Roc Oil (Cabinda) Company, a wholly owned subsidiary of ROC, reports that the processing and initial interpretation of the 162 sq km 3D and 505 km 2D seismic acquired in the Cabinda South Block, onshore Angola, between June and November 2005 continues to yield encouraging results with numerous prospects and leads and several different play concepts being identified.
As a consequence of the seismic data processed and interpreted to date, the ROC-operated Cabinda South Joint Venture has agreed to accelerate the exploration programme through 2006 with the intention of drilling the first of an initial programme of three exploration wells in September, 2006. In this context, the 2006 budget exploration expenditure for the Cabinda South Block is expected to be in the order of US$45million of which ROC will contribute about US$34 million/A$45 million.
Commenting on the implications of the seismic data, ROC's Chief Executive Officer Dr John Doran stated that:
"Although interpretation is still at a preliminary stage, the seismic reviewed to date has confirmed onshore Angola in the pole position within ROC's exploration portfolio, as evidenced by the greatly accelerated 2006 work programme."
The Cabinda South Joint Venture comprises:
ROC (Operator): 60% Working Interest (75% contributing interest)*
Force Petroleum Limited: 20% Working Interest (25% Contributing Interest)
Sonangol: 20% Working Interest
*ROC's interests are held through two wholly owned subsidiary companies: Roc Oil (Cabinda) Company (45% WI) and Lacula Oil Company Limited (15% WI).
