The operator of Block 22/12, Beibu Gulf, Roc Oil (China) Company advises that since its last Stock Exchange Release on 13 February 2008, the Premium "Murmanskaya" jack-up rig has re-spudded the Wei 6-12E well as Wei 6-12E-1A.
The well was required to be re-spudded due to problems associated with retrieving stuck drill pipe. Wei 6-12E-1A is located approximately two metres from the original hole. The well's target remains unchanged: a stratigraphic-structural prospect, approximately 1.7 kilometres east of the Wei 6-12S-1 oil discovery.
As of 0600 (local time) on 20 February 2008 the well had been drilled to 253 mBRT and the current operation is repairing the top drive.
Wei 6-12E-1A, the second of the planned three well exploration/appraisal programme in Block 22/12, Beibu Gulf, offshore China, is expected to reach the proposed Total Depth of approximately 2,520 mBRT by early March 2008.
Participating Interests in Block 22/12 Joint Venture are:
Petsec Energy 25%
Roc Oil (China) Company 40% (Operator)
Horizon Oil Limited 30%
Oil Australia Pty Ltd* 5%
The above interests are subject to China National Offshore Oil Corporation (CNOOC) rights to participate up to 51% in developments.
*A subsidiary of First Australian Resources
