Roc Oil Set To Commence Cliff Head Drilling Program

The Ensco 53 jackup is en route from Singapore to the Perth Basin to commence Roc Oil's 2003 drilling program in permit WA-286-P and TP/15. The rig is expected to arrive at the Cliff Head-3 drilling location during the first week of January 2003. It will drill at least three and possibly as many as eight, wells in WA-286-P and TP/15 during early 2003.

One of the more important prospects scheduled to be tested during this drilling program, Twin Lions, straddles the boundary between WA-286-P and TP/15. If Twin Lions-1, which is scheduled to be drilled from a location within TP/15, is a significant discovery, the potential would exist for a coordinated multi-field development to be undertaken in this part of the northern Perth Basin. The current view of the WA-286-P Joint Venture is that Cliff Head, which is entirely within WA-286-P, could be developed on a stand-alone basis, without reference to results from Twin Lions-1, subject to positive results from the January-February 2003 drilling program, so that success at Twin Lions would simply add to the overall potential of the area. Subject to the results of the imminent drilling program and several external factors, including statutory and environmental compliances, first oil could be produced from Cliff Head in late 2004 or during 2005.