Roc Oil Anticipates First Oil in Q4 2008 Offshore China

Roc Oil has issued an exploration and development report for the quarter ended June 30, 2008.


Zhao Dong C & D Oil Fields, (ROC: 24.5% & Operator) and C4 Oil Field (ROC: 11.575% unitized & Operator) Bohai Bay, Offshore China

During the Quarter, upgrade and expansion work on the offshore drilling and production facilities continued with completion of the piling installation for both the ODB and OPB platform facilities in anticipation of installation in 3Q 2008 and commissioning in 4Q 2008 of the ODB topsides. The OPB platform facilities are expected to be installed and commissioned in 1H 2009.

Work in relation to construction and installation of facilities for the development of the C4 and ERA of C & D Oil Fields continued, with successful installation and commissioning of the conductor pod. Fabrication of the topsides for the pipeline terminal platform was completed in preparation for installation in 3Q 2008.

The straight run production fluids pipeline (linking the C4 production platform to the Zhao Dong processing facilities) was completed and operations to lay the straight run water injector pipeline commenced. Drilling operations in C4 and the ERA commenced in April 2008 and eight wells have either been partially or completely drilled in anticipation of first oil production in 4Q 2008.

Blane Oil Field, North Sea (ROC: 12.5%)

During the Quarter, the Blane water injection well was drilled to Total Depth of 3,622mBRT and completed. The well was tied into the Ula platform and water injection commenced on May 28, 2008.

Work on the Ula gas compression upgrade project, which will provide a dedicated gas supply for gas lift of Blane's two producing wells, continued during the Quarter.


WA-286-P, Perth Basin, Offshore Western Australia (ROC: 37.5% & Operator)

The Dunsborough-2 appraisal well was drilled to a Total Depth of 1,680 mBRT and was subsequently plugged and abandoned after interpretation of logs, pressure data and fluid samples indicated that the oil shows seen in cores were residual (non-producible). Processing of the Diana 3D seismic data acquired in 1Q 2008 was completed in June.

WA-351-P, Carnarvon Basin, Offshore Western Australia (ROC: 20%)

The Joint Venture approved a 3D seismic program to be carried out in 4Q 2008. The program, of approximately 3,484km2, will cover almost the entire permit and will focus on Triassic gas potential of the permit.

WA-381-P and WA-382-P, Vlaming Basin, Offshore Western Australia (ROC:20% & Operator)Reprocessing of historical 2D seismic data commenced in late June. Results will be used to plan 3D seismic acquisition scheduled for early 2009.

Block 22/12, Beibu Gulf, Offshore China (ROC: 40% & Operator - Subject to Government participation in developments for up to 51%)

Following Chinese Government approval of the reserves of the Wei 6-12 and Wei 6-12 South Oil Fields, pre-development planning work is progressing. The Overall Development Plan for the Wei 12-8W, Wei 6-12 and Wei 6-12 South Oil Fields is scheduled to be submitted to relevant Chinese authorities mid-year and a Final Investment Decision is expected during 2H 2008. If all fields are approved for development, the project has the potential to move currently unbooked discovered resources of approximately 5.2 MMBO net to ROC into booked 2P reserves.

Cabinda South Block, Onshore Angola (ROC: 60% & Operator)

Coco-1, ROC's fifth well in its current seven well program, reached a Total Depth of 2,629mBRT and produced 26 degrees API oil and associated gas to surface during open hole drill stem testing of two separate intervals in the sub-salt sequence. Both tests were impacted by down hole constraints; one related to sand influx during testing and the other to mud losses due to fractures while drilling. The well was suspended as an oil discovery on June 7th and planning for re-entry and testing in late 2008/early 2009 is underway.

Evaluation of the Massambala-1 heavy oil discovery, including planning for the appraisal drilling program scheduled for 2H 2008, continued.

4.6 Offshore Mauritania (ROC: 2 - 5.49%)

The Ibis 402km2 3D seismic survey in Block 1 was completed on May 13, 2008 and processing of the data is underway.

The Banda NW appraisal well was drilled to a Total Depth of 2,703 mBRT on April 15th. Wireline pressure data in the well indicated penetration of a gas column but as uncertainty existed concerning the location of fluid contacts, a sidetrack was drilled. The Banda NW ST-1 sidetrack was drilled to a Total Depth of 2,934 mBRT on April 28, 2008.

The results of wireline logging, including pressure testing and sampling, indicate that Banda NW ST-1 intersected an 85 meter gross gas column with 15 meters (18%) net gas pay and a 15 meter gross oil column with 10 meters net oil pay (67%). The fluid contacts were as expected and the well is interpreted to be in communication with the original Banda-1 discovery well drilled in 2002, approximately 2 kilometers to the east.

Belo Profond Block, Offshore Madagascar (ROC: 75% & Operator)

On June 9, 2008, the Tropicbird aeromagnetic survey commenced with planned acquisition of 43,102km of data. At Quarter end 30,724km (71% of the survey) had been acquired. An Environmental Impact Statement for future seismic acquisition in the Block was progressed.

Blocks H15 & H16 Equatorial Guinea (ROC: 18.75% & Technical Manager)

The arbitration between Pioneer Natural Resources (Equatorial Guinea) Limited and the other joint venturers, including ROC, continued.