Roc obtains preliminary BMG project results

Roc Oil, operator of the Basker-Manta-Gummy (BMG) project offshore Australia, has obtained preliminary results from its first integrated full field reservoir simulation model of the Basker and Manta reservoirs.

Offshore staff

SYDNEY, Australia -- Roc Oil, operator of the Basker-Manta-Gummy (BMG) project offshore Australia, has obtained preliminary results from its first integrated full field reservoir simulation model of the Basker and Manta reservoirs.

Resource Investment Strategy Consultants (RISC) is independently reviewing Roc's Basker and Manta reservoir modeling and estimated reserves. This review should be completed by end-February.

ROC anticipates that remaining gross 2P Reserves at the BMG project as at Dec. 31 2009, will likely be downgraded from around 18 MMbbl to 3-5 MMbbl, subject to further development activity.

BMG continues to produce oil at around 6,000 b/d, and is set to deliver at an average rate of 5,000 b/d in 2010.

The company and its partners are evaluating future development plans for the BMG Phase 1 oil project and BMG Phase 2 gas project.

02/02/2010

More in Production