Cliffhead JV to Move Forward with Drilling Program

At a Joint Venture meeting held in Perth, the Cliff Head Joint Venture agreed, subject to rig availability, to bring forward some of the elements of the development drilling program that had previously been planned for late 2005.

Specifically, the Joint Venture agreed to drill Cliff Head-5 at a location in the southeastern part of the field as a vertical "pathfinder" appraisal well that will assist in the planning of a horizontal development well that is scheduled to be drilled into that part of the field from the unmanned production platform. This well is designed to move reserve from the probable to the proven category but because it is a pilot well it will not be completed for production regardless of results. The second well, Cliff Head-6, will be drilled as a development well in the main horst and is expected to be suspended as a future oil producer and completed for production in late 2005. It is anticipated that both wells will be drilled during January 2005. The rescheduling of part of the Cliff Head development drilling program is being considered because the WA-325-P Joint Venture is scheduled to bring a jack-up rig into the offshore Perth Basin in late 2004 thereby affording the Cliff Head Joint Venture a possible opportunity to accelerate part of its development drilling program.

Bringing these wells forward will not impact on anticipated first oil production, which is still scheduled as a stretch target for end 2005. However, as a result of the rescheduled drilling, it is now expected that Final Investment Decision ("FID") will formally be taken at end January 2005 as opposed to end December 2004.

Commenting on the rescheduled drilling, Dr John Doran ROC's Chief Executive Officer stated that:

"It's not often in this business that a Joint Venture can advise the market of its intention to bring some elements of its development drilling programme forward by the best part of a year, but, in this case, the Joint Venture is opportunistically responding to the possibility that a suitable rig may be available."

Participants in WA-286-P and the Cliff Head oil project are:

Roc Oil (WA) Pty Ltd (Operator) 37.5%
AWE Oil (Western Australia) Pty Ltd 27.5%
Wandoo Petroleum Pty Ltd 24.0%
Voyager Energy NL 6.0%
CIECO Exploration & Production Pty Ltd 5.0%