Lacula Farms-Out Interest to Cupet Onshore Angola



Lacula Oil Company Limited, a wholly owned subsidiary of ROC, has agreed to farm-out a 5% interest (6.25% paying interest) in the Cabinda Onshore South Block, Angola to Cuba Petroleo ("Cupet"), Cuba's national oil company. The assignment is on similar terms to the farm-out by Roc Oil (Cabinda) Company to Pluspetrol Angola Corporation announced on April 28, 2009.

ROC will retain a 10% interest (12.5% paying interest) in the block and will be free-carried by Pluspetrol and Cupet through the full 2009 work programme and budget, including the testing of the Coco-1 discovery and the drilling of the Castanha-1 exploration well.

Subject to execution of documentation and receipt of relevant approvals, Cabinda Onshore South Block joint venture participant interests will be:

  • Pluspetrol Angola Corporation (Operator); 45%
  • Force Petroleum de Angola, S.A.; 20%
  • Sonangol P&P; 20%
  • Lacula Oil Company Limited (ROC); 10%
  • Cuba Petroleo; 5%
     

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