roc oil suspends coco 1 well in angola as oil discovery

Roc Oil Suspends Coco-1 Well in Angola As Oil Discovery

06-10-2008

Roc Oil (Cabinda) Company, a wholly owned subsidiary of ROC and operator of the Cabinda South Block, updates its drilling activities in the Cabinda South Block, onshore Angola. Rock holds a 60% interest and serves as operator of the block.

The Coco-1 exploration well has reached a Total Depth of 2,629 mBRT and produced 26o API oil and associated gas to surface during open hole drill stem testing of two separate intervals in the sub-salt sequence. Both tests were impacted by down hole constraints; one relating to sand influx during testing and the other to mud losses to fractures while drilling. The well will be suspended as an oil discovery with the intention that it be re-entered and tested more comprehensively as soon as practical, within the next six months. Until the well has undergone further testing it is not possible to comment on its commercial potential.

Coco-1 will be followed by two more exploration wells both of which will test sub-salt prospects: Sesamo-1, which is expected to start drilling later this month and Arroz-1, which is expected to commence in August 2008.