Roc Oil Appoints Senior Management for Angolan Operations

Mr. Antonio Vieira has been appointed President of Roc Oil (Cabinda) Company. This is the wholly owned subsidiary through which ROC currently owns the majority of its interest in the Cabinda South Block, onshore Angola. Mr. Vieira, an engineer by training with qualifications from Luanda, Lisbon and Texas A & M University, has been with ROC for five years, mainly as the Company's Representative in Africa. Sydney-based Mr. Vieira speaks several languages including Portuguese and will spend a significant amount of time in Luanda and Cabinda.

Dr. Ken Seymour has been appointed General Manager-Angola. With more than 25 years experience in the international oil industry, Dr Seymour started his career with BP and subsequently spent 19 years with the former Ranger Oil Limited, now CNR International, primarily in Angola. Since he first started working in Angola in 1995, Dr Seymour has held a variety of senior executive positions in that country including Drilling/Country Manager, Operations Manager and General Manager. Dr. Seymour is fluent in Portuguese and will be based in Luanda.

As operator of the Cabinda South Joint Venture, ROC is currently in final discussions with regard to a contract to acquire 165sqkm of 3-D and 500km of 2-D seismic, onshore Cabinda. The imminent seismic survey will be the first phase of a two phase seismic programme the second part of which will be undertaken in 2006. This forward exploration plan is consistent with the Company's previously announced activity schedule which envisages first drilling in late 2006 or 2007.

The seismic survey, which will be the first on-the-ground oil exploration activity to occur onshore Angola for more than 30 years, will be a landmark event for ROC. The survey is designed to detail numerous prospects and leads which have been identified from the pre-1972 seismic which shows a multiplicity of structuring. All existing wells in the Cabinda South Block were drilled prior to 1972 and were primarily located on a combination of poor quality, single fold seismic data, surface geology and gravity anomalies. Despite this sparse exploration framework, a number of the wells drilled in the Cabinda South Block encountered significant oil and gas shows and, in some cases, flowed and/or recovered oil and gas to surface.

ROC continues to progress its previously announced strategy of farming out a minority portion of its equity in the Cabinda South Block.


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