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Roc Oil Provides Update On Its African Activity
03-17-2008
PSC Area C, Block 6,
Offshore Mauritania
Roc Oil (Mauritania) Company, a wholly owned subsidiary of ROC, advises that as
at 0600 hours (local time) on 11 March 2008, the current operation at the Khop-1
exploration well was running 9-5/8" casing at a depth of 3,262 mBRT.
The Khop-1 exploration well is located approximately 70 kilometres from the
Mauritanian coast.
Participating Interests in the PSC Area C, Block
6 Joint Venture are:
Roc Oil (Mauritania) Company: 5.000%
PC Mauritania I Pty Ltd (Operator): 37.578%
Petronas Carigali Overseas Sdn Bhd: 35.000%
Tullow Oil plc: 22.422%
Cabinda South Block, Onshore Angola
Roc Oil (Cabinda) Company, a wholly owned subsidiary of ROC and operator of the
Cabinda South Block, onshore Angola, provides the following update
with respect to its current seven well exploration drilling programme.
As previously announced, the Milho-1 exploration well commenced drilling on 21
November 2007. Although it is the fourth well in the programme, Milho-1 is the
first well in the current drilling programme to specifically target a pre-salt
structure which is the sequence which contains most of the oil reserves in the
adjacent area offshore Cabinda. All three of the wells to be drilled subsequent
to Milho-1 will also target pre-salt structures.
Milho-1 has reached Total Depth after encountering what appears to be a
classic pre-salt sequence characterised by a thick world class source rock, with
significant oil and gas shows, from which oil has been recovered via wireline
sampling. This sequence overlies a thick sand interval with good reservoir
quality. While the well is judged to be non-commercial, Milho-1, which is
approximately 12 kilometres inland, is only the second well in this part of the
Block to penetrate a full pre-salt sequence to basement and, as such, it is a
very important data point. It provides the first modern sub-surface evidence
that the pre-salt petroleum system, which is so prolific in the adjacent
offshore area, underlies a considerable portion of the onshore Cabinda South
Block. The lack of shows in the pre-salt reservoir may relate to the well being
down dip from the top of the structure.
During March 2008, the rig will move to the Coco-1 location, about 1.5
kilometres north of Milho-1. Coco-1 is expected to commence drilling in early
April and to have reached Total Depth by end May 2008.
Immediately after finishing Coco-1 the rig is expected to move to the Sesamo-1
location to test a large pre-salt prospect in the eastern part of the Block.
Consistent with ROCs established practice regarding its Angolan drilling
activity, the Company will only issue public statements at the beginning and end
of each drilling operation after the relevant information has been collected and
carefully analysed.
Roc Oil (Cabinda) Company is also pleased to provide the following update
regarding the shallow (400 metres) Massambala Heavy Oil Field which was
discovered in August 2007 by the first well in the current programme.
Specifically:
ROC and its co-venturers are currently considering an optimal field appraisal
programme the first stage of which has been agreed: an MTEM subsurface
resistivity survey scheduled to commence in 2Q 2008. The possibility of drilling
several shallow Massambala appraisal wells during 2H 2008 is also being
considered and a final decision is expected by April 2008.
As a result of reprocessing 3D seismic in order to clarify the shallow seismic
events, the areal and vertical closures of the 4-way dip Massambala structure
have been confirmed as approximately 24 square kilometres and 24 metres
respectively. Laboratory studies of core material in Canada have confirmed the
heavy nature of the oil and the excellent quality of the reservoir sands which
have porosities up to 35% and permeabilities up to 10 Darcys. On this basis the
currently estimated potential P90-P50-P10 in-place oil resource at Massambala
approximates to 50-200-400 MMBOIP, respectively.
Participating Interests in the Cabinda South
Block are:
Roc Group Companies: 60%
Force Petroleum Limited: 20%
Sonangol P&P S.A: 20%
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