists in three adjacent areas that will be accessible from the Cliff Head production platform. Specifically: • Previously, the reservoir sand sequence in the northwestern part of the Cliff Head structure was mapped as being below the field’s oil-water contact. Subsequent to the integration of seismic velocity data acquired from the drilling of the Cliff Head-5 and Cliff Head-6 wells, the latest seismic mapping now suggests that a significant amount of potential reservoir in this part of the structure may be above the field’s oil-water contact. • To the east of the field, as currently mapped, there are shallow water shoals which have previously prevented the acquisition of seismic data. However, because of encouraging results from a current transition zone 2D seismic survey in very shallow waters in WA-286-P and the adjacent TP/15, it is now proposed that this survey be extended so as to better define the potential of the area immediately east of the Cliff Head Oil Field. • To the northeast of the field, the current very shallow water transition zone 2D seismic survey has also indicated that reserve potential may exist up-dip from Mentelle-1, an exploration well, drilled in 2003, which had significant residual oil shows in the upper part of the reservoir objective. 3. FIELD DEVELOPMENT The Cliff Head Oil Field Development Project is expected to cost a total of approximately A$227 million. There are four main components: • Offshore Platform • Pipelines and Umbilicals • Onshore Processing Plant • Drilling As a result of a tender process initiated last year, a number of agreements have been negotiated with several contractors, including Ensco Australia Pty Ltd, which will supply the Ensco 67 jack-up drilling rig. Day-to-day management of the construction and installation phase of the Cliff Head Development Project will be based in ROC’s Perth office where a project team, under the leadership of Mr Duncan Mitchell, was established in 2004 during the Front End Engineering and Design (“FEED”) stage of the project. Mr Mitchell, with more than 20 years experience in the contracting industry, mainly with international contractor Kellogg Brown and Root, has been working with ROC on the Cliff Head Development since early 2004. The drilling and completion component of the project will be managed out of ROC’s Sydney office. 4. SIGNIFICANCE Cliff Head will be the first field to be developed in the offshore Perth Basin. In fact, the field will be the first oil field to be developed off the Western Australian coast south of the Exmouth Sub-basin, some 1,000 km to the north. The field is also the first oil field to be discovered and developed offshore Australia by a Joint Venture the majority (71%) of which is owned by junior Australian oil companies, one of which is the operator. At the moment there are only four Australian publicly-listed companies that produce oil – as opposed to gas and/or condensate – offshore Australia: BHP Billiton Limited Woodside Petroleum Limited, Santos Limited and Tap Oil Limited. When the Cliff Head development is complete there will be three more Australian public companies joining this list of offshore oil producers: Australian Worldwide Exploration Ltd, Voyager Energy Limited and ROC. The Cliff Head Joint Venture comprises ............................... . . . . .. . . . . . . .Equity..........
Commenting on the Final Investment Decision for Cliff Head, ROC’s Chief Executive Officer, Dr John Doran, stated: “Cliff Head has had an interesting couple of months. Initially, capital costs went up and reserves went down. Then capital costs came down and oil prices went up. The end result is that the field will be developed because of an unusual combination of circumstances, not least of which is the general perception that near and medium term oil prices will not fall much below US$30/BBL for any significant length of time. The Cliff Head Oil Field was discovered by ROC’s first well in Australia, but we don’t embark on offshore development projects for sentimental reasons; we do it to make money for shareholders. Fortunately, on a stand-alone basis, the Cliff Head development, as it is now envisaged, meets the Company’s investment criteria and is expected to provide ROC with a very satisfactory rate of return. The Cliff Head development will also establish significant onshore and offshore infrastructure in the region. This may prove to be relevant in the event that further fields are discovered and developed in and around the Cliff Head Oil Field and in the adjoining coastal area Despite its modest size, the development of the Cliff Head Oil Field is an important landmark for the offshore oil industry in Western Australia and, in several different ways, for each of the Joint Venture participants. ROC is able to fund its entire net share of the development costs, approximately A$85 million, from internal sources, but it will consider prudent alternative financial arrangements, including project related debt.
|
| STOCK EXCHANGE RELEASE - DRILLING ACTIVITY UPDATE: CLIFF HEAD-6 (10-03-2005) |
DRILLING ACTIVITY UPDATE: CLIFF HEAD-6 Preliminary analysis of the log data received to date indicates that the well has intersected a 71 metre vertical gross oil column with an oil-water contact consistent with the field-wide contact. Net to gross is approximately 70%. Porosities in the reservoir sequence are generally in the mid to high teens with sections above 20% porosity. Because CH 6, located in the main horst part of the field, has been drilled at an angle of approximately 40 degrees the gross reservoir interval intersect by the well is 93 metres. The forward plan for CH-6 is to complete logging, run casing and suspend the well as a potential future oil producer. The Joint Venture plans to meet on 11 March 2005 to consider a Final Investment Decision for the project.
............................... . . . . .. . . . . . . .Equity.......... |
| STOCK EXCHANGE RELEASE - DRILLING ACTIVITY UPDATE: CLIFF HEAD-6 (07-03-2005) |
DRILLING ACTIVITY UPDATE: CLIFF HEAD-6 The current operation on CH-6 at 0600 on 7 March 2005 was preparing to cut core #3 at a depth of 1,400 metres.
............................... . . . . .. . . . . . . .Equity.......... |
| STOCK EXCHANGE RELEASE - MAURITANIA OFFSHORE DRILLING UPDATE (01-03-2005) |
ROC advises that the following release was made earlier today by Woodside Petroleum Limited:
Subsequent to participation by the Government of Mauritania, Woodside's interest in the Chinguetti oil project becomes 47.384%. 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 |