Roc Oil Increases Reserve Estimates at Cliff Head Oil Field

Roc Oil has completed a number of detailed engineering and subsurface studies for the Cliff Head oil field offshore Australia in the northern Perth Basin. The company now estimates that the field holds an estimated 110 million barrels; up between 10% and 37% from the previously reported range of 80 to 100 MMBO in-place.

If the multi-well drilling program, which is scheduled to start in three month's time, confirms the new in-place estimate and the oil recovery factor proves to be within the anticipated 25% to 35% range, the Cliff Head Oil Field is expected to move towards commercial development with first oil being produced in late 2004 or early 2005.