The company conducted 3D ocean bottom cable (OBC) seismic survey of 62km² under the 09/05 exploration license.
Roc has also finalized a farmout option agreement on the 09/05 license with Horizon Oil, while the transfer of interest is subjected to approval CNOOC.
Roc chief executive officer Alan Linn said that the company is looking forward to progressing its prospect evaluation and moving into well planning.
"ROC constantly looks for a balance of value growth and risk management in our business and the farmout 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," Linn added.
As part of the deal, HZN will pay 40% of all petroleum exploration costs incurred until the exercise before starting drilling the first exploration well.
