ROC ANNUAL GENERAL MEETING 2005

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Bruce Clement
Chief Operating Officer
E-mail: bclement@rocoil.com.au

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KEY POINT

• ROC has entered into a Farmin Agreement with BHP Billiton with regard to the Jacala-1 exploration well in WA-351-P in the deep water Carnarvon Basin, offshore Western Australia. The well is expected to be drilled during 4Q2005.

ROC advises that it has entered into a Farmin Agreement with BHP Billiton (“the Agreement”) with regard to WA-351-P in the deep water portion of the Carnarvon Basin, offshore Western Australia (Attachment 1). The Agreement is subject to normal industry terms and conditions, including the receipt of relevant Joint Venture and Government approvals.

Under the terms of the Agreement, ROC will earn a 20% participating interest in WA 351 P in consideration for paying a share of the cost of the Jacala-1 exploration wildcat well, up to an agreed limit equivalent to US$4 million total net cost to ROC, including a farmin promote to BHP Billiton. If any additional well costs are incurred they will be shared proportionately. ROC will not be required to reimburse any pre-drill permit costs.

As defined by 2D seismic, the Jacala Prospect is a large, simple, 4-way dip closed structure covering more than 300 sq km/70,000 acres with a vertical closure in excess of 100m/300ft. It is located in approximately 1,100 metres of water about 200km west of Barrow Island and 100km northwest of the Enfield Oil and Gas Field (Attachment 1). The reservoir target is a sandstone sequence equivalent in age to the Barrow Group which is well established as a productive reservoir elsewhere in the basin. The potential reservoir is expected to be encountered at approximate 2,200 metres sub-sea. The well is expected to commence drilling during 4Q2005.

Subsequent to the farmin, the WA-351-P Joint Venture will consist of BHP Billiton (Operator with 55%), a subsidiary of Tap Oil Limited (25%) and ROC (20%).

Commenting on the farmin, ROC’s Chief Executive Officer, Dr John Doran stated that:

“ROC has no illusion about the Jacala Prospect: it is high risk and high reward. If it contains oil it could have a very big impact on the Company.

The farmin is consistent with the Company’s strategy of serving up to shareholders several “big hit” drilling opportunities each year. In this sense, Jacala-1 will take its place alongside other wells that ROC has lined up as part of a busy exploration drilling programme for the latter part of 2005. Apart from Jacala-1 this programme also includes key wells in deep water offshore Equatorial Guinea and Mauritania, shallow water offshore China, onshore UK and onshore New Zealand.”




Bruce Clement
Chief Operating Officer
E-mail: bclement@rocoil.com.au

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