Roc Oil to Begin Phase 3 on Block 22/12 Offshore China

Roc Oil reports that the Joint Venture intends to continue into the third phase of the exploration period of the Petroleum Contract for block 22/12 located in the Beibu Gulf offshore China.

The third phase, which will commence on October 1, 2004 is a one year exploration period exercisable at the option of the Joint Venture and carries a one well obligation. During this third phase, the Joint Venture will concentrate on the commercialization of the Wei 12-8 field as well as ongoing exploration evaluation.

The Block 22/12 Joint Venture participants are Roc Oil as operator with 40%; Horizon Oil with 30% Petsec Energy with 25% and Oil Australia Pty Ltd with the remaining 5%.