roc oil to abandon dunsborough 2

Roc Oil to abandon Dunsborough-2
2/04/2008 By: Niraj Shah

Roc Oil WA Limited, a wholly owned subsidiary of ROC Oil Company Limited (ROC) said it was preparing to plug and abandon the Dunsborough-2 appraisal well in WA-286-P in the offshore Perth Basin, Western Australia. Yesterday, the company said oil shows from the well did not contain producible hydrocarbons.
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On March 28, the company said the Dunsborough well might hold a "potentially significant gross hydrocarbon column", but said on Tuesday that further analysis of the results had shown that well may fail to produce oil.

Roc Oil owns 37.5% of the well, while ARC Energy Limited (ARQ) owns 30%, Australian Worldwide Exploration Limited (AWE) 27.5% and Japan's Itochu Corp holds 5%.

Roc also said that the Khop-1 exploration well offshore Mauritania, in which Roc has a 5% interest, has been plugged and abandoned.

The company also said that the Coco-1 exploration would commence drilling on 25 March 2008.

Roc Oil said Coco-1is the fifth well in the current seven well exploration drilling programme and is expected to be finished by the end of May 2008.

At 1111 AEDT, Roc Oil Company shares had shed 2.5c at $1.975, and ARC Energy had 2c at $1.11 and Australian Worldwide Exploration was up up 6c at $3.49.