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HZN 13.5¢

hzn/roc further delay in china drilling programme

  1. miskyb

    6 Posts.

    ROC Activity Update released today advising of further delay:-

    25 March

    2004 ROC OIL COMPANY LIMITED (“ROC”)
    RELEASE TO AUSTRALIAN STOCK EXCHANGE (“ASX”)

    ACTIVITY UPDATE

    KEY POINTS

    • The latest advice received with regard to the availability of the rig contracted for ROC’s offshore China drilling programme is that there has been a further delay, hopefully slight. The rig is now expected to be available in April, subject to the progress of its current operation.

    BLOCK 22/12, BEIBU GULF, OFFSHORE CHINA (ROC: 40% and Operator)

    Within the last week ROC had been advised that the Nanhai IV drilling rig had made considerable progress at its current operation and it looked as if the rig would be received by ROC, as Operator of Block 22/12, by end-March 2004, in accordance with ROC’s most recently announced schedule (See ROC’s ASX Release dated 15 March 2004).

    However, further advice received in the last day or two suggests that receipt of the rig will be delayed into April, hopefully the first half of April, because of continuing down hole difficulties at the rig’s present location.

    Commenting on the latest delay, ROC’s Chief Executive Officer, Dr John Doran stated that: The delay is frustrating for all concerned. However, the operator currently utilizing the Nanhai IV has been very communicative and courteous with regard to keeping ROC informed of the situation and we are absolutely convinced that they are as anxious to release the rig to us as we are to receive it from them. However, until that happens, all ROC can do is to keep its shareholders informed as to how the schedule evolves.

    • ROC has signed a Letter of Intent with regard to contracting a deep water drilling rig for its first exploration well in Block H in the Rio Muni Basin, offshore Equatorial Guinea. It is anticipated that the rig contract will be signed within the next two weeks and that drilling will commence in June/July 2004.

    BLOCKS H15 & H16 (COLLECTIVELY “BLOCK H”), RIO MUNI BASIN, DEEPWATER EQUATORIAL GUINEA (ROC 35% and Technical Manager).

    ROC has executed a Letter of Intent in relation to contracting a deep water drilling rig for operations in the Rio Muni Basin, offshore Equatorial Guinea. The drilling contract is expected to be signed within the next two weeks on the basis of one firm and one contingent well. Drilling is expected to commence in June/July 2004. As a normal part of ROC’s risk mitigation process, the Company will consider farming out part of its equity in Block H, subject to commercial terms and conditions.

    --end--

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