KEY POINT

· The Cliff Head-3 sidetracked core hole (“CH-3-ch1”)1 in WA-286-P, in the offshore part of the northern Perth Basin, has been production tested at a stabilised rate, constrained by surface facilities, of 3,000 barrels of oil per day ("BOPD") via a 28/64 inch choke and a down hole electrical submersible pump ("ESP”).

Roc Oil (WA) Pty Limited, Operator for and on behalf of the WA-286-P Joint Venture, is pleased to advise that, as at 06.00 hours Western Standard Time on 28 January 2003, the CH-3-ch1 appraisal well in WA-286-P, in the offshore part of the northern Perth Basin, was pulling the test string ahead of rig release to the Twin Lions-1 exploration well in the adjacent TP/15 (see below).

Since ROC’s last ASX Release on 20 January 2003, CH-3-ch1 has production tested Permian sandstones over a total 27 metre net drilled interval (from 1,280.5 to 1,288 and from 1,291 to 1,310.5 metres below rotary table; equivalent to 1,213 to 1,220 and 1,223 to 1,242 metres true vertical depth subsea).

The well flowed 33.3° API oil, with a Gas:Oil Ratio ("GOR") of 100 cubic feet per barrel, through an ESP and several different choke sizes, at a variety of stabilised rates up to a maximum of 3,000 BOPD through a 28/64 inch choke. This maximum flow rate was constrained by surface facilities. The test, consisting of a sequence of flow and shut in periods designed to respectively measure flow rates and pressure build-up data, was conducted over a three day period from 25 to 27 January 2003.

As previously indicated and consistent with the pre-drill plan, CH-3-ch1 will be plugged and abandoned, regardless of the very encouraging results of the production test.

Operations at CH-3-ch1 are expected to be completed during the week when, subject to weather constraints, the ENSCO 53 jack-up drilling rig will move to the Twin Lions-1 exploration well location in the neighbouring TP/15 to drill the second of the three to eight well programme currently being undertaken by the WA-286-P and TP/15 Joint Ventures.

(1) Please note: The well designation CH-3-ch1 conforms to relevant Government nomenclature, in that this is the first core hole (sidetrack) of the Cliff Head-3 well

ROC anticipates that its next ASX release with regard to CH-3-ch1 will be issued later this week when the rig has been released to the Twin Lions-1 location.

The WA-286-P Joint Venture comprises:
.................................................................Equity

Roc Oil (WA) Pty Ltd (Operator) . . . . . . . . . . . 30.0%
AWE Oil (Western Australia) Pty Ltd . . . . . . . . .27.5%
Wandoo Petroleum Pty Ltd . . . . . . . . . . . . . . .25.0%
ARC Energy NL . . . . . . . . . . . . . . . . . . . . . . .7.5%
Voyager Energy Limited . . . . . . . . . . . . . . . . . 5.0%
Westranch Holdings Pty Ltd (a subsidiary
of Norwest Energy NL) . . . . . . . . . . . . . . . . . .5.0%

Commenting on the production testing of CH-3-ch1, ROC’s CEO, Dr John Doran, stated that:


"The flow rate is very encouraging, particularly in view of the fact that, prior to the test, CH-3-ch1 appeared to have the poorest quality reservoir of the four wells which have penetrated the Cliff Head Oil Field during the last 13 months. The result is also significant for at least two other technical reasons: if the field is developed, it will be via horizontal wells which are expected to be substantially more productive and it has convincingly demonstrated the benefits which can be gained by applying ESP technology to fields like Cliff Head.

In its "Shareholders' Update" for 3Q02, ROC referred to the fact that reporting oil shows, net oil pay intersections and gross oil columns is all well and good, but for most investors these comments are not as compelling as the reporting of a "four digit" flow rate. Therefore, it is pleasing to report that CH-3-ch1 has delivered that rate in such an emphatic manner"

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

KEY POINTS

· Independent engineering company, Helix-RDS ("H-RDS") has completed its end-2002 reserve review of the 100% ROC-owned and operated Saltfleetby Gas Field, onshore UK. Initial Proved plus Probable (2P) gas reserves are estimated to be 89 BCF, up 2.1 BCF (2.4%) on the previous year-end estimate. Total field production, from start-up in late-1999 to end-2002, approximates to 39 BCF, with remaining 2P gas reserves estimated to be 50 BCF, about 16% more than the initial 2P reserve figure calculated prior to field start-up.

· The Cliff Head-3 sidetracked core hole ("CH-3-ch1") in WA-286-P, in the offshore part of the northern Perth Basin, is running 7 inch liner ahead of production testing the reservoir prior to the end of the week.

1. SALTFLEETBY GAS FIELD RESERVES ESTIMATE FOR END-2002

Independent engineering company H-RDS has completed its end-2002 review of gas and condensate reserves in ROC's 100% owned and operated Saltfleetby Gas Field, onshore UK. The essence of the report is:

· Initial Proved and Probable (2P) recoverable gas reserves are 89.0 BCF; up 2.1 BCF (2.4%) from 86.9 BCF at end-2001

· Initial Proved (1P) recoverable gas reserves of 65.3 BCF have been maintained at the same level estimated for end-2001

· Gas Production for the year 2002 was 10.1BCF; 2.0 BCF (17% down) on the previous year

· After taking into account 2002 production, remaining 2P recoverable gas reserves are 50.0 BCF, down 8.0 BCF (14%) from 58.0 BCF at end-2001, with 26.3 BCF (52.6%) of the remaining reserves classified as Proved

· Initial 2P recoverable condensate reserves are 1.24 MMB; up 0.07 MMB (5.8%) from 1.17 MMB at end-2001

· Condensate production for the year 2002 was 0.15 MMB

· After taking into account 2002 production, remaining 2P recoverable condensate reserves are 0.55 MMB; down 0.08 MMBO (13%) from 0.63 MBO at end-2001, with 0.31 MMB (55.4%) of the remaining reserves classified as Proved

Commenting on the H-RDS report, ROC's Chief Executive Officer, Dr John Doran stated that:

"The increase in initial 2P reserves at end-2002 is small enough to be within the normal margin of error of a reserve report. Nevertheless, this is the fourth consecutive year-end review to ascribe more initial 2P gas reserves to the Saltfleetby Field than were previously calculated to be present. More than three years after commencing production, the remaining 2P gas reserves in the Saltfleetby Field are about 16% more than the initial reserve estimate calculated before production start-up in December 1999, despite 39 BCF being produced in the intervening period."

2. CLIFF HEAD DRILLING

Roc Oil (WA) Pty Limited, Operator for and on behalf of the WA-286-P Joint Venture, advises that, as at 06.00 hours Western Standard Time, the CH-3-ch1(1) appraisal well in WA-286-P, in the offshore part of the northern Perth Basin, was running 7 inch liner as a prelude to production testing the well prior to the end of the week.
Since ROC's last ASX Release (14 January 2003), wireline logging operations have been completed in the original Cliff Head-3 (CH-3) hole and the CH-3-ch1 minimal ("twin") sidetrack has been drilled and logged to a Total Depth of 1,375 mBRT with two cores being cut in the reservoir section. Preliminary indications suggest that the overall reservoir quality in CH-3-ch1 is somewhat less than that encountered in CH-3. The pre-planned sidetrack operation was undertaken so that the section equivalent to the oil-bearing sequence in CH-3 could be cored in CH-3-ch1. As previously indicated and consistent with the pre-drill plan, CH-3-ch1 will be plugged and abandoned, regardless of the results of the production test.
ROC anticipates that its next ASX release with regard to CH-3-ch1 will be issued by the end of this week when the production test will be underway/completed.
Commenting on CH-3 and CH-3-ch1, Dr John Doran, stated that:


"CH-3 provided some useful insights into the nature of the field and, if the production test of CH-3-ch1 is successful, it will represent another valuable data point. As far as ROC is concerned, a successful test will be one which is free of mechanical problems and achieves even a modest flow rate, because, if the field is to be developed, it would be via horizontal wells which would be expected to have significantly greater productivity than CH-3-ch1 which is a near vertical hole. However, regardless of the results of the production test, ROC believes that more subsurface information will need to be acquired and analysed before it will be able to form a definitive view as to the commercial potential of the Cliff Head Oil Field."

The WA-286-P Joint Venture comprises:
.................................................................Equity

Roc Oil (WA) Pty Ltd (Operator) . . . . . . . . . . . 30.0%
AWE Oil (Western Australia) Pty Ltd . . . . . . . . .27.5%
Wandoo Petroleum Pty Ltd . . . . . . . . . . . . . . .25.0%
ARC Energy NL . . . . . . . . . . . . . . . . . . . . . . .7.5%
Voyager Energy Limited . . . . . . . . . . . . . . . . . 5.0%
Westranch Holdings Pty Ltd (a subsidiary
of Norwest Energy NL) . . . . . . . . . . . . . . . . . .5.0%

(1) Please note: The well designation CH-3-ch1 conforms to relevant Government nomenclature, in that this is the first core hole (sidetrack) of the Cliff Head-3 well

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

KEY POINT

· Preliminary analysis of wireline log data at the Cliff Head-3 ("CH-3") well indicates the presence of a 48 metre gross oil column with at least 40% net oil pay, with moderate to good reservoir characteristics, and the possibility of an additional 30% potential net oil pay with poor to moderate reservoir quality. The log data also confirms that the oil-water contact in the well is at essentially the same level as that established by the two previous wells drilled in the field.

Roc Oil (WA) Pty Limited, Operator for and on behalf of the WA-286-P Joint Venture, advises that, as at 06.00 hours Western Standard Time, the CH-3 appraisal well in WA-286-P in the offshore part of the northern Perth Basin was completing wireline logging operations.

Preliminary analysis of the wireline log data received to date indicates the presence of a 48 metre gross oil column, of which at least 40% is interpreted as net oil pay with moderate to good reservoir characteristics with the possibility of a further 30% of potential net oil pay with poor to moderate reservoir quality. Coring and testing of the reservoir section in the planned sidetrack hole (see below) will help to clarify the detailed extent of oil pay. The logs also indicate that the oil-water contact in CH-3 is within two metres of that encountered in Cliff Head-1 and Cliff Head-2 wells, respectively, 3.0 km to the southsoutheast and 2.4 km to the southeast of CH-3.

Consistent with ROC's release to ASX dated 6 January 2003, the Joint Venture's forward plan is to complete wireline logging operations in the present hole prior to plugging it back and drilling a minimal side track designed to twin (ie to be within 30 m of) the lower part of CH-3. The sidetrack hole will core the reservoir section prior to running liner and conducting a production test. Subsequent to testing CH-3, and regardless of the results of the test, the well will be plugged and abandoned as planned.

ROC anticipates that the next ASX release with regard to CH-3 will be the regular weekly release on Monday, 20 January 2003, prior to production testing.

The WA-286-P Joint Venture comprises:
.................................................................Equity

Roc Oil (WA) Pty Ltd (Operator) . . . . . . . . . . . 30.0%
AWE Oil (Western Australia) Pty Ltd . . . . . . . . .27.5%
Wandoo Petroleum Pty Ltd . . . . . . . . . . . . . . .25.0%
ARC Energy NL . . . . . . . . . . . . . . . . . . . . . . .7.5%
Voyager Energy Limited . . . . . . . . . . . . . . . . . 5.0%
Westranch Holdings Pty Ltd (a subsidiary
of Norwest Energy NL) . . . . . . . . . . . . . . . . . .5.0%

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

KEY POINTS

· The Cliff Head-3 ("CH-3") appraisal well, located in WA-286-P, in the northern part of the offshore Perth Basin, Western Australia, has reached a Total Depth of 1,408 metres below rotary table (“m BRT”) (1,344 metres true vertical depth subsea (“TVDSS”)). As of 0600 hours Western Standard Time (“WST”) logging was about to commence. Preliminary interpretation of the data obtained while drilling suggests that the well has encountered a gross vertical oil column in the order of 45 metres. Net reservoir quality and extent will not be known until logging is completed, probably during Tuesday, 14 January 2003. The oil-water contact in the well, as defined by the distribution of oil shows seen while drilling, appears to be similar to the contact established by Cliff Head-1 and Cliff Head-2 drilled in December 2001/January 2002.

· CH-3 is the first of at least three and, possibly, as many as nine (including planned significant sidetracks) exploration and appraisal wells to be drilled during 1Q03 in WA-286-P and the adjacent TP/15. 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.

1. UPDATE ON OPERATIONS SINCE 6 JANUARY 2003

Roc Oil (WA) Pty Ltd, Operator for and on behalf of the WA-286-P Joint Venture, advises that the CH-3 appraisal well has been drilled as a near vertical hole to a Total Depth of 1,408 m BRT (1,344 metres TVDSS). Drill data, specifically the distribution of oil shows, suggests that the well may have encountered a gross vertical oil column in the order of 45 metres, the base of which is at a similar depth to the oil-water contact established in the two previous Cliff Head wells drilled twelve months ago.
As at 0600 hours WST on 13 January 2003, the operation at CH-3 was preparing to run logs. The log information is expected to be available tomorrow. Until then it would be premature to comment on the quality or extent of any net oil pay.

2. GENERAL COMMENTS

The CH-3 surface location is 2.4 km northwest of the bottom hole location of the Cliff Head-2 well, the sidetracked well drilled as an immediate follow-up to the Cliff Head-1 discovery made on 29 December 2001. CH-3 was drilled to a bottom hole position, approximately 250 metres southwest of the current surface location, to evaluate the reservoir potential of the upthrown fault block in the northern part of the Cliff Head Oil Field.

3. JOINT VENTURE DETAILS

The WA-286-P Joint Venture comprises:
.................................................................Equity

Roc Oil (WA) Pty Ltd (Operator) . . . . . . . . . . . 30.0%
AWE Oil (Western Australia) Pty Ltd . . . . . . . . .27.5%
Wandoo Petroleum Pty Ltd . . . . . . . . . . . . . . .25.0%
ARC Energy NL . . . . . . . . . . . . . . . . . . . . . . .7.5%
Voyager Energy Limited . . . . . . . . . . . . . . . . . 5.0%
Westranch Holdings Pty Ltd (a subsidiary
of Norwest Energy NL) . . . . . . . . . . . . . . . . . .5.0%

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

MULTI-WELL EXPLORATION AND APPRAISAL DRILLING PROGRAMME COMMENCES OFFSHORE NORTHERN PERTH BASIN,
WESTERN AUSTRALIA

KEY POINTS

· The ENSCO-53 jack-up drilling rig arrived in the vicinity of the Cliff Head-3 ("CH-3") appraisal well location on schedule on 2 January 2003 and, after waiting on weather and preparing to drill, the well commenced drilling on 6 January. During the week the well is expected to penetrate the anticipated reservoir, reach Total Depth and run a preliminary suite of logs.

· CH-3 is the first of at least three and, possibly, as many as nine (including planned significant sidetracks) exploration and appraisal wells to be drilled during 1Q03 in WA?286-P and the adjacent TP/15. 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.

Roc Oil (WA) Pty Ltd, Operator for and on behalf of the WA-286-P Joint Venture, advises that the ENSCO-53 jack-up drilling rig arrived in the vicinity of the CH-3 well location on 2 January 2003 and was positioned on the current surface location, after waiting on weather for 38 hours, on 4 January 2003. The CH-3 appraisal well commenced drilling surface hole at 0600 hours on 6 January 2003 (Western Standard Time).

The CH-3 surface location is 2.4 km northwest of the bottom hole location of the Cliff Head-2 well, the sidetracked well drilled as an immediate follow-up to the Cliff Head-1 discovery made on 29 December 2001 (Attachment 1). CH-3 will be drilled as a near-vertical hole to a Total Depth of 1,311 metres subsea, approximately 250 metres southwest of the current surface location. The well, which is expected to reach Total Depth within the week, will evaluate the reservoir potential of the upthrown fault block in the northern part of the Cliff Head Oil Field (Attachment 1).

Subject to the initial drilling results, two sidetrack holes may be drilled from the CH-3 surface location. The first would be designed as a minimal sidetrack to twin the original (CH-3) hole so as to provide an optimum opportunity to core the main zone/s of interest, run casing and test the potential reservoir. The second potential sidetrack, dependent upon the results of the two earlier holes, would be designed to further appraise the field through the drilling of an additional higher-angled sidetrack hole to a bottom hole location approximately 750 metres to the south of the CH-3 surface location.

Because the potential reservoir depth is relatively shallow regionally (generally 1,100 metres to 1,900 metres subsea) and drilling conditions are generally good, individual wells are not expected to take more than a week to drill. Therefore, for each well in the current drilling campaign, ROC, as Operator for and on behalf of the WA-286-P and TP/15 Joint Ventures, will adhere to the following schedule with regard to releasing information to ASX:

· An initial ASX Release will be made when drilling has commenced. This is that release for the current, CH3, well.

· In order to avoid potential investor confusion and inadvertent market misinterpretation, no further public comment will be made by the Operator until after the well has reached Total Depth and a preliminary interpretation has been made of the drilling and wireline logging data available at that time.

· If, during drilling, a problem is encountered and/or a Joint Venture decision is made which could significantly impact on the timing of the drilling, ROC will advise the ASX accordingly. Otherwise, ROC will issue a second ASX Release when the well has been drilled to Total Depth and logged. This release will provide a summary of the results obtained from the well and also comment upon the next phase of the drilling programme. If the next phase involves production testing, two additional ASX Releases will be provided: one, with test objectives, when the testing programme commences and the other, with preliminary test results, when it is concluded.

· A final ASX announcement will be made when all operations relating to the well have been completed and the rig is released from the location or, if appropriate, when the drilling of a second well, in the form of a sidetrack hole from the same surface location, commences.

The WA-286-P Joint Venture comprises:
.................................................................Equity

Roc Oil (WA) Pty Ltd (Operator) . . . . . . . . . . . 30.0%
AWE Oil (Western Australia) Pty Ltd . . . . . . . . .27.5%
Wandoo Petroleum Pty Ltd . . . . . . . . . . . . . . .25.0%
ARC Energy NL . . . . . . . . . . . . . . . . . . . . . . .7.5%
Voyager Energy Limited . . . . . . . . . . . . . . . . . 5.0%
Westranch Holdings Pty Ltd (a subsidiary
of Norwest Energy NL) . . . . . . . . . . . . . . . . . .5.0%

The TP/15 Joint Venture comprises:
.................................................................Equity

Hardman Oil & Gas Pty Ltd . . . . . . . . . . . . . . .30.0%
AWE Oil (Perth Basin) Pty Ltd . . . . . . . . . . . . .25.0%
Roc Oil (WA) Pty Ltd (Operator) . . . . . . . . . . . 20.0%
Westranch Holdings Pty Ltd (a subsidiary
of Norwest Energy NL) . . . . . . . . . . . . . . . . . 10.0%
ARC Energy NL . . . . . . . . . . . . . . . . . . . . . . .5.0%
Voyager Energy Limited . . . . . . . . . . . . . . . . .5.0%
Bounty Oil and Gas NL . . . . . . . . . . . . . . . . . .5.0%

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