ROC completes 3D seismic survey in Bohai Bay, offshore China
SYDNEY -- Roc Oil (Bohai) Company, a wholly-owned subsidiary of ROC, has completed a 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 has also announced 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.