11/03/09 - RIGZONE (Houston) - Lacula Farms-Out Interest to Cupet Onshore
Angola
Lacula Oil Company Limited, a wholly owned subsidiary of ROC, has agreed to
farm-out a 5% interest (6.25% paying interest) in the Cabinda Onshore South
Block, Angola to Cuba Petroleo ("Cupet"), Cuba's national oil company. The
assignment is on similar terms to the farm-out by Roc Oil (Cabinda) Company
to Pluspetrol Angola Corporation announced on April 28, 2009.
ROC will retain a 10% interest (12.5% paying interest) in the block and will
be free-carried by Pluspetrol and Cupet through the full 2009 work programme
and budget, including the testing of the Coco-1 discovery and the drilling
of the Castanha-1 exploration well.
Subject to execution of documentation and receipt of relevant approvals,
Cabinda Onshore South Block joint venture participant interests will be:
* Pluspetrol Angola Corporation (Operator); 45%
* Force Petroleum de Angola, S.A.; 20%
* Sonangol P&P; 20%
* Lacula Oil Company Limited (ROC); 10%
* Cuba Petroleo; 5%
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