Roc Oil Updates Project Status

Cliff Head Oil Field Development Milestone (ROC: 37.5% & Operator)

Another significant Cliff Head Development project milestone has been achieved with the Ensco 67 jackup lifting the 498 ton topside deck onto the jacket.

The Arrowsmith Processing Plant is 92% mechanically complete and commissioning has begun. First oil is expected at end-March 2006.

The new $6.4 million BP Crude Oil Unloading Facility at Kwinana has been completed and officially opened by the Western Australian Minister for Resources, The Honorable John Bowler, MLA. The Facility was purpose-built to handle the increase in oil deliveries when the Cliff Head Oil Field comes on stream. All oil production from the field is being sold to BP at its Kwinana refinery.

Exploration Drilling, Offshore Western Australia

The Jacala-1 exploration well in WA-351-P (ROC: 20.0%), offshore Carnarvon Basin is now scheduled to commence drilling in mid-March 2006, due to prolonged operations at its current location.

On completion of development drilling operations at the Cliff Head Oil Field, the Ensco 67 rig will drill at least two exploration wells, in the offshore Perth Basin: Frankland-1 in WA-286-P (ROC: 37.5%) and Moondah-1 in TP/15 (ROC: 20.0%). Both the WA-286-P and TP/15 Joint Ventures are actively considering drilling wells additional to the planned exploration program.

China Drilling Rig Contract Executed (ROC: 40% and Operator)

ROC has executed a contract with China Oilfield Services Limited ("COSL") securing the COSL 931 jack-up drilling rig which will be used to drill the Wei 6-12 South exploration well in Block 22/12 in the Beibu Gulf. Drilling is expected to commence in April 2006.

North Sea Field Developments

Development drilling at the Blane Oil Field (ROC: 12.5%) is now expected to commence in late April 2006, four weeks later than the most recent previous estimate. For internal planning purposes, ROC is now anticipating first oil from Blane in 1Q 2007. First oil from the Enoch Oil and Gas Field (ROC: 12.0%) is still expected during 4Q 2006.

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