Roc Oil Exercises Option for Stake in Permit WA-226-P

Norwest Energy NL has been advised that Roc Oil intends to exercise its option over the Norwest Energy's 7.5% working interest in WA-226-P that is located in the northern most part of the offshore Perth Basin in the vicinity of Kalbarri.

By ROC electing to exercise its option, it will be required to pay NWE a cash payment of A$200,000 on the completion of the relevant transfer documentation.

In the event that a discovery is declared commercial within the WA-226 permit, ROC will be required to make a final payment to NWE of A$375,000.The Option Agreement with ROC is related to ROC funding NWE's A$525,000 share of the mid-2003 522 square kilometers Macallan 3-D seismic survey. The Joint Venture is planning to drill the Fiddich-1 exploration well in the permit during June of this year.

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