Rick Wilkinson
OGJ Correspondent
MELBOURNE, Apr. 29 -- Roc Oil Ltd., Sydney, has farmed out the majority of its interest in the Cabinda South block in Angola to Pluspetrol Resources, thus reducing its exposure and minimizing exploration expenditure.
Roc has disposed of a 45% interest and retained 15% through its wholly owned subsidiary Lacula Oil, which will now be free-carried through the 2009 work program and budget.
The program includes the testing of the Coco-1 discovery that was suspended when downhole constraints prevented Roc determining its commerciality.
Roc will be reimbursed for its share of the joint venture's working capital to Dec. 31, 2008, including its share of the drilling inventory to be used in the 2009 campaign.
So far the Roc-led 7-well exploration program on the block has been disappointing with just two small finds. Massambala-1 was a heavy oil discovery while Coco-1 recovered oil from two intervals.
Pluspetrol will take over the operatorship. Other partners are Force Petroleum 20% Angolan state-owned Sonangol, 20% each.