The development of the Wei-12-8-West offshore oil field, in Block 22/12 in the Beibu Gulf, continues to be the subject of close collaboration between Roc Oil and the regional subsidiary of the China National Offshore Oil Company ("CNOOC"). In this regard, Roc Oil is acting as Operator of the Block 22/12 Joint Venture which also includes PetSec Energy Limited, Horizon Oil Limited and Oil Australia Pty Limited, a subsidiary of First Austral ian Resources. In this context, Roc Oil is finalizing an Overall Development Plan which will be submitted to the relevant government authorities by end July 2005 and which will then be subject to further detailed discussion prior to a final development decision being made prior to end October 2005. Planning is also continuing with regard to the drilling of at least one exploration well in Block 22/12 before end-2005, subject to a suitable rig being available.
With regard to potential new ventures in China, Roc Oil is continuing to evaluate opportunities both offshore and also onshore. The onshore opportunity is at Fushun, in Liaoning Province in northeastern China. Roc Oil has been in discussions with relevant parties about opportunities centerd on Fushun for more than four years. The Fushun Mining Group ("FMG") is the key player in a profitable and well established sub-sector of the Chinese energy industry based at Fushun which produces oil from shale rock. During the current visit to Australia by the Governor of Liaoning Province, which has a population of almost 50 million people, the Lord Mayor of Fushun and senior FMG executives, Roc Oil signed a Letter of Intent with FMG which is designed to progress further ROC's potential involvement with the oil business in this part of China.
Commenting on the progress of projects in China, Roc Oil's Chief Executive Officer, Dr John Doran, stated that:
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