Roc Oil (Cabinda) Company, a wholly owned subsidiary of ROC, is pleased to
advise that the processing and initial interpretation of the 162 sq km 3D and
505 km 2D seismic acquired in the Cabinda South Block, onshore Angola, between
June and November 2005 continues to yield encouraging results with numerous
prospects and leads and several different play concepts being identified.
As a consequence of the seismic data processed and interpreted to date, the
ROC-operated Cabinda South Joint Venture has agreed to accelerate the
exploration programme through 2006 with the intention of drilling the first of
an initial programme of three exploration wells in September, 2006. In this
context, the 2006 budget exploration expenditure for the Cabinda South Block is
expected to be in the order of US$45million of which ROC will contribute about
US$34 million/A$45 million.
Commenting on the implications of the seismic data, ROC's Chief Executive
Officer Dr John Doran stated that:
"Although interpretation is still at a preliminary stage, the seismic reviewed
to date has confirmed onshore Angola in the pole position within ROC's
exploration portfolio, as evidenced by the greatly accelerated 2006 work
programme."
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