Horizon in farm-in talks for Bohai Bay concession
Roc Oil (Bohai) says a 162-sq km (62-sq mi) 3D ocean bottom cable seismic campaign has been completed in the 09/05 exploration license in Bohai Bay offshore China.
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.