Roc Oil Provides Production Update
ROC’s net production currently approximates to 12,900 BOEPD from six fields in four countries, including the most recent addition to its production portfolio, the Blane Oil Field in the North Sea. The production spread is: 37% China; 33% Australia; 27% UK and 3% Africa. Between now and the end of 2007, ROC expects that the Company’s total production will remain within a 10,000 – 12,000 BOEPD range, as forecast in October 2006, subject to normal industry risk factors.
A number of corporate milestones have been achieved as a result of the Company’s recent production performance including:
-Within a week of first production at the Blane Oil Field in the North Sea, this two-well field demonstrated the capacity to produce more than the pre-start up estimate of 17,000 BOEPD gross (net ROC: 2,125 BOEPD) which is the level at which production is being currently maintained.
-Production at the Enoch Oil and Gas Field in the North Sea, has largely met expectations since it commenced more than three months ago with most recent production rates of approximately 12,000 BOEPD (net ROC: 1,450 BOEPD).
-In early September 2007, 16 months after production commenced, the ROC-operated Cliff Head Oil Field in Western Australia, produced its 4 millionth barrel of oil representing 22,450 man days without a Lost Time Injury. Current production for Cliff Head is approximately 11,500 BOPD (net ROC: 4,275 BOPD).
-So far during 2007 production from the C and D fields in the Zhao Dong Block, offshore China, has under performed expectations. There are a number of reasons for this production performance, including inclement weather, down hole equipment malfunction and a degree of reservoir complexity, all of which are being addressed. Current production at Zhao Dong approximates to 20,000 BOPD (net ROC: 4,900 BOPD). Since ROC acquired the asset in mid-2006 the fields have produced approximately 9.4 MMBO and operations are on track to achieve two years without a Lost Time Injury on 1 October 2007. Fabrication of the C4 production facilities has commenced and production is still expected to start in Q4 2008.
Commenting on ROC’s production portfolio the Company’s CEO, Dr John Doran, stated that:
"The combination of a six field production base and a potential high impact eight well exploration drilling program offshore China and onshore Angola - including two current wells, Cevada-1 and Soja-1, in Angola - provides ROC shareholders with a balanced exposure to both the current high oil price and exploration upside."
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