Roc Oil Pulls Out of Senegal Offshore License

Roc Oil and its co-venturer Woodside have decided that to let their production sharing contract for the Casamance Blocks I, II and III offshore Senegal lapse in good standing when its current term expires on December 31, 2002. The decision was made after reprocessing 3,000 km of 2D seismic data and carrying out a 1,500 km 2D seismic survey over the past three years.

Commenting on ROC's exit from Senegal, the Company's Chief Executive Officer, Dr John Doran, stated that: "ROC has been associated with exploration in Senegal for more than four years and throughout that time it has enjoyed excellent relationships with the relevant Government authorities in that country. Therefore, the decision to allow ROC's Casamance blocks to lapse in good standing was not taken lightly but rather reflects the Company's need to concentrate on other areas where it has experienced recent exploration success, Mauritania, Australia and China, and in the UK which continues to be a core area for ROC. As a result of ROC exiting Senegal, the Company anticipates writing off exploration expenditure to the value of approximately A$2.5 million at end 2002".