Roc Oil Awarded Operatorship of UK Onshore License

Roc Oil's UK subsidiary, Roc Oil (UK) Limited, has been awarded a 100% interest in, and operatorship of, a new onshore exploration license, PEDL127, in the 11th United Kingdom Landward Licensing Round, results of which were recently announced by the Secretary of State for Trade and Industry.

The license work program, to be completed within an initial 3-year period, comprises the purchase of existing seismic and gravity data and the acquisition of at least 20 km of new 2D seismic data, with a total estimated cost of approximately 220,000 / A$550,000.

The license covers approximately 828 square kilometers of the northeastern part of East Anglia, north of the city of Norwich, adjacent to the North Sea coastline. Regional structural dip is down from the license area towards the 4 TCF Hewett Gas Field, located some 25 kilometers offshore to the northeast. Relatively shallow gas, structurally or stratigraphically trapped updip from the Hewitt Field, is the exploration concept upon which Roc's application for the new licence was based.

Commenting on the matter, Roc's Chief Executive Officer, Dr John Doran, stated that:"The successful application for this long-shot, low cost and somewhat novel exploration opportunity with big upside potential, is the direct result of some innovative exploration thinking by Roc's UK staff. The application is consistent with the "Organic Growth" component of Roc's dual strategy whereby the Company is consolidating its interests in existing licenses and generally confining new exploration ventures to countries where the Company already has a presence. The Company expects to reduce its equity in this permit at an appropriate time in the future, consistent with its view that its optimum level of interest in any new exploration venture which it operates is in the 30-60% range."

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