SUMMARY

· Courbine-1A ST1, deep water offshore Mauritania, heads towards Total Depth.

· Development drilling and preparations for Extended Well Testing ("EWT") continue on schedule at the Kyle and Chestnut oil fields
  respectively in the UK North Sea.

· Third of three 2D seismic surveys completed onshore UK.

1. EXPLORATION DRILLING

1.1 Courbine-1A ST1: Area B, Offshore Mauritania (ROC: 2.4% free carried)

On 25 July 2001, Courbine-1A ST1 was at 4,147 metres. Minor repairs to drilling equipment have been completed and the well is running in hole preparing to drill ahead in 8½ inch hole to a total depth of 4,380 metres. All reported depths are referenced to the rig rotary table.

2. DEVELOPMENT DRILLING

2.1 Kyle Oil Field, UK North Sea (ROC: 12.5%)

As of 25 July 2001 (UK time), the third development well for the Kyle Oil Field, 29/2c-14a was drilling in 12¼ inch hole at a depth of 2,302 metres MD.

3. DEVELOPMENT TESTING

3.1 EWT Chestnut Oil Field, UK North Sea (ROC: 14.875% carried)

The hook up of the Crystal Ocean FPSO to the recently drilled 22/2a-11x well for the planned EWT is underway. First oil is expected prior to end-July, 2001. The UK Department of Trade and Industry has approved total EWT production of 1.25 million barrels. The Operator of the Chestnut Field, Amerada Hess Ltd, will recover preferentially from the EWT the cost of drilling the 22/2a-11x well and of the EWT.

4. SEISMIC SURVEYS

4.1 Onshore UK (ROC: 100%)

Three small 2D seismic surveys have been carried out during the period March - July, 2001. Total line coverage was almost 100 km.

Dr John Doran
Chief Executive Officer
E-mail: jdoran@rocoil.com.au

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SUMMARY

· COURBINE-1A ST1, DEEP WATER OFFSHORE MAURITANIA, IS STILL POISED ABOVE THE RESERVOIR TARGET

· DEVELOPMENT DRILLING AND EXTENDED WELL TESTING ACTIVITIES ARE PROCEEDING ACCORDING TO SCHEDULE
· AT THE NORTH SEA OIL FIELDS, KYLE AND CHESTNUT

EXPLORATION DRILLING

1.1 Courbine-1A ST1: Area B, Offshore Mauritania (ROC: 2.4% free carried)

On 17 July 2001, Courbine-1A ST1 was at 3727 metres cementing 9 5/8 inch casing prior to drilling ahead to the main reservoir target. The well is located in 1,231 metres water depth and all reported depths are referenced to the rig rotary table.

2. DEVELOPMENT DRILLING

2.1 Kyle Oil Field, UK North Sea (ROC: 12.5%)

As of 17 July 2001 (UK time), the third development well for the Kyle Oil Field, 29/2c-14a had set 20 inch casing at 249 metres MD and was drilling out of the casing shoe in 17½ inch hole.

3. DEVELOPMENT TESTING

3.1 Extended Well Test ("EWT") on Chestnut Oil Field, UK North Sea (ROC: 14.875% carried)

The Crystal Ocean FPSO is currently on location, hooking up to the recently drilled 22/2a-11x well for the planned EWT. First oil is expected later in the month. The UK Department of Trade and Industry has approved total EWT production of 1.25 million barrels. The Operator of the Chestnut Oil Field, Amerada Hess Ltd, will recover preferentially from the EWT the cost of drilling the 22/2a-11x well and of the EWT.

Dr John Doran
Chief Executive Officer
E-mail: jdoran@rocoil.com.au

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SUMMARY

· COURBINE-1, DEEP WATER WILDCAT, OFFSHORE MAURITANIA, POISED ABOVE THE MAIN OBJECTIVE
· CHESTNUT FIELD EXTENDED WELL TEST ("EWT") TO COMMENCE BEFORE END JULY 2001
· KYLE DEVELOPMENT WELL RE-SPUDDED
· MAJOR NORTH SEA OIL DISCOVERY 22 KM FROM ETTRICK FIELD INCREASES LIKELIHOOD OF EVENTUAL ETTRICK FIELD DEVELOPMENT
· A$9.8 MILLION MAY 2001 SALES REVENUE SETS NEW RECORD

1. EXPLORATION DRILLING

1.1 Courbine-1A: Area B, Offshore Mauritania (ROC: 2.4% free carried)

On 10 July 2001, the Operator, Woodside Petroleum Ltd, reported that the Courbine-1A well is at a depth of 3,727 metres and is currently running wireline logs in 12¼ inch hole, prior to running 9 5/8 inch casing and drilling ahead to the main reservoir objective.

2. APPRAISAL DRILLING

2.1 Chestnut Oil Field, UK North Sea (ROC: 14.875% carried)

After successfully testing the 22/2a-11x well at rates in excess of 10,000 BOPD, preparations are being concluded for the Chestnut EWT. By end July 2001 the Crystal Ocean FPSO is due to hook up to the 22/2a-11x well by means of a flexible riser, already installed in the field, and production is expected to start immediately thereafter. The UK Department of Trade and Industry has sanctioned a total produced volume of 1.25 million barrels from the EWT. The Operator of the Chestnut Oil Field, Amerada Hess Ltd, is entitled to recover preferentially from the EWT the cost of drilling the 22/2a?11x well and the associated EWT costs.

3. DEVELOPMENT DRILLING

3.1 Kyle Oil Field, UK North Sea (ROC: 12.5%)

As at midnight on 9 July 2001 (UK time), the third development well for the Kyle Oil Field, 29/2c-14a had set 30 inch casing at 164 metres MD after encountering problems with well head alignment with the original well, 29/2c?14, which caused it to be respudded.

4. NORTH SEA DEVELOPMENT INFRASTRUCTURE

4.1 Ettrick Field Area, UK North Sea Blocks 20/2a and 20/3a (ROC: 14.281% and 6.38899% Respectively)

Recent exploration success has been reported in acreage adjacent to ROC's Ettrick Field in the UK North Sea where the Company recently increased its equity in Block 20/3a by 2.2% through a pre-emptive rights mechanism. PanCanadian Petroleum Ltd (PanCanadian), the Operator and 45.01% owner of the UK North Sea license P.968, announced last week that the side track of its Buzzard discovery well had extended the known oil column to at least 230 metres and had established recoverable reserves of 200-300 million barrels. The Buzzard discovery, 22 kilometres southwest of the Ettrick Field, appears certain to result in additional infrastructure development close to the Ettrick Field. This will have obvious benefits for the Ettrick Joint Venture and will promote discussions on development strategy for the field. PanCanadian also has equity in the Ettrick Field area blocks and is Operator of Block 20/3a. The new discovery also highlights the remaining exploration potential in ROC's nearby acreage.

Recently, Petrobras UK Limited, Operator of Block 20/2a which contains the major part of the Ettrick Field, was sold to Enterprise Oil PLC. This clarification of the operatorship position, together with the Buzzard discovery, is expected to stimulate activity in the region which is one ROC's potential North Sea growth areas.

5. RECORD MAY 2001 REVENUE

As a result of receipt of the first full month of gas and oil production from the Kyle Field and the sale of Mongolian oil produced during the Mongolian winter, ROC's unaudited sales revenue for May 2001 established a new monthly record for the Company of A$9.8 million. Although most of the revenue boost came from the Kyle Field, sales revenue from gas and condensate produced from the Saltfleetby Gas Field still constituted almost 60% of the total revenue. June 2001 revenue is expected to be down on the preceding month mainly because the gas prices in the UK are lower during the summer months.

Dr John Doran
Chief Executive Officer
E-mail: jdoran@rocoil.com.au

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SUMMARY

· 9 METRE GAS COLUMN IN SHALLOW SECONDARY OBJECTIVE AT COURBINE-1, DEEP WATER, OFFSHORE MAURITANIA

1. EXPLORATION DRILLING

1.1 Courbine-1A: Area B, Offshore Mauritania (ROC: 2.4% free carried)

As indicated by both the operator, Woodside Petroleum Limited (35%), and co-venturer, Hardman Resources NL (21.6%, free carried), in their releases earlier today, the Courbine-1 exploration wildcat well has encountered a 9 metre gas column at the base of which there is a gas-water contact. The gas was identified in a shallow secondary objective for the well, which will now be drilled to the primary objective, where Cretaceous channel sandstones are expected to occur between 3,700 metres and 4,000 metres total predicted depth. The current operation of the rig is preparing to drill ahead in 12¼ inch hole.

Dr John Doran
Chief Executive Officer
E-mail: jdoran@rocoil.com.au

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