"From the outset, Bravo-1 was clearly identified as a high risk exploration wildcat well and Block H as an area that would need more than one well to adequately test its petroleum potential. Although commerciality is the only real measurement of success, the technical team can take encouragement from the fact that the geological information the well delivered was largely in line with pre-drill predictions and will be extremely useful when it comes to picking the location of the next well, which is expected to be drilled next year,” said Roc CEO John Doran.

“On a regular basis, ROC tries to expose its shareholders to wells which have the potential to change the Company,. At the same time, it tries to manage the downside risk which normally attaches itself to such opportunities. Bravo-1 was just such a well. The next one in this series of potential big hits will be Willows-1, which will test a potentially large onshore UK gas prospect in the third quarter of this year."

The well was drilled by the Sedco Energy, a fifth generation, dynamically positioned, drilling vessel with ROC managing the operation. Subsequent to the Pioneer Natural Resources acquisition of 20% interest in Block H from ROC, Pioneer has also acquired an additional 20% from the Atlas Group.

Subsequently, the Block H Joint Venture will consist of Pioneer (40%); The Atlas Group (Operator1 & 25%); Sasol Petroleum International (Pty) Ltd (20%); and ROC (Technical Manager2 & 15%) with Pioneer expected to acquire the Technical Manager’s role later in 2004.