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First Oil to Flow from WZ 12-8 West Field in Beibu Gulf Shortly

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Roc Oil (China) Company, a wholly owned subsidiary of Australia's Roc Oil Company Limited announced Monday that the final stage of the Beibu Gulf Block 22/12 development drilling off China has been completed.

This followed the successful conclusion of a five well drilling program on the WZ 12-8 West field and the demobilization of the jackup COSL HYSY 931 (300' ILC).

"The demobilization of the COSL HYSY 931 jackup completes the 15 well Beibu Gulf development program, designed to maximize production from both the original field development plan and development of the additional reserves discovered during the successful 2012 Beibu near field exploration campaign," ROC’s CEO Alan Linn said in a company release.

"All 15 wells are expected to be online during 3Q13 delivering daily project production rate of approximately 15,000 barrels of oil per day (bopd), with 2,940 bopd net to ROC."

"The integrated project development, with CNOOC Limited as Operator and ROC providing part of the project management team produced very positive outcomes for all Joint Venture Partners, with the development drilling campaign completed safely, ahead of schedule and within budget. I’m delighted with the project and offer my congratulations to all of the teams who have been involved with the project for a job well done," Linn added.

Partners in the Beibu Gulf Development Project are CNOOC Limited, with a 51-percent participating interest, while Roc Oil (China) Company, Horizon Oil (Beibu) Ltd and Horizon Oil (Nanhai) LLC, and Oil Australia Pty Ltd (Majuko Corp) hold participating interest of 19.6 percent, 26.95 percent and 2.45 percent, respectively.



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