Roc Taps Sedco Energy for Work Offshore Equatorial Guinea

ROC, as Technical Manager for and on behalf of the Block H Joint Venture, has contracted Transocean's semisub, Sedco Energy, to drill the Bravo-1 exploration well in the deepwater Rio Muni Basin, offshore Equatorial Guinea.

The well, which is expected to start drilling in June/July 2004 in approximately 1,500 meters of water, is about 180 km southeast of Malabo, the capital of Equatorial Guinea and approximately 65 km north of the Amerada Hess-operated oil fields in Block G.

Bravo-1 will target Tertiary channel sands with a mean recoverable reserve estimate of 116 MMBO. Currently, ROC is scheduled to pay 70% of the cost of Bravo–1 as the final stage of its farmin to Block H and 35% of ongoing costs thereafter. As part of normal industry risk mitigation procedures, ROC may consider farming out part of its interest in Equatorial Guinea, subject to relevant commercial considerations, as mentioned in the recently released Prospectus for ROC's renounceable rights issue.

Atlas Petroleum is the operator of Block H, Roc Oil is the technical manager and holds a 35% stake; Sasol Petroleum is also a stakeholder.