Cabinda South Block, Onshore Angola (ROC: 60% & Operator)
ROC has signed a two-year contract with Simmons Drilling Overseas Limited ("Simmons") for the Simmons 80 Rig, which is expected to start drilling onshore Cabinda between March and May 2007. The 1,200 horsepower rig is currently being upgraded in Dubai, and is capable of drilling to 4,000 metres in conventional hole sizes. Under the terms of the contract, ROC has the ability to terminate the arrangement early by paying a break fee and to assign the rig to other operators in the region.
In addition, to the arrangement with Simmons, ROC is continuing to investigate the merits of bringing the 100% ROC-owned 750 horsepower Explorer rig from the UK to Angola which could allow drilling to start prior to end-2006.
Commenting on the Angolan rig contract, ROC’s Chief Executive Officer, Dr John Doran, stated that:
"As everybody knows, the rig market is tight. It is particularly tight when you are looking for a rig to drill in an area where nobody has drilled for 34 years. ROC is pleased to have secured a two-year rig contract for its drilling programme onshore Cabinda. Our sincere hope is that once the rig arrives in Angola, we will have every reason to keep it busy for the following two years although, of course, that goal will be a lot easier to achieve if our first three or four wells provide a bit of encouragement."
The Cabinda South Block Joint Venture comprises:
Roc Oil: 60.0% & Operator
Force Petroleum Limited: 20.0%
Sonangol P&P S.A.: 20.0%
Cliff Head Oil Field, Perth Basin, Offshore Western Australia (ROC: 37.5% & Operator)
Further to its Stock Exchange Release on 17 October regarding the temporary shut-in at Cliff Head Oil Field, ROC advises that production recommenced 21 October. Current production from the field is 9,000 to 10,000 BOPD from three of the six production wells. Trucking of oil to the BP Refinery at Kwinana recommenced on 23 October. The remaining production wells will be brought on stream in due course.
The Cliff Head Joint Venture comprises:
Roc Oil (WA) Pty Limited: 37.5% & Operator
AWE Oil (Western Australia) Pty Ltd: 27.5%
Wandoo Petroleum Pty Ltd: 24.0%
ARC (Offshore PB) Limited: 6.0%
CIECO Exploration and Production (Australia) Pty Ltd: 5.0%
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