The joint venture comprises operator Roc Oil (40%), Horizon Oil (30%), Petsec Energy (25%) and First Australian Resources (5)%.
Located in Block 22/12, the well is expected to take about 21 days to drill and will test the 3D mapped 6-12 South Prospect, which has the potential to contain 10 to 20 million barrels of recoverable oil.
Upon success at this well, China National Offshore Oil Company (CNOOC) has the right to earn a 51% interest in the oil field development.
Roc and Petsec said they expected success at this well would increase the potential of several similar prospects mapped nearby.
The well, which is to be drilled to a planned total depth of 2154m in about 30m of water, is located about 10 km east of CNOOC’s Wei 12-1A platform and 3 km southwest of the Wei 6-12-1 oil discovery, made by the JV in 2002.
Covering an area of 456 square kilometres, Block 22/12 is about 60 km off the coast of China, north-west of Hainan Island.
