Roc Oil To Begin Operations in Beibu Gulf Soon

Roc Oil says that according to the latest drilling schedule for Block 22/12 in the Beibu Gulf, offshore China, the first well, Wei 12-7-1 will start drilling on or about January 24, 2004 as soon as the designated rig has been released from its current operations. The well, in 30 meters of water approximately 2 km north of the Wei 12-8-1 discovery well, is expected to take about 10 days to drill, log and evaluate to a Total Depth of approximately 1,700 meters. The Wei 12-7 Prospect is estimated to have the potential to contain recoverable reserves of several tens of millions of barrels.

Wei 12-7-1 will be followed immediately by Wei 12-8-3, an appraisal well of the Wei 12-8-2 discovery and it is also expected to take about 10 days to drill. The Wei 12-8 discovery is estimated to have the potential to contain recoverable reserves of between 20 and 30 MMBO, subject to successful appraisal drilling.

Subject to the results of the first two wells, the Block 22/12 Joint Venture has made provision to drill up to three more back-to-back wells as part of the current drilling program. If the third well is drilled the continuous drilling program is expected to extend to late February 2004. In order for the fourth and fifth wells in the program to be drilled the results of the first three wells would have to be very compelling, and, in such circumstances, ROC and its co-venturers would not expect to complete the continuous drilling program before mid-March, 2004.

The Block 22/12 Joint Venture consists of Roc Oil as operator with 40%; Horizon Oil with 30%; Petsec Energy with 25% and Oil Australia Pty Ltd with the remaining 5%.

In the event of a commercial development within Block 22/12 the interests held by the current joint venturers may reduce on a pro-rata basis by up to 51%, assuming that the China National Offshore Oil Corporation exercises its right to participate up to a 51% equity level in the development.
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