Horizon-Roc Oil group makes oil find in Beibu Gulf off China

The Horizon Oil Ltd.-Roc Oil Co. Ltd. group working in the Beibu Gulf offshore China has made an oil discovery in the first of two planned exploration wells on Block 22/12.

The companies confirmed that their WZ12-10-1 well found an oil zone in the top of the Jiaowei formation over an interval of 5.5 m. Net oil pay was 4.2 m in a highly porous reservoir.

A sidetrack was then drilled with a 340 m eastern step-out that confirmed the oil zone at the very top of the Jiaowei with a net pay of 5.5 m thickness.

The well is 4.7 km northeast of the existing WZ12-8W production platform and about 2.7 km west of the WZ12-8E discovery wells.

The companies are now evaluating the result to decide how best to integrate the find into the Beibu project. The companies say it adds a potentially valuable incremental oil volume to the future of the WZ-12-8E development project currently being planned. It enables the joint venture to evaluate alternative development options.

Meanwhile, the rig will be moved to WZ12-10-2 to drill the second and final well in this exploration program.

Horizon has a 55% interest in the exploration program with Roc holding 40%. Japanese Majuko Corp. has the remaining 5%. China’s CNOOC has the right to join the production phase and take a 51% interest, which will reduce the other companies’ interests as follows: Horizon 26.95%, Roc 19.6%, and Majuko 2.45%.

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