Located in WA-286-P the field has a proved and probable reserve estimate of 21mmbo recoverable.
The provisional estimate for capital expenditure associated with the development of the Cliff Head Oil Field is around $140 million, although the partners have emphasised that this figure is going to be defined much more precisely through the FEED process.
Subject to satisfactory completion of FEED it is anticipated that a final investment decision for the project will be made during the second quarter of 2004 and that first oil will be produced from Cliff Head during the second half of 2005.
To support development planning, in particular optimisation of development well design, a 3D seismic survey will also commence over the field next week.
In conjunction with the commencement of FEED, operator ROC will establish an operating office in Perth and Kevin English, ROC's project manager for Cliff Head, will relocate to Perth to manage the implementation of the project.
"The unanimous Joint Venture decision that the Cliff Head Oil Field is commercially viable represents a significant milestone for all participants in the project. From a specific ROC perspective, we look forward to establishing a presence in Perth and to becoming an operator of oil production offshore Western Australia,"said ROC chief executive officer John Doran.
Discovered at the end of 2001, the Cliff Head Oil Field was successfully appraised during the following 14 months by three wells, two of which cored the reservoir and one of which conducted a production test that flowed at stabilised rates up to 3,000bopd, constrained by surface facilities.
Roc Oil's share price was steady at $1.44 at the time of print, with AWE holding $1.09 and Voyager at 20.5 cents.
The WA-286-P Joint Venture comprises Roc Oil (WA) (operator) 37.5%, AWE Oil (Western Australia) 27.5%, Wandoo Petroleum 25%, Voyager Energy 5% and Westranch Holdings 5%.
