Rockpool Acqui Regulatory News (ROC)

18 Jan 2006 07:01

Roc Oil Company Limited18 January 2006 18 January 2006 ROC OIL COMPANY LIMITED ("ROC") STOCK EXCHANGE RELEASE OFFSHORE MAURITANIA: MEDIA SPECULATION ROC advises that in the last 24 hours it has become aware of media speculationregarding certain recent events in Mauritania and their postulated relationshipto contracts with foreign companies, including offshore ProductionSharing Contracts ("PSCs") operated by Woodside Mauritania Pty Ltd ("Woodside").In this context, ROC offers the following comments which are provided on the basis of its best understanding of the current situation: • The Chinguetti Development Project remains on schedule for first oil in late February 2006. • As Operator of the relevant Joint Ventures, Woodside is continuously and routinely engaged in discussions with the Mauritanian Government. Most recently, some of those discussions have focused on certain elements of documents which are ancillary to the PSCs (the "Ancillary Documents"). • The Ancillary Documents refer to amendments and clarifications to the PSCs which were negotiated with the Government of Mauritania by Woodside on behalf of the Joint Ventures and approved by the Government of Mauritania, prior to becoming law in 2005. As a non-operating participant with small interests in offshore areas operatedby Woodside, it is not appropriate for ROC to comment further, other than to saythat discussions such as those occurring between Woodside and the Government ofMauritania are not uncommon in the international oil and gas industry. Often this is due to the need for clarification of various non-core elements in documented agreements, which typically arises as a Joint Venture moves from early stage exploration to first oil production. Michelle Manook For further information pleaseGeneral Manager - Corporate Affairs 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