Operations Commence at Cabinda Onshore South Block
Lacula Oil Company Limited, a wholly owned subsidiary of ROC, advised that operations have commenced to re-enter Coco-1 for extended well testing and that pre-drilling operations have commenced at the site of the Castanha-1 exploration well.
Coco-1 was drilled in mid-2008 and produced oil and associated gas to surface during open hole drill stem testing of two separate intervals in the sub-salt sequence. Both tests were impacted by down hole constraints and Coco-1 was suspended as an oil discovery.
Castanha-1 is the first exploration well in the 2009 program and is targeting a primary objective in the pre-salt sequence. Following the farm-out of a 45% participating interest in the block to Pluspetrol Angola Corporation (announced April 28, 2009) and a 5% participating interest in the block to Cuba Petroleo (announced November 3, 2009), ROC will hold a 10% interest in the block and is being free carried through the 2009 program.
Consistent with ROC's established practice regarding Angolan drilling activity, the Company will only issue public statements at the beginning and end of each drilling operation.
Participating Interests in the Cabinda Onshore South Block are:
- 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%