Next well drilling with cautious optimism. Anything can happen in this game.Cliff head looks good.
Good luck guys.
Regards M.
--------------------------------------------------------------------------------
ROC OIL COMPANY LIMITED 2003-02-19 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++
KEY POINT
* On 19 February 2003, the ENSCO 53 jack-up drilling rig started
drilling the Vindara-1 exploration well in WA-286-P, in the northern
part of the offshore Perth Basin.
Roc Oil (WA) Pty Limited ("ROC"), Operator for and on behalf of the
WA-286-P Joint Venture, advises that, at 0700 hours Western Standard
Time ("WST"), on 18 February 2003, the ENSCO 53 jack-up drilling rig
was released from the Mentelle-1 exploration well location in the
northern part of the offshore Perth Basin after plugging and
abandoning that well as dry hole with sub-commercial oil shows.
At 0630 hours WST the rig commenced drilling the Vindara-1
exploration well in WA-286-P in the northern part of the offshore
Perth Basin, approximately 6.5 kilometres southeast of the Cliff Head
Oil Field (Attachment 1) The well, which will be drilled as a
vertical well to a Total Depth of 1,843 metres below Rotary Table, is
the fourth in a multi-well drilling programme being conducted on a
back-to-back basis in WA-286-P and the adjacent TP/16. Regardless
of drilling results, Vindara-1 will be plugged and abandoned without
testing for reasons relating to operational cost efficiencies.
Subsequent to Vindara-1 the WA-286-P Joint Venture will drill another
appraisal well in the Cliff Head Oil Field, Cliff Head-4. The full
extent of the current drilling programme will be determined after
the results of these next two wells are known.
ROC anticipates that its next ASX Release regarding Vindara-1 will be
issued early next week after it has intersected the top of the
targeted reservoir section.
Commenting on Vindara-1, ROC's Chief Executive Officer, Dr John
Doran, stated that:
"The fact that Vindara-1 was not included in the original minimum
three well drilling programme can be taken as evidence that the
prospect is generally regarded as being riskier than the other two
exploration wells in that programme: Twin Lions-1 and Mentelle-1.
However, the fact that both Vindara-1 and Cliff Head-4 have been
added to the current drilling programme highlights the fact that
there is an increased level of confidence that the Cliff Head Oil
Field is a strong candidate for development following the encouraging
results from the production test at CH-3-ch 1."
The WA-286-P Joint Venture comprises:
Equity
Roc Oil (WA) Pty Limited (Operator) 30.0%
AWE Oil (Western Australia) Pty Ltd 27.5%
Wandoo Petroleum Pty Ltd 25.0%
ARC Energy NL 7.5%
Voyager Energy Limited 5.0%
Westranch Holdings Pty Ltd (a subsidiary
of Norwest Energy NL) 5.0%
J Doran
CHIEF EXECUTIVE OFFICER
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