Roc Oil (Mauritania) Company, a wholly owned subsidiary of ROC, is pleased to advise the imminent commencement of a two well exploration/appraisal drilling program offshore Mauritania.
The Atwood "Hunter" drilling rig will shortly commence drilling the Petronas-operated Khop-1 exploration well in PSC Area C, Block 6, approximately 70 kilometers off the Mauritanian coast.
The well, which is in approximately 925 meters of water, is expected to reach a planned total depth of approximately 4,320 mBRT during March 2008. The Khop-1 well will test the dominant structural feature in Block C6, a four way dip structure of Albian aged sandstones covering an area of 220 square kilometers /54,000 acres with a vertical closure of 1,200 meters. The P90, P50, P10 and mean recoverable oil reserve estimates range from more than 100 MMBO to more than 1,000 MMBO.
The second well in the two well program, located in PSC Area B, will appraise the 2002 Banda gas and oil discovery during April 2008.
Participating Interests in the PSC Area C, Block 6 are: Roc Oil (Mauritania) Company, 5.00%; PC Mauritania I Pty Ltd (Operator), 37.578%; Petronas Carigali Overseas Sdn Bhd, 35.000%; Hardman Petroleum (Mauritania) Pty Ltd, 18.422%; Planet Oil Mauritania Limited, 4.000%. Participating Interests in the PSC Area B are: Roc Group Companies, 3.693%; PC Mauritania I Pty Ltd (Operator), 53.846%; Hardman Chinguetti Production Pty Ltd, 21.600%; Mauritania Holdings B.V, 11.630%; Premier Oil Mauritania B Limited, 6.000%; FP Mauritania B B.V., 3.231%.
"ROC is going through a period of record exploration and appraisal drilling activity," ROC's Chief Executive Officer, John Doran said. "Four wells in four countries simultaneously testing targets in shallow water offshore China and Western Australia, deepwater offshore Mauritania and onshore Angola. The perceived risks range from high frontier exploration to lower risk appraisal while the size of the individual features being tested ranges up to hundreds of millions of barrels of recoverable oil. Three of the four wells are operated by ROC, the exception being the well in Mauritania. When these four wells are finished and regardless of their results, ROC's 2008 exploration and appraisal drilling program will simply roll on to the next set of wells offshore China and Mauritania and onshore Angola, thereby ensuring shareholders remain exposed to potentially important drilling results through to the middle of the year and beyond."
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