Commenting on the Block 22/12 drilling program Dr John Doran ROC's Chief Executive Officer stated that:
"Operationally, the three well drilling program, ROC's first international offshore drilling operation, went very smoothly and was completed essentially on budget and within schedule. From a technical and commercial point of view the results provided by the drilling program were mixed. The program did confirm the in-place oil estimates for the 12-8-2 field as a result of which the Joint Venture will spend the next two or three months studying the results of the drilling in an effort to determine whether or not it is possible to develop this highly viscous oil field." The Block 22/12 Joint Venture consists of:
Roc Oil (China) Company . . . . 40% and Operator
Horizon Oil Limited . . . . . . . . .30%
Petsec Energy Limited . . . . . . 25%
Oil Australia Pty Limited . . . .5%
Please note that 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 for up to a 51% equity level in the development.
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