DIALOG above $2.60 by 31-Dec-2012

  • target price: $2.60 ( 9.24 % in 107 days)
  • price when predicted: $2.38
  • current price: $2.26
  • 2119 days pass target date.
Award of LNG storage to Dialog,Vopak & Johor State consrotium.

Update on Dialog's JV with ROC Oil in developing marginal oil field: Drilling commenced this month with very good prospects.

Possible award of brown-field to Dialog with Halliburton as JV partner this month.

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ROC advises that the Balai Cluster Risk Service Contract ("RSC") in Malaysia, has drilled the Bentara-2 well to a total depth of 2755 metres TVDss (TD) and has encountered hydrocarbons. Initial assessment based on preliminary logging results indicates an estimated net hydrocarbon pay in excess of 100 metres across a total interval of 650 metres. The logs indicate the presence of multiple hydrocarbon bearing reservoirs. The well confirms the downdip extension of the hydrocarbon columns observed in the Bentara structure. Following conclusion of the logging programme, the well will be cased and completed in preparation for well testing.

Rolf Stork, the Chief Operating Officer for ROC, and also Chief Executive Officer for BCP, said:
"This is a very pleasing start to the drilling programme and represents another positive milestone for both ROC and BCP operations in the region."
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