ROC Farms Out 15% of WA-286-P to Mitsui

abarrelfull wrote on 24 Nov 2014 07:36
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14 AUGUST 2001

In conjunction with two of its co-venturers in WA-286-P, ROC has entered into a farmout agreement with Wandoo Petroleum Pty Ltd (“Wandoo”), a subsidiary of Mitsui, the essence of which is:

• Wandoo, will acquire a 15% interest in WA-286-P by providing ROC with an effective carry for approximately 30% of the anticipated cost of drilling the next well in the permit, Cliff Head-1.
• Subsequent to the farmout being completed, ROC will hold a 30% interest in WA-286-P and will have funded 30% of the cost of the Cliff Head-1 well.
• When the farmout is complete, Wandoo, will hold in total a 25% interest in the permit as a result of the farmout arrangement with ROC and farmouts on identical terms from two other WA-286-P participants
• The farmout is subject to receipt of relevant government approvals.

THE EXPLORATION AREA

The ROC-operated WA-286-P permit is located in the northern part of the offshore Perth Basin. The Joint Venture expects to drill the Cliff Head-1 well with the Ensco 56 jack-up drilling rig in late December 2001. The exact timing of the well is subject to operational conditions and the timely completion of the drilling program that the rig will be working on immediately prior to being mobilized to the Cliff Head-1 location. Water depth at the Cliff Head-1 location is approximately 15 metres and the planned Total Depth of the well is 1,500 metres. The prospect, which represents a play type which has not been drilled previously in the offshore Perth Basin, has the potential to contain a significant amount of oil and/or gas.

• ROC Farms Out 15% of WA-286-P to Mitsui

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