Roc Oil Company Limited
23 February 2005
23 February 2005
ROC OIL COMPANY LIMITED ('ROC')
STOCK EXCHANGE RELEASE
DRILLING ACTIVITY UPDATE
KEY POINT
• Cliff Head-5 ('CH-5'), an appraisal well in the Cliff Head Oil Field,
offshore Western Australia, has encountered the top of the anticipated
reservoir substantially low to prognosis.
Roc Oil (WA) Pty Ltd, as Operator of the WA-286-P Joint Venture (the 'Joint
Venture'), advises that the CH-5 appraisal well has encountered the top of the
anticipated reservoir approximately 50 metres low to prognosis just above the
field wide oil-water contact and as of 0600 hours on Wednesday 23 February
(Australian Western Standard Time) was drilling ahead at 1,492 metres to
basement.
CH-5 is a vertical 'pathfinder' well located about 1 km southeast of the CH-1
discovery well (Attachment 1*). The pre-drill plan for CH-5 was that it be
plugged and abandoned because its primary purpose was to determine the nature
and extent of the reservoir in the East Ridge portion of the Cliff Head
structure so as to better define the location of a horizontal development well.
It is currently not understood whether CH-5 has come in low to prognosis due to
adverse seismic velocity variations which would have an adverse impact on field
reserves, or due to drilling inadvertently on the wrong side of a nearby fault,
which would probably have a less severe impact on field reserves.
The Joint Venture is actively reviewing the data obtained to date and will
integrate that information with the results of the logging programme over the
next 48 hours. At the moment, it is too early to comment definitively as to
whether or not CH-5 was optimally located in relation to a nearby fault. If the
full data set indicates that the CH-5 location was less than structurally
optimal, the Joint Venture may consider sidetracking the well.
Regardless of the outcome of CH-5, upon completion of well operations the rig
will move to drill the CH-6 development well location in the main horst part of
the Cliff Head structure.
Commenting on preliminary results from CH-5, Dr John Doran, ROC's Chief
Executive Officer, stated that:
'With the results we have seen so far from CH-5 it is pretty clear why we
described the well as a 'pathfinder'. If we have ended up on the 'wrong side' of
the fault, then the situation may possibly be rectified by a sidetrack to the
east. If, however, we are on the 'right' side of the fault, the fact that the
top reservoir has been encountered substantially lower than prognosed means that
we need to greatly improve our understanding of the East Ridge portion of the
Cliff Head structure and this will impact on the details and timing of the Final
Investment Decision for the development of the field.'
The WA-286-P Joint Venture comprises: Equity
Roc Oil (WA) Pty Ltd (Operator).....................37.5%
AWE Oil (Western Australia) Pty Ltd ................27.5%
Wandoo Petroleum Pty Ltd ...........................24.0%
Voyager (PB) Limited ................................6.0%
CIECO Exploration and Production
(Australia) Pty Ltd .................................5.0%
*For Attachment 1 see copy of this release on ROC's website
(http://www.rocoil.com.au/Pages/ASX_Releases/2005_Releases/February-2005.html)
Bruce Clement For further information please contact:
Chief Operating Officer Dr John Doran on
Tel: +61-2-8356-2000
Fax: +61-2-9380-2635
Email: jdoran@rocoil.com.au
Or visit ROC's website:
www.rocoil.com.au
Dr Kevin Hird
General Manager Business Development
Tel: +44 (0)207 586 7935
Fax: +44 (0)207 722 3919
Email: khird@rocoil.com.au
Nick Lambert
Bell Pottinger Corporate & Financial
Tel: +44 (0)207 861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
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Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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