Roc Oil Provides Ops Update
Roc Oil reports that the Chinguetti-18 development well has been completed for production and is being brought onstream. Completing of the well was delayed due to downhole mechanical difficulties that have been now rectified. Gross production from the Chinguetti Oil Field currently approximates to 24,000 BOPD (Net ROC: 780 BOPD).
The Cliff Head Oil Field has been producing at a relatively steady rate, generally between 8,000 and 9,000 BOPD (Net ROC: 3,000 - 3,375 BOPD) from four of the six designated oil producers. A planned workover in April is expected to be undertaken without major interruption to production.
Gross oil production from the Zhao Dong C and D fields has running at approximately 23,000 BOPD (Net ROC: 5,630 BOPD). The 15 well 2007 drilling program is scheduled to start in April 2007.
The latest information from the operator of the Enoch Oil and Gas Field and the Blane Oil Field, suggests that while Enoch remains on schedule for first production in 2Q 2007 first oil from Blane will likely slip to 3Q2007 due to exceptional waiting on weather periods and delays with topside construction on the third party host platform. These, and other factors, have contributed to a cost increase for the Blane development which is now likely to total approximately £250 million, (Net ROC: £31.5 million) up approximately 20% since ROC's previously announced estimate in November 2006. The total capital cost of the Enoch development is now expected to be approximately £100 million (Net ROC: £12 million), up 7.5% from ROC's previously announced estimate in November 2006.
The ROC-owned Explorer Rig arrived in Cabinda on schedule in mid-March. The rig is currently stacked and waiting on wellsite and road construction which is, in turn, waiting on the end of the rainy season which usually occurs in late April. Upgrading of the Simmons rig in Dubai continues on schedule and that rig is still expected to arrive in Cabinda in May 2007.
Ongoing interpretation of the 2005 and 2006 seismic surveys has confirmed more than 30 prospects and leads. In addition to the two prospects previously identified, Masambala and Caju, three other prospects have so far been high graded as possible candidates for drilling during 2007.
Based on the encouraging results achieved to date, ROC and its co-venturers have agreed to acquire a further 200 sq km of 3D seismic during 2007 to detail a large 2D seismic lead.
The Wilcraft jackup remains on schedule to commence drilling the Frankland-1, the first well of a three well exploration program in the offshore Perth Basin, in early April.
In response to an invitation to tender, ROC has received a number of bids relating to jack-up rigs that could be made available for a multi-well exploration drilling program scheduled to commence in Block 22/12 in the Beibu Gulf in late 2007/early 2008.
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