Roc Oil says China's Beibu Gulf well yields consistent results 07.12.2006, 03:39 AM
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SYDNEY (AFX) - Roc Oil Ltd said samples from its Wei-6-12S-1Sa sidetrack well in the Beibu Gulf, offshore China, are consistent with its initial oil discovery in Block 22/12 made in May.
At the time of the discovery Roc, which has a 40 pct interest in the block and is the operator, described the discovery as 'potentially significant'.
It said it will now drill a second sidetrack well, due for completion in August.
Roc said a possible sandy sequence is expected to be intersected towards the base of the next sidetrack well which was not present in the discovery well.
It said this provides the second side-track well with an exploration component.
'With the first sidetrack operation completed without any surprises, Roc and its co-venturers will continue with their two-pronged approach to appraising this field,' said Roc's chief executive John Doran.
In May, Roc reported a net oil pay of around 100 meters in a gross interval of around 500 meters at the Wei discovery, amid generally good reservoir characteristics.
The other venture partners are listed Australian companies, Horizon Oil Ltd with 30 pct, Petsec Energy Ltd 25 pct, and First Australian Resources five 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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