As a consequence of the seismic data processed and interpreted to date, the ROC-operated Cabinda South Joint Venture has agreed to accelerate the exploration program through 2006 with the intention of drilling the first of an initial program of three exploration wells in September, 2006. In this context, the 2006 budget exploration expenditure for the Cabinda South Block is expected to be approximately US $45 million of which ROC will contribute about US $34 million/A $45 million.
Commenting on the implications of the seismic data, ROC's Chief Executive Officer Dr John Doran stated that:
"Although interpretation is still at a preliminary stage, the seismic reviewed to date has confirmed onshore Angola in the pole position within ROC's exploration portfolio, as evidenced by the greatly accelerated 2006 work program."
The Cabinda South Joint Venture is comprised of ROC as operator with a 60% working interest and 75% contributing interest; Force Petroleum with a 20% working interest and a 25% contributing interest and Sonangol with a 20% working interest.
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