The program was completed ahead of schedule. Data quality is good and seismic processing has started. The results will aid selection of prospects for exploration drilling.
Additionally, ROC has finalized a farm-out option agreement with Horizon Oil (HZN). The latter will pay 40% of all petroleum exploration costs incurred until the exercise or lapse of the option, which gives HZN the right to take a 40% stake in the concession.
Approval for the transaction remains subject to approval from CNOOC.