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 28 April 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%.
