ROC advises that BC Petroleum Sdn Bhd (“BCP”), the company incorporated to operate and manage the Balai Cluster Risk Service Contract (“RSC”) in Malaysia, started drilling the Balai 2 well at 1800 hours (Malaysian time) on 26 November 2012.
The Balai 2 well is the second well in the pre-development phase multi-well appraisal drilling programme in the Balai Cluster. At 0900 hours (Malaysian time) on 27 November 2012 the well was drilling ahead at a measured depth of approximately 440 metres. Shareholders of BCP are ROC (48%), Dialog Group (32%) and PETRONAS Carigali (20%).
Balai 2 is located in the Balai field, offshore East Malaysia, and has a planned target total depth of approximately 2,300 metres subsea.
The Balai Cluster RSC consists of four fields: Balai, Bentara, West Acis and Spaoh. The pre-development phase commenced early 2012 and is expected to be completed by Q1/Q2 2013. On successful completion of the pre-development phase and agreement on the economic viability of the fields, BCP will submit a field development plan and progress to development of the fields.
[mappress]
November 27, 2012