explosive
- 14 Nov 2005 21:42
Roc Oil Company Limited
28 October 2005
ROC OIL COMPANY LIMITED
(ABN 32 075 965 856)
REPORT TO SHAREHOLDERS
Activities for the Third Quarter Ended 30 September 2005
CEO COMMENT
During the Quarter ROC reached a record market capitalisation of approximately
$520 million based on a record closing share price of $2.80. This reflected:
increasing momentum towards ROC's four field developments due to commence in
2006; an aggressive exploration drilling programme and strong oil prices.
HIGHLIGHTS
DEVELOPMENT
During the Quarter, 76% of the $43.5 million activity expenditure was
related to ROC's four field developments which are due to commence
production next year.
The Cliff Head Oil Field Development, offshore Western Australia,
remained on schedule for first production during Q1 2006. Post Quarter,
the Joint Venture approved an increase in the scope of work whereby an
additional well at a cost of $12.5 million will be drilled to access
approximately one million barrels of additional reserves resulting in an
increase to the current $227 million budget.
The Chinguetti Oil and Gas Field Development, offshore Mauritania,
continued toward first production Q1 2006. Overall budget plus
contingencies increased to US$750 million.
The Blane Oil Field and the Enoch Oil and Gas Field, both in the North
Sea, were approved for development.
EXPLORATION & APPRAISAL
The 3D and 2D seismic surveys in the Cabinda South Block, onshore
Angola, continued throughout the Quarter and subsequent month.
The Tevet-2 appraisal well, offshore Mauritania, encountered a gross gas
column of approximately 1.5m above a gross oil column of approximately 37m
in the Miocene channel sand, the shallower of the two objectives. The well
is part of a multi well exploration and appraisal drilling programme which
commenced in August 2005.
FINANCIAL
At Quarter end ROC had $118 million in cash and receivables and no debt.
1. PRODUCTION
Overall production remained minimal following the sale of the Saltfleetby Gas
Field effective 31 December 2004. Oil production decreased due to natural
decline in the Keddington Oil Field and a planned shut-in for installation of
artificial lift facilities at Jingemia.
+----------------------------------+------------+------------+-----------+
|OIL (BBL) | September | June '05 | Change |
| | '05 | Quarter | % |
| | Quarter | | |
+----------------------------------+------------+------------+-----------+
|UK - Onshore Oil (Keddington) | 3,132| 3,695| (15)|
+----------------------------------+------------+------------+-----------+
|Australia - Onshore Oil (Jingemia)| 63| 471| (87)|
+----------------------------------+------------+------------+-----------+
|Total Production | 3,195| 4,166| (23)|
+----------------------------------+------------+------------+-----------+
2. SALES REVENUE
+-------------------------------+---------------+------------+-----------+
|(Unaudited) | September '05 | June '05 | Change |
| | Quarter | Quarter | % |
| | $'000 | $'000 | |
+-------------------------------+---------------+------------+-----------+
|UK Oil Sales | 221| 225| (2)|
+-------------------------------+---------------+------------+-----------+
|Australia Oil Sales | 8| 42| (81)|
| | | | |
+-------------------------------+---------------+------------+-----------+
|Total Sales Revenue | 229| 267| (14)|
+-------------------------------+---------------+------------+-----------+
3. EXPENDITURE
+-------------------------------+---------------+------------+-----------+
| | September '05 | June '05 | Change |
| | Quarter | Quarter | % |
| | $'000 | $'000 | |
+-------------------------------+---------------+------------+-----------+
|Exploration | | | |
+-------------------------------+---------------+------------+-----------+
| Australia | 251| 1,110| (77)|
+-------------------------------+---------------+------------+-----------+
| New Zealand | 125| 49| 155|
+-------------------------------+---------------+------------+-----------+
| UK | 708| 1,372| (48)|
+-------------------------------+---------------+------------+-----------+
| Mauritania | 3,518| 861| 309|
+-------------------------------+---------------+------------+-----------+
| Angola | 5,229| 1,363| 284|
+-------------------------------+---------------+------------+-----------+
| Equatorial Guinea | 186| 145| 28|
+-------------------------------+---------------+------------+-----------+
| China | 350| 387| (10)|
+-------------------------------+---------------+------------+-----------+
| Other | 194| 401| (52)|
+-------------------------------+---------------+------------+-----------+
|Total Exploration | 10,561| 5,688| 86|
+-------------------------------+---------------+------------+-----------+
| | | | |
|Development | | | |
+-------------------------------+---------------+------------+-----------+
|Australia - Cliff Head | 24,218| 11,524 | 110|
+-------------------------------+---------------+------------+-----------+
|Mauritania - Chinguetti | 6,440| 7,334 | (12)|
+-------------------------------+---------------+------------+-----------+
|UK/Norway - Blane & Enoch | 2,304| 732| 215|
+-------------------------------+---------------+------------+-----------+
| Total Development | 32,962| 19,590| 68|
| | | | |
+-------------------------------+---------------+------------+-----------+
|Total Exploration & Development| 43,523| 25,278| 72|
+-------------------------------+---------------+------------+-----------+
4. DRILLING
Well completion activity continued at the Chinguetti Development. Exploration
and Appraisal drilling activity is summarised below:
+-----------+-----------+-----------+-----------+-------------------------+
| Category | Well | Location | Operator | Comment |
| |% Interest | | | |
+-----------+-----------+-----------+-----------+-------------------------+
|Exploration|Sotto-1/1A,|PSC Area A,|Woodside |The well did not |
| |4.155% |Mauritania |Mauritania |encounter significant |
| | | |Pty Ltd |hydrocarbons and was |
| | | | |plugged and abandoned. |
+-----------+-----------+-----------+-----------+-------------------------+
|Exploration|Espadon-1/ |PSC Area B,|Woodside |The well did not |
| |1A, |Mauritania |Mauritania |encounter significant |
| |3.693% | |Pty Ltd |hydrocarbons and was |
| | | | |plugged and abandoned. |
+-----------+-----------+-----------+-----------+-------------------------+
|Appraisal/ |Tevet-2/ |PSC Area B,|Woodside |The well intersected a |
|Exploration|-2ST, |Mauritania |Mauritania |gross gas column of |
| |3.693% | |Pty Ltd |approximately 1.5m and a |
| | | | |gross oil column of |
| | | | |approximately 37m in the |
| | | | |appraisal objective. |
+-----------+-----------+-----------+-----------+-------------------------+
5. SEISMIC
+--------+--------------+------------+----------+--------+----------------+
| Type | Location | Operator | Interest | Size | Comment |
| | | | % | | |
| | | | | | |
+--------+--------------+------------+----------+--------+----------------+
|2D |Onshore |Roc Oil |60 |510km |Underway. 280km |
| |Cabinda South |(Cabinda) |Working | |acquired.* |
| |Block Angola |Company |interest | | |
+--------+--------------+------------+----------+--------+----------------+
|3D |Onshore |Roc Oil |60 |165km2 |Underway. |
| |Cabinda South |(Cabinda) |Working | |130km2 |
| |Block Angola |Company |interest | |acquired.* |
+---------+--------------+-----------+----------+--------+----------------+
* See also Section 10 'Post Quarter Events'.
6. DEVELOPMENT
Australia
Cliff Head Oil Field, WA-286-P, Offshore Western Australia (ROC:37.5% &
Operator)
The Project remains on schedule and within budget for first oil production
during Q1 2006. Seven months after project sanction, the project is 65% complete
with engineering and procurement effectively finished. Construction of the CHA
platform is 84% complete and the Arrowsmith plant is 60% complete. See also
Section 10 'Post Quarter Events'.
West Africa
Mauritania - Chinguetti Oil & Gas Field (ROC: 3.25%)
The Western Navigator finished the drilling and completion of development wells
(6 production, 5 water injection and 1 gas injection well) in late September
2005. The refurbishment of the 'Berge Helene' FPSO was completed in late
September in Singapore and at Quarter end the vessel was ready to sail to
Mauritania. Installation of the subsea production facilities commenced.
The firm project costs for installation and start-up is US$705 million (US$22.9
million ROC net). An additional US$45 million (US$1.5 million ROC net) has been
set aside to cover unplanned contingencies that may occur during the offshore,
deep water installation program. The $US62.5 million (US$2 million ROC net)
budget increase is primarily due to increased drilling scope and additional
costs to prepare the subsea flowlines for installation. Production start-up
remains scheduled for 1Q 2006.
North Sea
Blane Oil Field (ROC: 12.5%)
UK and Norway Governments development approvals were received in July 2005. The
project comprises two production wells and one water injection well tied back to
the Ula platform. Total development cost is estimated to be 165 million (21
million ROC net) and first oil, at a rate of 14,000 BOPD (1,750 BOPD ROC net) is
currently scheduled for Q4 2006. Design, contracting and procurement progressed
and a drilling rig, Global Santa Fe's Glomar Arctic II, was contracted, with
drilling of the production wells scheduled to commence in early 2006.
Enoch Oil and Gas Field (ROC: 12.0%)
UK and Norway Governments development approvals were received in July 2005. The
project comprises a single production well tied back to the Brae 'A' platform.
Total development cost is estimated to be 75 million (9 million ROC net) and
first oil, at a rate of 12,000 BOPD (1,440 BOPD ROC net), is currently scheduled
for late 2006. Design, contracting and procurement progressed satisfactorily and
the contracted Glomar Arctic II will drill and complete the production well
after the Blane wells have been drilled and completed in mid 2006.
China
Wei 12-8 West Field, Block 22/12 Beibu Gulf (ROC: 40% &
Operator)
Negotiations continued regarding the potential development of the field with the
regional subsidiary of CNOOC. The Overall Development Plan (ODP) was being
progressed. At the Quarter end discussions were still underway and a decision as
to whether or not the field should be developed is expected by year end.
7. EXPLORATION AND APPRAISAL
Australasia
Offshore Perth Basin, Western Australia (ROC: 20-50% & Operator)
Planning is in progress for a multi-well exploration drilling programme
utilising the Ensco 67 jack-up drilling rig which is scheduled to drill the
development wells at the Cliff Head Oil Field. The Flying Foam-1 exploration
well in WA-327-P is scheduled to commence early November 2005. The remaining
exploration drilling programme is planned to commence in March 2006 following
Cliff Head development drilling.
Carnarvon Basin, WA-351-P, Western Australia (ROC: 20%)
The Jacala exploration well is scheduled to be drilled by BHP Billiton in
February 2006.
New Zealand - PEP 38767, Taranaki Basin (ROC: 40% & Operator)
Activity focussed on interpretation of 3D seismic data acquired in Q1 2005.
West Africa
Mauritania (ROC: 2.0 - 5.0%)
Exploration and appraisal drilling in the Woodside-operated PSC A and B areas
commenced in August 2005 utilising the Stena Tay drilling vessel. The Sotto-1
exploration well in PSC A (ROC 4.155%) was plugged and abandoned as a dry hole.
The Espadon-1 exploration well in PSC B (ROC 3.693%) was plugged and abandoned
without encountering significant hydrocarbons. Both these wells targeted Miocene
reservoir sands of approximately the same age as those in the Chinguetti and
Tiof fields.
On 16 September the Tevet-2 exploration and appraisal well in PSC B started
drilling with the dual objective of appraising the Miocene reservoir drilled by
the Tevet-1 discovery well in 2004, and testing a deeper Cretaceous exploration
target. The appraisal element of the well was successfully drilled in late
September 2005, encountering a gross oil column of 37m below a 1.5m gross gas
column. Deepening to the exploration target was in progress at Quarter-end. See
also Section 10 'Post Quarter Events'.
During the Quarter, evaluation work by the Operator, Woodside, continued on the
geologically complex Tiof field.
Equatorial Guinea (ROC: 18.75% & Technical Manager)
Activity focussed on planning for the drilling of an exploration well on the
Aleta Prospect in Q4 2005. This timing is particularly dependant on the
availability of deep water drilling vessels.
Angola (ROC: 60% & Operator)
During the Quarter, 510km of 2D and 165 sq km of 3D seismic were acquired in the
onshore Cabinda South Block, with programme completion expected in November
2005. See also Section 10 'Post Quarter Events'.
UK Onshore (ROC: 100% & Operator)
Preparatory work for the drilling of the Willows-1 exploration well in PEDL030
scheduled for Q1 2006 continued.
China - Beibu Gulf Block 22/12 (ROC: 40% & Operator)
Exploration activity focussed on planning for the drilling of an exploration
well in Q4 2005 or Q1 2006, subject to rig availability.
8. ASSET ACQUISITIONS & DIVESTMENTS
Mauritania - Block 7 (ROC: 5.5% reduced to 4.95%)
Assignment documentation relating to Woodside's farmin to Block 7 PSC Area D was
completed in August 2005. As a result ROC's equity in Block 7 decreased from
5.5% to 4.95%, effective 1 January 2003. This transaction was originally
announced in April 2004.
Onshore UK - PEDL 075 (ROC: 100% & Operator)
The exploration permit was allowed to lapse on 7 September.
9. CORPORATE
Hedging
At the end of the Quarter ROC held put options for 560,000 BBL at a Brent oil
price of US$50/BBL and crude oil price swaps for 909,000 BBL at a weighted
average Brent oil price of US$49.58/BBL for the period March 2006 to December
2007. In general terms this equates to almost 30% of forecast production for the
period.
Specifically, during the Quarter:
- Put options for 560,000 BBL at a Brent oil price of US$50/BBL for the period
March 2006 to December 2007 were purchased, giving the company the right but
not the obligation to sell this volume of oil at US$50/BBL.
- Put Options for 200,000 BBL at a Brent oil price of US$40/BBL for the period
March 2006 to December 2006 held by the Company were sold.
US$60 million Loan Facility
During the Quarter ROC received proposals for the establishment of a US$60
million Borrowing Base Loan Facility to assist in funding ROC's 2006 development
activities. ROC is progressing on due diligence and documentation for the
Facility.
10. POST QUARTER EVENTS
Saltfleetby Gas Field - Sale Completion
Subsequent to the Quarter end ROC has received the final working capital and
escrow payment of $11.4 million in relation to the sale of the Saltfleetby Gas
Field.
Seismic Programme, Onshore Angola
ROC successfully completed acquisition of the 165 sq km 3D seismic survey. The
2D seismic survey is scheduled to be completed mid November 2005, subject to
weather.
Cliff Head Oil Field Development
Receipt of the jack -up drilling rig ENSCO 67 occurred 27 October 2005. The rig
is scheduled to arrive at the Cliff Head site in early November 2005 to install
the Cliff Head A production platform and commence the drilling of production
wells.
During the Quarter the Field Development Plan and Production Licence application
were submitted to the relevant state and federal government authorities and
subsequent to the Quarter end the Production Licence was offered and accepted.
The horizontal under beach pipeline crossing was successfully completed during
October and the offshore pipelay works commenced.
Jacket installation remains on schedule for Q4 2005 with the fabrication of the
jacket structure completed in Malaysia and loaded out on 22 October 2005. The
jacket structure is currently being towed to the Cliff Head site to be installed
during early November.
In addition, the Joint Venture approved an increase in the scope of work whereby
an additional well will be drilled to access approximately one million barrels
of reserves with an increase to the current budget of $12.5 million, bringing
the total project budget to $240 million.
Evaluation of Tevet - 2 ST1-PSC Area B (ROC: 3.693%)
A preliminary evaluation of wireline log data, including fluid sampling and
downhole pressure measurements, has concluded that the exploration well has
intersected oil in a good quality but thin sandstone interval.
While the hydrocarbon column is small and may not prove to be material the
result is encouraging for future Cretaceous exploration targets in
Woodside-operated Mauritanian acreage.
FURTHER INFORMATION
For further information please contact ROC's Chief Executive Officer, Dr John
Doran on:
Phone: (02) 8356 2000
Facsimile: (02) 9380 2066
Email: jdoran@rocoil.com.au
Address: Level 14, 1 Market Street, Sydney, NSW 2000, Australia.
Web Site: www.rocoil.com.au
Dr Kevin Hird
General Manager Business Development
Tel: +44 (0)207 586 7935
Fax: +44 (0)207 722 3919
Email: khird@rocoil.com.au
Nick Lambert
Bell Pottinger Corporate & Financial
Tel: +44 (0)207 861 3232
+-------------+----------------------------------------------------------------+
|Definitions | |
+-------------+----------------------------------------------------------------+
|IFRS |means International Finance Reporting Standards |
+-------------+----------------------------------------------------------------+
|BBL |means barrels |
+-------------+----------------------------------------------------------------+
|BCF |means billion cubic feet |
+-------------+----------------------------------------------------------------+
|BOE |means barrels of oil equivalent |
+-------------+----------------------------------------------------------------+
|BOPD |means barrels of oil per day |
+-------------+----------------------------------------------------------------+
|BOEPD |means barrels of oil equivalent per day |
+-------------+----------------------------------------------------------------+
|BCPD |means barrels of condensate per day |
+-------------+----------------------------------------------------------------+
|BPD |means barrels per day |
+-------------+----------------------------------------------------------------+
|GWC |means gas-water contact |
+-------------+----------------------------------------------------------------+
|MCF |means thousand cubic feet |
+-------------+----------------------------------------------------------------+
|Mbrt |means metres below rotary table |
+-------------+----------------------------------------------------------------+
|mTVDSS |means metres true vertical depth below sea level |
+-------------+----------------------------------------------------------------+
|MMSCF |means million standard cubic feet |
+-------------+----------------------------------------------------------------+
|MMSCF/D |means million standard cubic feet per day |
+-------------+----------------------------------------------------------------+
|MMBO |means million barrels of oil |
+-------------+----------------------------------------------------------------+
|MMBOE |means million barrels of oil equivalent |
+-------------+----------------------------------------------------------------+
|NGL |means natural gas liquids |
+-------------+----------------------------------------------------------------+
|OWC |means oil-water contact |
+-------------+----------------------------------------------------------------+
|PEDL |means Petroleum Exploration Development Licence (Onshore United |
| |Kingdom) |
+-------------+----------------------------------------------------------------+
|PSC |means Production Sharing Contract |
+-------------+----------------------------------------------------------------+
|Quarter |means the period 1 July 2005 to 30 September 2005 |
+-------------+----------------------------------------------------------------+
|ROC |means Roc Oil Company Limited and includes, where the context |
| |requires, its subsidiaries |
+-------------+----------------------------------------------------------------+
|SCF |means standard cubic feet |
+-------------+----------------------------------------------------------------+
|TCF |means trillion cubic feet |
+-------------+----------------------------------------------------------------+
|US |means US dollars |
+-------------+----------------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
14 November 2005
ROC OIL COMPANY LIMITED
STOCK EXCHANGE RELEASE
DRILLING ACTIVITY UPDATE:
FLYING FOAM-1
KEY POINT
- Flying Foam-1, a wildcat exploration well in the offshore Northern Perth
Basin, is drilling ahead after encountering oil shows in tight sands.
Roc Oil (WA) Pty Ltd, Operator for and on behalf of the WA-327-P Joint Venture,
advises that, as at 05.00 hrs Western Standard Time, Monday, 14 November, Flying
Foam-1, a wildcat exploration well in the offshore Northern Perth Basin, is
drilling ahead at 1,360 metres Below Rotary Table ("mBRT") towards a revised
Total Depth of 1,370 mBRT. The well has drilled a gross 45 metre interval of
sandstones with oil shows. Subject to more complete log evaluation at Total
Depth, the initial indication is that these sands display very poor reservoir
quality.
Unless significantly better reservoir is encountered, it is anticipated that the
well will be plugged and abandoned after Total Depth has been reached and
logging completed.
Flying Foam-1 is located in 65 metres of water, 160km northwest of Geraldton,
Western Australia.
Following Flying Foam-1, the ENSCO 67 jack-up drilling rig will relocate to the
Cliff Head Oil Field, 230 km to the southeast, where the WA-286-P Joint Venture
will utilise it for the installation of production facilities and development
drilling of Cliff Head.
The WA-327-P Joint Venture comprises:
Equity
Roc Oil (WA) Pty Ltd (Operator) 37.50%
Apache Northwest Pty Limited 37.50%
Arc Energy 20.0%
Wandoo Petroleum Pty Ltd 5.00%
Michelle Manook For further information please contact:
General Manager - Corporate Affairs Dr John Doran on
Tel: +61-2-8356-2000
Fax: +61-2-9380-2635
Email: jdoran@rocoil.com.au
Or visit ROC's website: www.rocoil.com.au
Dr Kevin Hird
General Manager Business Development
Tel: +44 (0)207 586 7935
Fax: +44 (0)207 722 3919
Email: khird@rocoil.com.au
Nick Lambert
Bell Pottinger Corporate & Financial
Tel: +44 (0)207 861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
Capital rich, no debt, good assets and a great sucess from the board. Draw your own conclusions!!
explosive
- 15 Dec 2005 18:27
- 4 of 15
Roc Oil Company Limited
13 December 2005
12 December 2005
Roc Oil Company Limited ("The Company")
(ACN 075 965 856)
Substantial Shareholders
The Company has been notified of the following substantial shareholdings:
- As at 8 December 2005, AMP Limited and its affiliates held 9,432.520 fully
paid ordinary shares in the Company, representing 5.02 % of the total issued
share capital of the Company
For further information please contact:
Dr John Doran
Tel: +61-2-8356-2000
Fax: +61-2-9380-2635
E-mail: jdoran@rocoil.com.au
Or visit ROC's website: www.rocoil.com.au
Dr Kevin Hird
General Manager Business Development
Tel: +44 (0)207 586 7935
Fax: +44 (0)207 722 3919
Email: khird@rocoil.com.au
Nick Lambert
Bell Pottinger Corporate & Financial
Tel: +44 (0)207 861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
explosive
- 15 Dec 2005 18:27
- 5 of 15
Roc Oil Company Limited
13 December 2005
13 December 2005
ROC OIL COMPANY LIMITED ("ROC")
STOCK EXCHANGE RELEASE
DRILLING ACTIVITY UPDATE
FAUCON-1 EXPLORATION WELL, OFFSHORE MAURITANIA
ROC advises that since the Company's last "Drilling Activity Update" on 6
December, 2005, the "Stena Tay" drilling rig has continued operations on the
Faucon-1 exploration well in Block 1, offshore Mauritania.
During the week the well drilled an 8 1/2" 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.
Faucon-1 is located in 1,162 metres of water, 140 km south of the Chinguetti Oil
Field.
The Joint Venture Interests in Block 1 are:
+----------------------------------------+------------+
| | Equity |
+----------------------------------------+------------+
|Dana Petroleum (E&P) Limited (Operator) |36.0% |
+----------------------------------------+------------+
|Gaz de France UK B.V. |24.0%* |
+----------------------------------------+------------+
|Tullow Oil |20.0% |
+----------------------------------------+------------+
|Hardman Petroleum (Mauritania) Pty |18.0% |
|Limited | |
+----------------------------------------+------------+
|Roc Oil (Mauritania) Company |2.0% |
+----------------------------------------+------------+
* Subject to farmin from Dana
Michelle Manook For further information please contact:
General Manager - Corporate Affairs Dr John Doran on
Tel: +61-2-8356-2000
Fax: +61-2-9380-2635
Email: jdoran@rocoil.com.au
Or visit ROC's website: www.rocoil.com.au
Dr Kevin Hird
General Manager Business Development
Tel: +44 (0)207 586 7935
Fax: +44 (0)207 722 3919
Email: khird@rocoil.com.au
Nick Lambert
Bell Pottinger Corporate & Financial
Tel: +44 (0)207 861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
explosive
- 10 May 2006 11:54
- 6 of 15
Roc Oil Company Limited
10 May 2006
10 May 2006
ROC OIL COMPANY LIMITED ("ROC")
STOCK EXCHANGE RELEASE
EXPLORATION DRILLING UPDATE:
WEI-6-12S-1 OIL DISCOVERY, OFFSHORE CHINA
KEY POINTS
Preliminary analysis of initial wireline log data indicates that the
Wei-6-12S-1 exploration well, in Block 22/12 in the Beibu Gulf, offshore
China, is a potentially significant oil discovery.
A gross interval of about 500 metres contains numerous separate reservoir
sands which collectively represent approximately 100 metres of net oil pay
with generally good reservoir characteristics. Overall individual sands
range in thickness up to 25 metres.
The Block 22/12 Joint Venture is currently giving consideration to immediate
appraisal.
As at 0600 hours (local time) on 10 May 2006, a wireline logging programme was
being conducted, at a Total Depth of 2,535 metres below rotary table ("mBRT"),
at the Wei-6-12S-1 exploration well in Block 22/12, in the Beibu Gulf, offshore
China (Attachment 1#).
Preliminary analysis of the initial log data indicates that the gross reservoir
interval targeted by the well - sands within the Weizhou Formation of Oligocene
age - contains numerous oil-bearing sands. The top of the highest oil sand is at
about 1,950 mBRT and the base of the lowest oil sand is at 2,450 mBRT. The
intervening 500 metres is comprised of a gross sand-shale-silt sequence within
which individual oil-bearing sands range up to 25 metres in thickness. The total
collective net thickness of these oil sands is approximately 100 metres which
substantially exceeds the Joint Venture's most likely pre-drill expectation.
Consistent with such a thick net oil pay interval, reservoir characteristics
vary in fine detail but generally the majority of the oil-bearing sands display
good reservoir quality.
The Wei-6-12S prospect represents an unusual structural target: the area of
structural closure is relatively small (about one sq km) but the vertical
structural closure is considerable (up to 95 metres) and the gross prospective
reservoir section is very thick (500 metres). The well, which was designed to
penetrate most of the target sands about 30 metres down dip from the crest of
the structure, is located in about 30 metres of water, approximately 3 km
southwest of the 2002 Wei-6-12-1 oil discovery.
Commenting upon the discovery ROC's Chief Executive Dr John Doran stated that:
" Anytime you get a 100 metres of good quality net oil pay, way beyond
pre-drill expectations, you can be forgiven for being cautiously optimistic.
Prior to drilling the well ROC had two main technical concerns: trap
integrity and the structure's relatively small areal closure. Subsequent to
drilling we no longer have those concerns. The integrity of the trap is self
evident and although the structure does have a limited areal extent, that
factor is more than offset by the thickness of the multiple reservoir sand
sequence.
It will take many weeks to collect and analyse all the data to the point
where we can begin to offer detailed comments on field size and commercial
implications. In the meantime, we can safely say that this well has
delivered a handsome discovery that certainly merits further appraisal."
The Block 22/12 Joint Venture comprises*:
Roc Oil (China) Company 40% and Operator
Horizon Oil Limited 30%
Petsec Energy Ltd 25%
Oil Australia Pty Ltd** 5%
*The China National Offshore Oil Company ("CNOOC") is entitled to participate up
to a 51% funding equity level in any commercial development within Block 22/12.
** A subsidiary of First Australian Resources
# Attachment 1 is available with the copy of this release on ROC's website
(http://www.rocoil.com.au/Public/Announcement/2006/Exploration_Drilling_Update_
Wei-6-12S-1_Oil_Discovery,_Offshore_China_100506.aspx)
________________________________________________________________________________
In accordance with new Alternative Investment Market of the London Stock
Exchange ("AIM") rules the information in this report has been reviewed by an
appropriately qualified person with more than 5 years relevant industry
experience, specifically, Dr John Doran, Bsc (Hons) Geology; M.Sc; PhD, Chief
Executive Officer, Roc Oil Company Limited, and a member of the Society of
Petroleum Engineers.
________________________________________________________________________________
Michelle Manook For further information please contact:
General Manager - Corporate Affairs Dr John Doran on
Tel: +61-2-8356-2000
Fax: +61-2-9380-2635
Email: jdoran@rocoil.com.au
Or visit ROC's website: www.rocoil.com.au
Dr Kevin Hird
General Manager Business Development
Tel: +44 (0)207 586 7935
Fax: +44 (0)207 722 3919
Email: khird@rocoil.com.au
Nick Lambert
Bell Pottinger Corporate & Financial
Tel: +44 (0)207 861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
20% rise today so far!!
explosive
- 10 May 2006 12:20
- 8 of 15
Hi Soul, erm ROC has been buzzing with attention since start of the year. Not much interest though on moneyam or this thread.
explosive
- 10 May 2006 12:29
- 10 of 15
Yes, funny how the price has soared today with so little trading activity. Current price in the same range as Dragon Oil!!!!!!! Exactly....
explosive
- 16 May 2006 18:51
- 11 of 15
Roc Oil Company Limited
16 May 2006
16 May 2006
ROC OIL COMPANY LIMITED ("ROC")
STOCK EXCHANGE RELEASE
UK DRILLING UPDATE
WILLOWS-1 EXPLORATION WELL & BLANE OIL FIELD DEVELOPMENT
1. Willows-1, PEDL030, Onshore UK (ROC: 100% & Operator)
As at 1800 hours (UK time) on 15 May 2006, the Willows-1 exploration well had
been drilled to a depth of 1,528 metres and the current operation was running
7 5/8 inch intermediate casing. Proposed Total Depth is 2,500 metres.
Willows-1 is a potentially large gas prospect located about 55 km east of York
and 15 km south of Scarborough.
2. Blane Oil Field, North Sea, Offshore UK (ROC: 12.5%)
ROC, as a participant in the Blane Oil Field Development Project ("the
Project"), is pleased to advise that development drilling commenced on 13 May
2006.
In a drilling programme expected to take approximately 4 months, the Operator,
Talisman, will batch drill the upper hole sections of the three development
wells and then drill to Total Depth and complete the two planned horizontal
production wells. The third well, a water injector, will be completed in 2007.
The Blane Field Joint Venture (unitised across UK/Norway median line) comprises:
Equity
Roc Oil (GB) Limited 12.501%
Talisman Expro Limited (Operator) 25.002%
MOC Exploration (U.K.) Ltd 13.994%
Eni UK Limited 13.897%
Eni ULX Limited 4.105%
Bow Valley Petroleum (UK) Ltd 12.501%
Talisman Energy Norge AS 18.000%
Michelle Manook For further information please contact:
General Manager - Corporate Affairs Dr John Doran on
Tel: +61-2-8356-2000
Fax: +61-2-9380-2635
Email: jdoran@rocoil.com.au
Or visit ROC's website: www.rocoil.com.au
This information is provided by RNS
The company news service from the London Stock Exchange
Roc Oil Company Limited
16 May 2006
16 May 2006
ROC OIL COMPANY LIMITED ("ROC")
STOCK EXCHANGE RELEASE
REMINDER: ANNUAL GENERAL MEETING
Shareholders are invited to participate in ROC's Annual General Meeting ("AGM")
on:
Date: Wednesday 17 May 2006
Time: 11:00am
Venue: Museum of Sydney
Corner of Bridge and Phillip Streets
Sydney
Live Webcast
A live Webcast of the AGM will also be available. The Webcast can be accessed by
logging onto ROC's website www.rocoil.com.au. The Webcast will be located in the
Latest Announcements section on ROC's Home Page.
The Webcast will also be recorded and made available on ROC's website following
the AGM.
Michelle Manook For further information please contact:
General Manager - Corporate Affairs Dr John Doran on
Tel: +61-2-8356-2000
Fax: +61-2-9380-2635
Email: jdoran@rocoil.com.au
Or visit ROC's website: www.rocoil.com.au
Dr Kevin Hird
General Manager Business Development
Tel: +44 (0)207 586 7935
Fax: +44 (0)207 722 3919
Email: khird@rocoil.com.au
Nick Lambert
Bell Pottinger Corporate & Financial
Tel: +44 (0)207 861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
explosive
- 13 Jun 2006 17:01
- 12 of 15
Roc Oil Company Limited
13 June 2006
13 June 2006
ROC OIL COMPANY LIMITED ("ROC")
STOCK EXCHANGE RELEASE
PRODUCTION TESTING UPDATE:
WEI-6-12S-1, OIL DISCOVERY, OFFSHORE CHINA
KEY POINTS
Production testing of each of three separate hydrocarbon columns
encountered by the Wei-6-12S-1 oil discovery offshore China, has resulted in
oil flows from all test zones and a total collective stabilised rate of up
to 5,750 barrels of oil per day ("BOPD").
The next step in appraising the commercial potential of the field will
be drilling the first side-track well, Wei 6-12S-1Sa, which is designed to
locate and core the relevant reservoir intervals. This will commence later
this week.
1. OPERATIONS
Since the last Stock Exchange Release on 24 May 2006 regarding the Wei-6-12S-1
exploration well in Block 22/12, Beibu Gulf, offshore China, three separate
production tests have been conducted successfully. As at 0600 hours (local time)
13 June 2006, the current operation was preparing to drill a sidetrack hole,
primarily to obtain core data from the oil reservoirs.
2. PRODUCTION TEST RESULTS
As stated in previous Stock Exchange Releases, the Wei-6-12S-1 production
testing programme was designed to provide the Joint Venture with the maximum
amount of technical data for possible field development rather than maximum flow
rates.
2.1 Lower Sand Package
The first test had three main aims: to confirm the hydrocarbon type in the 111
metres gross column (35 metres net pay); to determine if a hydrocarbon-water
contact is present; and to provide productivity data.
The test perforated 12 metres between 2,435.5 metres below rotary table ("mBRT")
and 2,447.7 mBRT and flowed 35 degree API oil through various choke sizes, up to a
32/64 inch choke, at stabilised rates up to 1,725 BOPD.
The test conclusively proved that the hydrocarbon type present is oil. The test
did not produce any water, despite being located near the possible oil-water
contact, which strongly indicates that oil-water contact is not present in the
well. Preliminary pressure analysis confirms this and suggests that the
oil-water contact may be more than 20 metres down dip from the base of the oil
column seen in the well.
2.2 Middle Sand Package
The purpose of the second test was to obtain productivity data from the 65
metres gross oil column (31 metres net pay) encountered.
Specifically the test perforated a total of 28 metres over two zones, 2,228.5
mBRT to 2,241.5 mBRT and 2,201.0 mBRT to 2,216.0 mBRT. The test flowed 39 API
oil, through various choke sizes up to 48/64 inch, at stabilised rates up to
2,575 BOPD with no associated water production. The test results indicate that
the reservoir has good natural productivity.
2.3 Upper Sand Package
The third test aimed to provide productivity data from the 71 metres gross oil
column (14.5 metres net pay) in the upper sand package and to obtain further
insight as to how far down dip the oil bearing reservoir may extend.
This test perforated 16 metres between 2,054 mBRT and 2,070 mBRT and flowed 38
API oil, through various choke sizes up to 44/64 inch, at stabilised rates up to
1,450 BOPD.
The test results indicate a reasonably productive reservoir. Pressure gradient
information suggests that the oil column extends down structure from the
discovery well.
3. NEXT PHASE OF APPRAISAL PROGRAMME
The next phase of appraisal will be the drilling of a sidetrack hole close to
the original discovery well in an attempt to further delineate and core the
relevant reservoirs. The Wei 6-12S-1Sa sidetrack is expected to commence
drilling later this week. Due to the proximity of the sidetrack to the discovery
well, the Joint Venture does not expect to make any further Stock Exchange
announcements about the progress of drilling until this first sidetrack is
completed in late June.
It is anticipated that a second sidetrack well will be drilled after the first
sidetrack is completed. This second sidetrack will be designed to intersect the
various reservoir sands in a down dip position relative to the discovery well,
including the possible downdip development of a small sand section intersected
in the lower part of the upper sand package in the discovery well. This sand
section was not production tested in the discovery well but oil was recovered
during wireline sampling.
Another important phase of appraising the Wei South discovery is the integration
of well and seismic data to determine whether or not the various hydrocarbon
sands have recognisable seismic signatures. Initial results of this work are
encouraging.
4. CEO COMMENT
Commenting on the production test results of the well, ROC's Chief Executive
Officer, Dr John Doran stated that:
"The Joint Venture is maintaining its methodical approach to appraising the
commercial potential of the Wei South discovery and on the basis of the recent
production test results it would seem to be a case of - so far so good."
The Block 22/12 Joint Venture comprises*:
Roc Oil (China) Company 40% and Operator
Horizon Oil Limited 30%
Petsec Energy Ltd 25%
Oil Australia Pty Ltd** 5%
*The China National Offshore Oil Company ("CNOOC") is entitled to participate up
to a 51% funding equity level in any commercial development within Block 22/12.
** A subsidiary of First Australian Resources
In accordance with new Alternative Investment Market of the London Stock
Exchange ("AIM") rules the information in this report has been reviewed by an
appropriately qualified person with more than 5 years relevant industry
experience, specifically, Dr John Doran, Bsc (Hons) Geology; M.Sc; PhD, Chief
Executive Officer, Roc Oil Company Limited, and a member of the Society of
Petroleum Engineers.
Michelle Manook For further information please contact:
General Manager - Corporate Affairs Dr John Doran on
Tel: +61-2-8356-2000
Fax: +61-2-9380-2635
Email: jdoran@rocoil.com.au
Or visit ROC's website: www.rocoil.com.au
Dr Kevin Hird
General Manager Business Development
Tel: +44 (0)207 586 7935
Fax: +44 (0)207 722 3919
Email: khird@rocoil.com.au
Nick Lambert
Bell Pottinger Corporate & Financial
Tel: +44 (0)207 861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
explosive
- 13 Nov 2006 19:39
- 13 of 15
Hold or overweight, looks overweight to me!
seawallwalker
- 13 Nov 2006 23:58
- 14 of 15
Ho ho.
Did you miss the rights issue?
Looks like it!
seawallwalker
- 13 Nov 2006 23:59
- 15 of 15
Oh and willows was a dud.
Non commercial
Old news