Australia's Roc Oil says oil find in China's Beibu Gulf promising 05.10.2006, 01:44 AM
SYDNEY (AFX) - Roc Oil Ltd said it has made a potentially significant oil discovery in China's Beibu Gulf.
It said its Wei-6-12S-1 exploration well, in Block 22/12, encountered about 100 meters of net oil pay in numerous separate reservoir sands over a gross interval of 500 meters.
Roc said the discovery displayed generally good reservoir characteristics with individual sands ranging in thickness up to 25 meters.
It said the Block 22/12 joint venture partners are currently considering an immediate appraisal of the find.
Roc chief executive John Doran said it will take many weeks to collect and analyze all the data before detailed comments on the field's size and commercial implications but the results are encouraging.
'Anytime you get a 100 meters of good quality net oil pay, way beyond pre-drill expectations, you can be forgiven for being cautiously optimistic,' Doran said in a statement.
'In the meantime, we can safely say that this well has delivered a handsome discovery that certainly merits further appraisal,' Doran said.
Roc is the operator and has a 40 pct stake, Horizon Oil Ltd 30 pct, Petsec Energy Ltd 25 pct, and First Australian Resources 5 pct.
The China National Offshore Oil Company is entitled to participate up to a 51 pct funding equity level in any commercial development within Block 22/12.
ROC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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