Roc Oil (Bohai) Company, a wholly owned subsidiary of ROC, announces the successful completion of the 162km2 3D ocean bottom cable (OBC) seismic campaign in the 09/05 exploration licence, Bohai Bay, offshore China.
The programme was completed ahead of schedule, within budget and without incident. Data quality is good and seismic processing has commenced and will assist the team in high grading the prospect inventory, in preparation for commencement of early exploration drilling.
ROC is also pleased to announce that it has finalised a farmout option agreement on the 09/05 licence with Horizon Oil Limited (HZN).
Under the terms of the agreement HZN will pay 40% of all petroleum exploration costs incurred until the exercise or lapse of the option, which entitles HZN the right to farm into a 40% working interest in Block 09/05. In advance of spudding the first exploration well HZN can exercise the option to acquire the 40% interest by paying a 2 for 1 promote on two exploration wells. The transfer of interest to HZN will be subject to CNOOC's approval.