china beibu gulf block 22 12

FAR's 26/05/08 Presentation

Slide 14 - Block 22/12 Extracts:

• FAR 5% interest*
• Roc Oil (China) Company operator 40%,
Horizon Oil Limited holding 30%, Petsec Energy
Limited 25%
* (CNOOC has option to ‘back in’ to any discovery at an equity level up to 51%.)
• Block 22/12 located in proven hydrocarbon area
• Water depth 5m-40m, area 364 sqkm
• Wei 6-12-1 exploration well drilled 1Q 2002 –
initial oil discovery
• Wei 6-12S-1 exploration well, drilled 1Q 2006 –
second oil discovery
• 5,750 bopd cumulative flow from 2 zones within
3 separate oil columns totaling ca. 80m net oil
pay
• 6 undeveloped oil accumulations in the block
• Overall Development Plan progressing for Wei
6-12S, Wei 6-12 and Wei 12-8 West oil fields
• Targeting production of 15,000 bopd to
commence in 2010

Stand alone development concept:

Wellhead platform with FPSO with 20,000 -25,000 bopd capacity at Wei 12S location;

FEED underway, FID mid 2008, construction 2008-09, production mid 2010;

Development Candidates:
..................Gross Rec Res (MMBO)
Wei 6-12s..........19-27
Wei 6-12...........5-10
Wei 12-8E..........11
Wei 12-8W..........8
Wei 12-3...........1
Wei 12-2...........8
Total.............61-65

Regards

SP