Shares in Roc Oil Company (ROC) rose 1.3% to $3.07 at noon on Wednesday after the company said its wholly owned subsidiary Roc Oil (China) Company had started exploration/appraisal drilling at a well in Beibu Gulf, Offshore China.
The site in Beibu Gulf is a joint venture oil discovery comprising of four participating interests.
Roc Oil (China) Company owns 40%, Horizon Oil Limited has 30% , Petsec Petroleum controls 25% and Oil Australia Pty Ltd has 5%.
The company said the well, which is in 30m of water, is expected to reach total depth of approximately 2,425 metres later this month. The commencement of the drilling programme was delayed by approximately two weeks because of rig equipment malfunctions which have now been rectified.
Roc expects the drilling programme to be completed by the end of first quarter 2008.
"Between 2002 and 2006 the Joint Venture drilled two structures in the northern part of the block and made two oil discoveries, both of which are now the subject of development planning studies," ROC's chief executive officer John Doran said.
"The first two wells of the current drilling programme are located in the same area but because they are testing targets that are primarily stratigraphic, not structural," he added.
Roc Oil is an international oil company based in Australia. Its activities include oil and gas production, exploration and the development of exploration assets.
Its assets are located in Western Australia, China, Africa and United Kingdom.
Shares in ROC traded at $3.06 at 11.44AM AEST.
