Roc Oil Spuds Twin Lions Well

The ENSCO-53 jackup has arrived at the Twin Lions-1 exploration well location in TP/15, in the northern part of the offshore Perth Basin and commenced drilling on February 1, 2003. During the next week the well is expected to penetrate the potential reservoir, reach Total Depth and run a preliminary suite of logs.

Twin Lions-1 is the second well of at least three and, possibly, as many as nine (including planned significant sidetracks) exploration and appraisal wells to be drilled during 1Q03 in TP/15 and the adjacent WA-286-P. The wells will be drilled on a back-to-back basis within, and on trend from, the Cliff Head Oil Field, which is located in WA-286-P.

The Twin Lions-1 surface location is approximately 8 kilometers north of the Cliff Head-3 surface location in the adjacent WA-286-P permit. Twin Lions-1 will be drilled, as a vertical hole, to a total depth of 1,540 meters subsea to test the Twin Lions Prospect which straddles the boundary between WA-286-P and TP/15. Currently, the Twin Lions Prospect is considered to be the largest prospect in the vicinity of the Cliff Head Oil Field. Subject to the drilling results, the well may be sidetracked into that part of the structure which lies within the adjacent part of WA-286-P.

The TP/15 Joint Venture comprises: Roc Oil as operator with 20%: Hardman Oil with 20%; AWE Oil with 25%; Westranch Holdings with 10%; Arc Energy with 5%; Voyager Energy with 5%; and Bounty Oil with 5%.