Cabinda onshore oil surveys show positive signs

21 August 2007

Luanda, Angola, 21 Aug – The first on-shore oil surveys in the Angolan enclave of Cabinda, which began in June, have had positive results, operator Roc Oil said in Luanda Monday.

According to figures from the Australian company, in the Massambala-1 well, at a depth of around 415 meters, “good signs of oil” were found.

Roc said, however, that there was no indication that the “area represents a strong accumulation of oil or, possibly, a column of residual oil.”

After completion of work on the first well, the Roc Oil platform will relocate to Cevada-1, in the eastern area of the Cabinda Sul bloc.

Before the end of the month a survey of the Soja-1 well will begin, which is the third of five to be opened in this phase of exploration.

Roc Oil holds 60 percent of the bloc and operator status, and has Sonangol (20 percent) and Force Petroleum (20 percent) as its partners.

The on-shore exploration work in Cabinda involves an investment of US$54 million.

In order to finance operations, ROC increased its capital by issuing 28 million shares on the London market.

A consortium led by Devon Energy Corp. is also interested in oil exploration in Cabinda’s on-shore, whicha ccounts for over half of all Angola’s exports. (macauhub)