Anadarko Hits Gas Pay Offshore Mozambique

- Anadarko Hits Gas Pay Offshore Mozambique

Monday, August 22, 2011
Anadarko Petroleum Corp.

Anadarko announced that its Barquentine-2 appraisal well, located in Mozambique's Offshore Area 1 of the Rovuma Basin, encountered more than 230 net feet (70 meters) of natural gas pay in high-quality Oligocene-age reservoirs. Barquentine-2 was the first appraisal well in the Windjammer, Barquentine and Lagosta complex, which is estimated to hold a minimum of 6 trillion cubic feet (Tcf) of recoverable natural gas resources.

"Our first appraisal of the Barquentine discovery matched our expectations, confirming our seismic modeling and providing confidence in our geologic interpretation of this world-class accumulation," Anadarko Sr. Vice President, Worldwide Exploration Bob Daniels said. "We've also taken a major step toward the development of these substantial resources by awarding contracts for pre-FEED (front-end engineering and design) work for a prospective LNG (liquefied natural gas) plant. We have significant ongoing exploration and appraisal programs in the Rovuma Basin and look forward to advancing this important project that can provide long-term benefits for the people of Mozambique."

The Barquentine-2 appraisal well was drilled to a total depth of approximately 13,500 feet (4,100 meters) in approximately 5,400 feet (1,650 meters) of water using drillship Belford Dolphin. The results of the Barquentine-2 appraisal well, which is located approximately 2 miles (3 km) east-southeast of the Barquentine-1 discovery well, also indicated that the Oligocene reservoirs are in static pressure communication between the wells. The drillship is now being mobilized to the south to drill the Camarão exploration well, which also will serve as an appraisal to the Windjammer discovery.

As mentioned, a subsidiary of Anadarko and co-owners in the Offshore Area 1 awarded contracts to KBR and Technip to perform pre-FEED studies for an LNG plant in Mozambique. The pre-FEED studies are designed to help the partnership further assess the viability of developing an LNG facility to produce and process natural gas from the region.

Anadarko is the operator of the 2.6-million-acre Offshore Area 1 with a 36.5-percent working interest. Co-owners in the area include Mitsui E&P Mozambique Area 1, Limited (20 percent), BPRL Ventures Mozambique B.V. (10 percent), Videocon Mozambique Rovuma 1 Limited (10 percent) and Cove Energy Mozambique Rovuma Offshore, Ltd. (8.5 percent). Empresa Nacional de Hidrocarbonetos, E.P.'s 15-percent interest is carried through the exploration phase.

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ROC to Sell Stake in Mozambique Block

- ROC to Sell Stake in Mozambique Block

Friday, July 08, 2011
Roc Oil Co. Ltd.

ROC has agreed to sell its 75% interest in the Juan de Nova Maritime Profond Block, located in the French Exclusive Economic zone off the coast of Juan de Nova Island (Mozambique Channel), to South Atlantic Petroleum JDN SAS, a wholly owned subsidiary of South Atlantic Petroleum Limited (SAPETRO), for between US $8.0 million and US $8.5 million (depending on date of completion) subject to working capital adjustments. The effective date of the sale is July 1, 2011.

The agreement is subject to normal industry terms and conditions, including the receipt of relevant joint venture waivers or approvals and all necessary government approvals. Due to the approval process completion of the sale may not take place in 2011.

Roc Oil (Madagascar) Pty Limited, a wholly owned subsidiary of ROC, has withdrawn from its 75% interest in the Belo Profond Block, offshore Madagascar (Mozambique Channel) effective June 23, 2011. Marex MC Inc., ROC's current joint venture partner, has elected to take assignment of ROC's entire interest in Belo Profond.

ROC does not carry any value for the Mozambique Channel exploration blocks on the balance sheet.

Commenting on the sale, ROC's Chief Executive Officer, Alan Linn, stated, "The divestment of ROC's interest in the Juan de Nova Maritime Profond Block and its withdrawal from the Belo Profond Block follows the sale of its onshore Angola acreage announced in May. ROC's strategy is to generate future growth through exploration, appraisal and pre-development opportunities located in the focus region of China, South East Asia and Australasia. The deepwater and frontier exploration characteristics of the Mozambique Channel blocks are not consistent with this strategy. ROC's exit from the Mozambique Channel will allow the redeployment of capital and resources to pursue opportunities more consistent with the Company's strategy. ROC will continue to pursue the divestment of its remaining African assets, which are located offshore Equatorial Guinea and offshore Mauritania."

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