Australia's Roc Says Mauritania Well Strikes Oil -2-
PERTH (Dow Jones)--Australia's Roc Oil Co. (ROC.AU) said Thursday that its Tiof-6 appraisal well offshore Mauritania has struck oil over a gross interval of at least 123 meters.
"The interval comprises several good-quality sands of varying thickness, and meets the criteria for flow testing," Roc said in a statement to the Australian Stock Exchange.
Tiof has been flagged by operator Woodside Petroleum Ltd. (WPL.AU) as a likely second oil producer in Mauritania following the current Chinguetti development.
It is interpreted that "no gas or water leg" was intersected by Tiof-6, Roc said, adding that the well will be cased and temporarily suspended.
Flow test preparations will restart later this month, it said.
Roc said it will be "interesting to see how this well performs on test because, in the final analysis, deep water field development is all about net pay and productivity."
Analysts have previously speculated that Tiof may hold several hundred million barrels of oil. It may be accelerated for development if flow testing proves positive.
Woodside owns 53.846% of Tiof. Other participants are Hardman Resources Ltd. (HDR.AU) with 21.6%, BG Group PLC (BRG) with 11.63%, the Premier group of companies with 9.231% and Roc Oil at 3.693%
ROC Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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