Roc Oil Preparing to Spud Well in Beibu Gulf

The COSL 931 jackup rig is scheduled to head to Block 22/12 this week. The spud date for the 6-12 South exploration well will be around April 23, 2006.

The proposed well will test the 6-12 South Prospect (21 million barrels mean recoverable reserve potential) which is part of a cluster of prospects currently estimated to have an aggregate unrisked mean recoverable reserve potential in the order of 60 to 70 million barrels. The prospect is supported by 3D seismic and amplitude and AVO anomalies.

In the event of a commercial development within Block 22/12, the interests held by the current joint venturers may reduce on a pro-rata basis by up to 51% assuming that the CNOOC exercises its right to participate up to a 51% equity level in the development.

Block 22/12 is situated approximately 60 km off the coast of China, northwest of Hainan Island, and covers an area of 456 sq km (less relinquished area). Water depths are shallow ranging from, approximately, 10 meters to 40 meters. Within the Block there are several undeveloped oil accumulations. The Block is supported by good infrastructure and lies adjacent to the 12/1-1 Oil Field. A pipeline to the Weizhou Island Oil Terminal, 10 km to the north, passes within 5 km. Block 22/12 is covered by 421 sq km 3D seismic acquired during 2002.

Participants are Roc Oil as operator with 40%; Horizon Oil Limited with 30%; Petsec Petroleum Inc with 25%; and Oil Australia Pty Ltd (subsidiary of First Australian Resources Limited ) with 5%.

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