Mauritania - ROC Oil Company Limited

Mauritania – PSC Areas A,B,C and Blocks 1 & 7

HISTORY

In April 2000 ROC acquired an option over the shares of Elixir Corporation Pty Ltd which held interests ranging from 2% to 2.7% in all of the licenced acreage offshore Mauritania.
The first well drilled in Mauritania after acquiring the Elixir option discovered the Chinguetti Oil Field. Following the discovery, ROC exercised its option to acquire all of Elixir’s shares, effective 30 June 2001.
Through a variety of different transactions, ROC subsequently increased its equity and it now holds interests ranging from 2.0% to 5.49% in licenced acreage offshore Mauritania. Block 8 was surrendered in January 2009.
Successful exploration and appraisal drilling programmes have been carried out from 2001 to 2008.
In 2006 production commenced at the Chinguetti Oil Field.

GEOLOGY

The Coastal Basin in Mauritania is a Triassic to Jurassic rift basin overlain by a large Jurassic to Tertiary post-rift sag basin.

During the Miocene, a major delta system deposited channel sands, which form the main prospective play. Most discoveries to date have been in these sands.

There is also potential for older (Cretaceous) reservoirs, with discoveries at Pelican-1 (PSC Block 7), Faucon-1 (PSC Block 1) and the deeper section of Tevet-2 (PSC B).

PERMIT SIZE

JV PARTICIPANTS AND INTERESTS

ACTIVITY STATUS

Exploration and Appraisal
From 2001 to 2008, ROC participated in the drilling of 22 exploration wells and the acquisition of 10,960km 2D and 17,589km² 3D seismic. To date there have been five oil and/or gas discoveries which are either commercial or potentially commercial: Chinguetti Oil/Gas Field in PSC B. Banda Gas Field in PSCs A&B (with some oil). Tiof/Tiof West Oil/Gas Field in PSC B. Pelican Gas discovery in PSC Block 7. Tevet Miocene Oil/Gas discovery and Cretaceous Oil discovery in PSC B. Three appraisal wells were drilled on the Chinguetti Oil Field. Tiof has been appraised with five wells and one appraisal well has been drilled on the Tevet discovery. Two appraisal wells were drilled on the Banda Oil and Gas Field in 2008. The Cormoran-1 well in Block 7 is planned to commence drilling during 3Q 2010. This is planned to be followed by an exploration well in Block C6 (most likely Gharabi-1).
Appraisal/Pre-Development
The Tiof Oil & Gas Field in PSC B and the Banda Oil & Gas Field in PSCs A&B are currently being reviewed for possible further appraisal/pre-development activity.
Development and Production
Development was completed at the Chinguetti Oil Field and production commenced on 24 February 2006. Two infill development wells were drilled in 2008.