Sidney, Australia, 31 Aug – Shares in Australian oil company Roc Oil Thursday rose 16 percent after the company announced it may be able to drill 33 million barrels of oil from the onshore Massambala oil field in Angola.
Roc Oil (Cabinda), the Angolan subsidiary of the Australian company, said that, although it was too early to be precise about the quantity of reserves in that fiels, available data indicates the potential presence of 170 million barrels.
Considering that the oil found is “heavy,” as compared with “light” oil found in Angola and other West African countries, a minimum of 10 percent can be obtained, or often 20 percents, meaning a potential stricke of 33 million barrels.
Following the Massambalala strike, Roc Oil plans to explore four wells of “high potential impact,” for which it is simultaneously using two platforms.
Once work ahs been completed on the first well, Roc Oil’s platforms will be moved 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 be launched, which is the third of five wells to be drilled in this phase of exploration.
Roc Oil owns 60 percent of the bloc, and has operator status, and its partners are Sonangol (20 percent) and Force Petroleum (20 percent).
Exploration in Cabinda’s onshore area involves an investment of US$54 million. (macauhub)