Roc Oil to Begin Phase 3 on Block 22/12 Offshore China


Roc Oil Beibu Gulf Appraisal Well
(Click to Enlarge)
Roc Oil reports that the Joint Venture intends to continue into the third phase of the exploration period of the Petroleum Contract for block 22/12 located in the Beibu Gulf offshore China.

The third phase, which will commence on October 1, 2004 is a one year exploration period exercisable at the option of the Joint Venture and carries a one well obligation. During this third phase, the Joint Venture will concentrate on the commercialization of the Wei 12-8 field as well as ongoing exploration evaluation.

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