Drilling Update: Wei 6-12E-1A Exploration Well, Block 22/12, Offshore China
11 MAR 08
Roc Oil (China) Company, a wholly owned subsidiary of ROC, advises that as at 0600 hours (local time) on 11 March 2008, the current operation at the Wei 6-12E-1A exploration well was cutting sidewall cores. Since the last Drilling Report on 4 March 2008, the well has drilled to a Total Depth of 2,510 mBRT and an extensive evaluation programme has been carried out. Although the well encountered minor residual oil shows it will be plugged and abandoned. The well result does not impact upon the development plans for the nearby Wei 6-12 and Wei 6-12 South Oil Fields.
Based on a variety of operational reasons, the Block 22/12 Joint Venture is currently reviewing its decision to drill the Wei 12-2N-1 well.
Participating Interests in the Block 22/12 Joint Venture are:
Roc Oil (China) Company (Operator)............................. 40%
Horizon Oil Limited............................................................. 30%
Petsec Petroleum*............................................................. 25%
Oil Australia Pty Ltd**........................................................... 5%
The above interests are subject to Government participation in developments of up to 51%
*a subsidiary of Petsec Energy Ltd **a subsidiary of First Australian Resources
For further information see: Stock Exchange Release 11.03.08