Roc Oil Consolidates Position in Perth Basin

Following the Cliff Head oil discovery at the end of last year, ROC has consolidated its position in the northern part of the offshore Perth Basin. As a result, ROC now has between 20% and 55% equity in and operatorship of, four contiguous permits covering a total area of 7 million acres/28,000 sq km which stretches for approximately 350 km along the Western Australian coastline from Cerrantes to north of Kalbarri. According to industry reports, Apache Energy Limited is scheduled to start drilling the Morangie-1 exploration well in WA-226-P in the northern part of the offshore Perth Basin in October 2002. This well will be relevant to ROC because it is located in a permit which is adjacent to ROC’s recently acquired WA-327-P.

Although ROC effectively acquired its interests in WA-325-P and WA-327-P in July 2002, ROC and its co-venturers, Voyager Energy Limited and Bounty Oil and Gas NL, are already seeking to fast track their work program via a 2,500 km 2D seismic survey which is scheduled for October-November 2002, subject to receipt of necessary government and other statutory approvals.

In a separate offshore Perth Basin development, ROC's wholly owned subsidiary, Roc Oil (WA) Pty Limited, operator for and on behalf of both the WA-286-P and TP/15 Joint Ventures, has recently executed an Offshore Drilling Service Contract with Ensco Australia Pty Limited with regard to the jack-up rig, Ensco 53. This rig is scheduled to drill at least three, and perhaps as many as eight, wells for ROC and its co-venturers in and around the Cliff Head Oil Field starting early January 2003.