Roc Oil Says Old Hills-1 Well Non-Commercial

Roc Oil says that the Old Hills-1 exploration well, located in PEDL003 approximately 30 km southeast of Nottingham in the English Midlands, was drilled to a total depth of 1,315 meters and wireline logging has been completed. No further significant hydrocarbon shows were encountered below those in the Chatsworth Grit horizon.

Electric logs run at total depth showed no hydrocarbon intervals capable of sustained commercial production. Part of the 5 meters of oil shows in the Chatsworth Grit is interpreted as being potentially producible but the associated reserve did not meet ROC's commercial thresholds.

The well will be plugged and abandoned as a sub-commercial oil discovery.

Roc Oil is the operator and holds a 100% stake in the well.

Following completion of operations at Old Hills-1, the ROC Explorer rig will be stacked pending further exploration and development drilling later in the year, subsequent to the receipt of planning consents currently expected to be received in 2Q04.