Roc Oil Company Limited, a subsidiary of ROC, announced the completion of its 162 sq km 3D ocean bottom cable (OBC) seismic campaign in the 09/05 exploration license, located in the Bohai Bay offshore China.
With the data received, seismic processing has commenced in preparation for commencement of early exploration drilling. The program was completed without incident and ahead of schedule.
The Sydney-based Roc has also finalized a farm-out option agreement on the same license with Horizon Oil Limited (HZN), wherein HZN is responsible for 40% of all exploration incurred until the exercise or lapse of the option. HZN is entitled the right to farm into a 40% working interest in Block 09/05.
“ROC constantly looks for a balance of value growth and risk management in our business and the farm-out option with Horizon, whom we already partner in the recently successful Beibu fields development is an efficient way to optimize the value of our current China exploration portfolio," said Roc CEO Alan Linn.
Prior to the first spud, HZN can option to acquire the 40% interest by paying a 2:1 promote on two exploration wells. The transfer of interest to HXN will be subject to approval by the China National Offshore Oil Corporation (CNOOC).
Roc operates in Australia, China, Africa and the United Kingdom.
Image of Roc's operations in Tanggu, China courtesy Roc