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The well, being drilled with CPOE Rig 33 to a total planned depth of approximately 4,000m TVD (4,500m measured depth).
The 335km2 block is located approximately 15km north of existing Zhao Dong production of ROC and appraisal blocks in water depths of 5-15m.
Roc Oil chief executive officer Alan Linn said: "This is an important milestone in realising ROC’s growth strategy in one of the most prolific basins in the world. We are extremely excited about this prospect’s potential."
In May 2012, China National Offshore Oil Corporation (CNOOC) selected ROC for 100% interest in the exploration block. ROC also signed a petroleum contract later.
CNOOC has participation right up to 51% of any development, upon a successful discovery.
Additionally, ROC has signed a farm-in agreement with AWE China, a wholly owned subsidiary of AWE.
Under the terms of the agreement, AWE China will acquire 40% interest in Block 09/05 for $2m, and bear 60% of the first exploration well costs and 54% of the second exploration well costs.
Each well’s initial gross drilling costs are estimated at $14.7m.
CNOOC has approved the farm-out while ROC will be the operator with a 60% working interest in the block.
Image: Roc Oil begins drilling on exploration well QK11-1-1 Offshore China. Photo: courtesy of suwatpo/Freedigitalphotos.net
