Rockpool Acqui Regulatory News (ROC)

11 May 2005 07:02

Roc Oil Company Limited11 May 2005 11 May 2005 ROC OIL COMPANY LIMITED ("ROC") STOCK EXCHANGE RELEASE ROC FARMS INTO THE JACALA PROSPECT, OFFSHORE WESTERN AUSTRALIA 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 ("theAgreement") with regard to WA-351-P in the deep water portion of the CarnarvonBasin, offshore Western Australia (Attachment 1). The Agreement is subject tonormal industry terms and conditions, including the receipt of relevant JointVenture and Government approvals. Under the terms of the Agreement, ROC will earn a 20% participating interest inWA-351-P in consideration for paying a share of the cost of the Jacala-1exploration wildcat well, up to an agreed limit equivalent to US$4 million totalnet cost to ROC, including a farmin promote to BHP Billiton. If any additionalwell costs are incurred they will be shared proportionately. ROC will not berequired to reimburse any pre-drill permit costs. As defined by 2D seismic, the Jacala Prospect is a large, simple, 4-way dipclosed structure covering more than 300 sq km/70,000 acres with a verticalclosure in excess of 100m/300ft. It is located in approximately 1,100 metres ofwater about 200km west of Barrow Island and 100km northwest of the Enfield Oiland Gas Field (Attachment 1*). The reservoir target is a sandstone sequenceequivalent in age to the Barrow Group which is well established as a productivereservoir elsewhere in the basin. The potential reservoir is expected to beencountered at approximate 2,200 metres sub-sea. The well is expected tocommence drilling during 4Q2005. Subsequent to the farmin, the WA-351-P Joint Venture will consist of BHPBilliton (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 statedthat: "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 toshareholders 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 partof a busy exploration drilling programme for the latter part of 2005. Apart fromJacala-1 this programme also includes key wells in deep water offshoreEquatorial Guinea and Mauritania, shallow water offshore China, onshore UK andonshore New Zealand." * Map to the copy of this release on ROC's website(http://www.rocoil.com.au/Pages/ASX_Releases/2005_Releases/May-2005.html) Dr John Doran For further information please contact:Chief Executive Officer contact: Dr John Doran on Tel: +61-2-8356-2000 Fax: +61-2-9380-2635 Email: jdoran@rocoil.com.au Or visit ROC's website: www.rocoil.com.au Dr Kevin Hird General Manager Business Development Tel: +44 (0)207 586 7935 Fax: +44 (0)207 722 3919 Email: khird@rocoil.com.au Nick Lambert Bell Pottinger Corporate & Financial Tel: +44 (0)207 861 3232 This information is provided by RNS The company news service from the London Stock Exchange