Roc Oil drilling second exploration well in Bohai Bay's Zhanghai block

11/28/2012

Roc Oil drilling second exploration well in Bohai Bay's Zhanghai block

BEIJING -- Roc Oil advises that drilling has commenced on the second exploration well ZD CP2N-H-2 in the Zhanghai Block, Bohai Bay offshore China. The well is located in one of two adjoining blocks added to ROC’s existing Zhao Dong block. The contract was announced in March 2011.

The drilling from the Zhao Dong C4 platform commenced on 26 November. Total depth planned for this well is 3,283 m TVD 4,236 m measured depth. If successful and commercial, this well will be tied in to existing Zhao Dong facilities. PetroChina exercised its right under the PSC to participate in the successful H-1 well in the Zhanghai Block was announced 25 August 2011. The working interests in any developments in the two new additional blocks are PetroChina 51%, ROC 39.2% and Sinochem 9.8%. 

The H-2 well ROC 80% and Sinochem 20%  cost obligation on dry hole basis is the final obligation well for the block. ROC is continuing to pursue other opportunities for further development in the Zhao Dong area.

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