The well is expected to take up to 14 days to drill, core, log and fully evaluate, including the acquisition of a 3D-VSP seismic survey, to a Total Depth of approximately 1,311 meters, prior to plugging and abandonment – which will be undertaken regardless of the results of the well – and rig release. The Wei 12-8-2 structure is estimated to have a mean unrisked proved and probable reserve potential of 20 mmbo, subject to the results of the appraisal drilling.
Unless there are operational problems which would cause the drilling to be more prolonged than anticipated, ROC does not intend to release further information about the well until a preliminary interpretation of the wireline logs over the zone of interest is available, probably in about a week’s time. This is because, in this part of the Beibu Gulf, the reporting of “oil shows” observed while drilling, prior to the interpretation of wireline logs, is not particularly meaningful.
If the results of the Wei 12-8-3 well are encouraging, consideration will be given to drilling a third well, Wei 12-3-4.
The Block 22/12 Joint Venture consists of: Roc Oil (China) as operator with 40%: Horizon Oil with 30%; Petsec Energy with 25%; and Oil Australia 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 CNOOC exercises its right to participate up to a 51% equity level in the development.
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