ROC 0.00% 68.5¢ roc oil company limited

New Announcement Re: Banda

  1. 321 Posts.
    ROC OIL COMPANY LIMITED 2002-09-18 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    KEY POINTS

    * Gas production from the Saltfleetby Gas Field, onshore UK, has
    increased by more than 15% to 34 MMSCF/D, the highest field rate
    since late 2001. The increase is due to the recent successful
    workover of Saltfleetby-5 in the main Westphalian reservoir.

    * Oil production from Keddington-1, onshore UK, continues to increase
    and is currently running at approximately 60 BOPD, following the
    recent successful workover of the well.

    * Chinguetti 4-3, the exploration well drilling the Banda Prospect,
    offshore Mauritania, was tripping for a new bit prior to drilling
    ahead at 2,434 m as of midnight 17 September 2002.

    * The East Tsagaan Els-1 exploration well, in the East Gobi Basin of
    Mongolia, is drilling ahead at 1,342 m.

    1. DEVELOPMENT

    1.1 WORK OVER

    1.1.1 Saltfleetby Gas Field (ROC: 100% and Operator)

    Production from the Saltfleetby Gas Field has increased by about 5
    MMSCF/D (17%) to 34 MMSCF/D and the field is now producing at a
    higher rate than at any time since late 2001. The additional
    production is attributable to Saltfleeby-5, which was recompleted in
    the main Westphalian reservoir in late August 2002. The increase is
    timely with generally increasing gas prices going into the UK winter
    and higher gas sales contract prices which will increase by
    approximately 50% from 1 October 2002.

    1.1.2 Keddington Oil/Gas Field (ROC: 100% and Operator)

    Oil production from Keddington-1 continues to increase subsequent to
    the well being brought back onto production following a successful
    workover completed in July 2002. Since ROC's release to ASX dated 8
    August 2002, the oil production rate at Keddington-1 has increased
    from about 30 BOPD to 60 BOPD. The area immediately around the
    Keddington Oil/Gas Field area has not been fully evaluated, which was
    one of the reasons it was included in the 3D seismic survey which ROC
    recently completed in this part of the South Humber Basin. In this
    context, the continuing and increasing oil production at Keddington-1
    may provide further insights to the untapped potential of the area.

    2. EXPLORATION

    2.1 DRILLING

    2.1.1 PSC Area A, Chinguetti-4-3 (Banda Prospect) (ROC: 2.7%)

    As at midnight on 17 September 2002, the Chinguetti-4-3 exploration
    well was tripping for a new bit prior to drilling ahead at 2,434 m in
    12 (1/4) inch hole. The forecast total depth for the well is 2,560 m
    and the well is targeting the same channel sand complex that is known
    to contain oil at the Chinguetti Oil Field.

    In keeping with Joint Venture protocol, hydrocarbon shows will only
    be reported after wireline logs have been run and evaluated.

    The Banda prospect is in 306 m water depth, approximately 21 kms east
    of the Chinguetti Oil Field.

    2.1.2 East Gobi Basin Mongolia, East Tsagaan Els-1 (ROC: 50% and
    carried)

    As of 17 September 2002, the East Tsagaan Els-1 exploration well, the
    second and last well in the current programme, was drilling ahead at
    a depth of 1,342 m in 8(1/2) inch hole. The planned total depth of
    the deviated well is 2,140 m measured depth corresponding to 1,900 m
    true vertical depth ("TVD") with a top of the target zones expected
    to be encountered below 1,300 m TVD. ROC is being carried through
    the cost of the well by Dongsheng Jinggong Petroleum Development
    Group Co Limited which is farming in and managing well operations.


    For further information please contact:
    Dr John Doran on
    Tel: +61-2-8356-2000
    Fax: +61-2-9380-2635
    E-mail: [email protected]
    Or visit ROC's website: www.rocoil.com.au

 
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