Oil Production Increases Offshore China at Zhao Dong Block
ROC's wholly-owned subsidiary, Roc Oil (Bohai) Company, advised that oil production from the Zhao Dong Block, Bohai Bay, offshore China averaged over 30,000 BOPD for the second half of November. This production rate was approximately 85% above the average rate of 16,055 BOPD achieved from the block during 3Q 2008.
The production increase is the result of development drilling in the Extended Reach Area ("ERA") of the C and D Oil Fields and the C4 Oil Field from the new conductor pod and pipeline terminal facilities commissioned in October 2008. During October and November, oil production was established from seven wells that were drilled from the new facilities: six wells in the ERA of the C and D Oil Fields (ROC interest: 24.5%); and one well in the unitised C4 Oil Field (ROC interest: 11.575%).
While the production rate has been significantly increased, the underlying natural decline in production at Zhao Dong will continue. The final two wells in the 2008 Zhao Dong drilling campaign are being completed and are planned to be brought into production in early December. Development drilling has been suspended for the winter period and is planned to recommence in 1Q 2009.
Construction and fabrication of OPB, the second processing platform to be located at Zhao Dong, continues and installation and commissioning is scheduled for 2Q 2009.
Commenting on the improved production performance from the Zhao Dong Block, ROC's Chief Executive Officer, Bruce Clement, stated, "Increasing Zhao Dong production to above 30,000 BOPD represents another important operating goal for ROC. The Company’s total net production from all assets at the end of November was over 15,000 BOEPD, a record production rate for ROC.
"The Zhao Dong development project has progressed well in 2008, with the new facilities installed and commissioned on schedule in October and production being increased to record rates at the end of November following successful development drilling.
"ROC will continue to focus on meeting its development and operating goals to ensure production and cash flow is maximized."
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