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Both projects come onstream in the first half of next year, with ROC expecting to get 4000 bopd in early production from Cliff Head, compared to 2400 bopd from Chinguetti. Roc is a 3.25% partner in Chinguetti, but has a 37.5% stake in Cliff head and is operator of the project.
“Cliff Head is an important project for the company, particularly because we are the operator,” chief executive John Doran said.
“We generally like being the operator as it gives us a greater deal of control over how a project is managed. When looking for new opportunities aropund the world, having the capacity to be operator also gives us more opportunities in taking over assets from big companies.”
Despite a reserves downgrade at Cliff Head earlier this year, Roc is still positive about the field.
“It’s not large, but we hope that there is more oil in the area and it will establish a strong base for offshore infrastructure in the northern Perth Basin,” Doran said.
“Once this infrastructure is in place it will be relatively easy to test the upside potential of promising areas close to the platform through directional drilling.”
Elsewhere in Western Australia, Roc is also involved in a high-risk, high-reward exploration play off the north-west coast, joining with resources giant BHP Billiton and West Australian junior Tap Oil to drill the deep-water Jacala prospect.
Roc will pay a share of the cost of the Jacala-1 wildcat expected to be drilled during the fourth quarter of this year to earn a 20% participating interest in the lease from BHP Billiton. The prospect could contain as much as a billion barrels of oil, according to the joint venture.
“Jacala is high risk and high reward – if it contains oil our shareholders will have a very different company on their hands,” Doran says.
“The farmin is consistent with our strategy of serving up to shareholders several ‘big hit’ drilling opportunities each year. Our drilling program also includes key wells in deep water offshore Equatorial Guinea and Mauritania, shallow water offshore China, onshore UK and onshore New Zealand.”
