ROC awarded new exploration block in China

ROC awarded new exploration block in China

Roc Oil (Bohai) Company, a wholly owned subsidiary of ROC, has signed a Petroleum Contract (“PC”) with the China National Offshore Oil Corporation (“CNOOC”) for a 100% interest in and operatorship of the Bohai 09/05 exploration block, offshore Bohai.
The 335 square kilometres Bohai 09/05 block is located approximately 15 kilometres north of ROC’s existing Zhao Dong production and appraisal blocks in water depths of 4-10 metres. Bohai is China’s most prolific offshore oil province, with existing and widespread production typically from faulted terraces that contain stacked clastic reservoirs rising from sag zones, which provide the source kitchen for commercial production. ohai faulted sag zone plays remain under-explored compared to faulted terrace plays. The Bohai 09/05 block exhibits primarily sag zone haracteristics with stacked clastic reservoir potential, similar to the ultilayered sands in production at the nearby ROC-operated Zhao Dong field.
Previous exploration activity within the block included wide-spaced 2D and limited 3D seismic acquisition. Two exploration wells were drilled on the block prior to 3D seismic processing. The wells confirmed the presence of sands but were assessed to be off structure. The minimum work commitment for the first phase of the exploration period includes the acquisition of 3D seismic and the drilling of exploration wells. On completion of the first phase of the exploration period, there are two further optional two-year exploration periods with additional ommitments.
Upon a successful discovery, CNOOC has the right to participate in up to 51% of any development.
Source: Roc Oil
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