SYDNEY, Australia – Roc Oil has agreed to transfer technical operatorship of block H offshore Equatorial Guinea to White Rose Energy Ventures.
In exchange for the transfer and farm-down (reducing Roc’s stake from 37.5% to 20.0%), Roc will be free-carried through drilling of an initial well. It will also receive an upfront payment of $900,000 and further bonuses, depending on the outcome of the well.
Block H contains several prospects and leads identified from 3D seismic, including the undrilled Aleta-1 prospect, a large Cretaceous channel sand system which Roc claims has comparable reservoirs to Hess’ Ceiba discovery. An exploration well is planned to be drilled during 2012.
The agreement is subject to receipt of joint venture and government approvals, and extension of the block’s term through end-2012 in order to provide sufficient time to drill the well.