Roc Oil (China) Company, a wholly owned subsidiary of Roc Oil Company Limited (ASX: ROC), advised today that final stage of the Beibu Gulf Block 22/12 development drilling has been completed with the successful conclusion of the five well drilling program on the WZ 12-8 West field and the demobilization of the jack up drilling rig COSL HYSY 931.
Commenting on delivery of this strategic milestone, ROC’s CEO Mr Alan Linn said:
"The demobilization of the COSL HYSY 931 drilling rig completes the fifteen well Beibu Gulf development program, designed to maximize production from both the original field development plan and development of the additional reserves discovered during the successful 2012 Beibu near field exploration campaign.
All fifteen wells are expected to be online during 3Q13 delivering daily project production rate of approximately 15,000 barrels of oil per day (2,940 BOPD net to ROC).
The integrated project development, with CNOOC Limited as Operator and ROC providing part of the project management team produced very positive outcomes for all Joint Venture Partners, with the development drilling campaign completed safely, ahead of schedule and within budget. I’m delighted with the project and offer my congratulations to all of the teams who have been involved with the project for a job well done."
Participating interests in the Beibu Gulf Development Project are:
Roc Oil (China) Company: 19.6%
Horizon Oil (Beibu) Ltd and Horizon Oil (Nanhai) LLC1: 26.95%
Oil Australia Pty Ltd (Majuko Corp): 2.45%