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Tuesday, November 3, 2009
Lacula Oil Company Ltd., a wholly owned subsidiary of ROC, announced that it has entered into an agreement to farm-out another chunk of its holdings in the Cabinda Onshore South Block in Angola.
In a statement the company said it 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 Corp. 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 program 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 with 45%, Force Petroleum 20%, Sonangol P&P 20%, Lacula (ROC) 10%, and Cupet 5%.
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