The Satlfleetby-7 result confirms ROC's new seismic model which was constructed on the basis of reprocessed 3D seismic data and well information. On this basis, it is estimated that the oil accumulation is stratigraphically entrapped over an area of approximately 5 sq km/1,200 acres with a gross vertical oil column of about 59 meters of which towards 14 meters (24%) represents net oil pay. On this basis, the oil accumulation will now be considered for further appraisal and/or development.
It is too early to provide a detailed recoverable reserve estimate for the newly defined oil accumulation but an order of magnitude indication, subject to further technical review, is between two and three million barrels.
The oil accumulation is 100% owned and operated by ROC and very well located in terms of operational logistics and likely lead time to first production. As such, the Brinsley Abdy at Saltfleetby will now join ROC's three other pre-development projects in China, Mauritania and Australia, as a potential addition to the Company's reserve base and source of future production revenue.
Commenting on the most recent results of Saltfleetby-7, ROC's Chief Executive Officer, Dr John Doran, stated that: "The Saltfleetby-7 results have added a fourth potential development project to ROC's portfolio, placing the Brinsley Abdy oil accumulation at Saltfleetby alongside ROC's other pre-development projects offshore China, Australia and Mauritania. The potential relevance of the Brinsley Abdy accumulation is best illustrated by the fact that if the higher end of the 2 to 3 million barrel estimate of recoverable oil reserves proves to be correct, ROC will book a net increase in reserves not dissimilar to that which it hopes to be able to book if the Chinguetti Oil Field, offshore Mauritania, proves to be commercial. For four years our technical team has been a little frustrated by the fact that we did not have any reliable means of delineating a discrete and potentially commercial oil accumulation which was known to exist above the main gas reservoir of the Saltfleetby Gas Field. Fortunately, Saltfleetby-7 has confirmed that we now have the technology that enables us to define the magnitude and extent of that oil accumulation. This will allow the commercial potential of the oil accumulation to be determined so that it can be considered for test oil production via a future well which will specifically target the Brinsley Abdy, hopefully during the first half of 2004, subject to receiving relevant statutory approvals.
The relatively poor Brinsley Abdy reservoir development at Saltfleetby-7 doesn't worry us at all because we know that that reservoir is much better developed in other parts of the field including, for example, at the Saltfleetby-3 location. In a sense, it would have been more worrying if the Brinsley Abdy reservoir drilled by Saltfleetby-7 had been different because then it would have cast doubt on the integrity of our new seismic model."
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