Roc Oil Receives Approval for Beibu Gulf Drilling Program

The 2003 appraisal and exploration drilling program for Block 22/12 in the Beibu Gulf offshore China has been approved. The program consists of two firm and two contingent wells. The firm wells consists of one appraisal well of the 12-8 discovery and one exploration well to be drilled on the 12-7 prospect. Subject to tendering for, and signing a drilling contract for this drilling program, it is expected to be carried out during the last quarter of 2003. With the 2003 drilling program containing a firm appraisal well and a firm exploration well, ROC considers the discoveries in the Block to be at a very early appraisal stage. While preliminary concept development work is in progress, a development decision on the discoveries in the Block will be dependent on the outcome of the 2003 drilling program and is not likely to be made until 2004.

The participants in the Joint Venture for the Block, and their respective interests are: Roc Oil as operator with 405; Horizon Oil with 30%; Petsec Energy with 25% and First Australian Resources with 5%.