· Drilling continues at the Mogoi-1 exploration well, East Gobi Basin, Mongolia

1. EXPLORATION

1.1 Drilling

1.1.1 East Gobi Basin, Mongolia (ROC: 50%, carried)

At 9:00 am on 27 June 2002, the Mogoi-1 exploration well had reached a depth of 2,704 metres in 8½ inch hole and was being reamed in preparation for drilling ahead. Since the previous report to the ASX regarding drilling operations, the well experienced hole conditioning problems which had to be resolved. The programmed depth of the well is 2,980 metres. ROC is being carried through the costs of the well by the Chinese company which is farming-in and managing well operations.

Robert Gerrard
General Counsel & Company Secretary
E-mail: rgerrard@rocoil.com.au

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KEY POINTS

· The Commonwealth-Western Australian Joint Authority has offered an exploration area in the offshore Perth Basin to a ROC-led consortium in which ROC has a 55% interest and is the designated Operator

· In a similar context, a subsidiary of Voyager Energy Limited ("Voyager") has been offered a separate, but contiguous, exploration area in relation to which ROC has an option to acquire a 55% interest and Operatorship for nil consideration

ROC is pleased to advise that it has received a formal offer from the Commonwealth-Western Australian Joint Authority to grant an offshore Perth Basin exploration permit, referred to as W01-24, to a ROC-led Joint Venture. The relevant details are:

· Apart from ROC (55% & Operator), the Joint Venture is composed of Voyager (22.5%) and Bounty Oil and Gas NL (22.5%).

· The mandatory Work Programme for the first three years includes the reprocessing of seismic data, the acquisition of new 2D and 3D seismic and the drilling of two exploration wells.


The offer by the Commonwealth-Western Australian Joint Authority of the contiguous exploration permit, referred to as W01-22, to a subsidiary of Voyager is relevant to ROC and its shareholders because ROC has a prior agreement with Voyager whereby it is entitled to exercise an option to acquire a 55% interest in the area and Operatorship for nil consideration. ROC is currently considering whether or not to exercise this option. The main component of the mandatory W01-22 Work Programme for the first three years is the acquisition of a 2D seismic survey.

Collectively, the two contiguous areas cover approximately 12,500 sq km/3 million acres of the northern offshore Perth Basin (Attachment 1). Immediately to the south of W01-24 is WA-286P which contains the Cliff Head Oil Field, which was discovered by a ROC-operated Joint Venture at the end of 2001. An active multiwell drilling programme is scheduled for the Cliff Head area in early 2003.

If, as expected, ROC formally accepts the W01-24 offer and exercises its option over W01-22, the Company will have interests ranging between 20 and 55% in approximately 7 million contiguous acres in the northern part of the offshore Perth Basin.

Robert Gerrard
General Counsel & Company Secretary
E-mail: rgerrard@rocoil.com.au

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· Drilling continues at the Mogoi-1 exploration well, East Gobi Basin, Mongolia

· Saltfleetby resumes normal production following completion of scheduled work at Theddlethorpe Gas Terminal

1. EXPLORATION

1.1 Drilling

1.1.1 East Gobi Basin, Mongolia (ROC: 50%, carried)

At 9.00 am on 19 June 2002, the Mogoi-1 exploration well was drilling ahead in 8½ inch hole and had reached a depth of 2,698 metres. The programmed depth of the well is 2,980 metres. ROC is being carried through the costs of the well by the Chinese company which is farming-in and managing the well operations.

2. PRODUCTION

2.1 Saltfleetby Gas Field (ROC 100% and Operator)

Production from the Saltfleetby Gas Field was restarted on 19 June following a planned six day shutdown of the field while scheduled maintenance and certification work was completed at the Conoco-operated Theddlethorpe Gas Terminal. Scheduled annual maintenance work was completed at Saltfleetby during that period and since restarting production has returned to 30 mmscf/d.

Robert Gerrard
General Counsel & Company Secretary
E-mail: rgerrard@rocoil.com.au

Return to ROC's ASX Releases main page

To view Adam Jolliffe's Directors Interests Notice, and any Change of Directors Interest Notice, as issued to the ASX, click here

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· Drilling continues at the Mogoi-1 exploration well, East Gobi Basin, Mongolia

· UK Bempton 3D seismic survey completed

· Saltfleetby resumes normal production following restoration of third party compression facilities

1. EXPLORATION

1.1 Drilling

1.1.1 East Gobi Basin, Mongolia (ROC: 50%, carried)

At 9.00 am on 6 June 2002, the Mogoi-1 exploration well was drilling ahead in 8½ inch hole and had reached a depth of 2,418 metres. The programmed depth of the well is 2,980 metres. ROC is being carried through the costs of the well by the Chinese company which is farming-in and managing the well operations.


1.2 Seismic

1.2.1 Onshore UK (ROC: 100% & Operator)

The 50 sq km Bempton 3D seismic survey was completed on 2 June 2002.

2. PRODUCTION

2.1 Saltfleetby Gas Field (ROC 100% and Operator)

After three weeks at a reduced rate of 20 mmscf/d, Saltfleetby gas production was increased back to approximately 30 mmscf/d on 1 June 2002, when third party compression facilities were restored.

Robert Gerrard
General Counsel & Company Secretary
E-mail: rgerrard@rocoil.com.au

Return to ROC's ASX Releases main page

To view Adam Jolliffe's Directors Interests Notice, and any Change of Directors Interest Notice, as issued to the ASX, click here

Return to ROC's ASX Releases main page