Wei-12-3-4 will be a down dip appraisal of the Wei 12-3-1 oil discovery which was drilled in 1982 and flowed 36° API oil at 1,380 bopd from the Weizhou Formation.
The first well, Wei 12-8-3 intersected an 11 metre gross column in the Jiaowei Formation, all of which is net oil pay, although the oil was of a highly viscous quality.
Information collected while drilling Wei 12-8-3, together with the preliminary interpretation of initial wireline log data, the partial examination of two cores cut through the reservoir section and initial analysis of fluid samples, confirmed the oil intersection.
In the event of a commercial development within Block 22/12, the interests held by the current joint venturers may reduce on a pro-rata basis by up to 51% assuming that the China Offshore Oil Corporation (CNOOC) exercises its right to participate up to a 51% equity level in the development.
The Block 22/12 Joint Venture consists of Roc Oil (China) Company 40% and Operator, Horizon Oil Limited 30%, Petsec Energy Limited 25% and Oil Australia Pty Limited 5%.
