Rockpool Acqui Regulatory News (ROC)

3 Feb 2006 07:01

Roc Oil Company Limited03 February 2006 3 February 2006 ROC OIL COMPANY LIMITED ("ROC") STOCK EXCHANGE RELEASE MAURITANIA OFFSHORE UPDATE NOTIFICATION OF DISPUTE ROC advises that the following release was made earlier today by WoodsidePetroleum Ltd: "Woodside Petroleum Ltd. has been advised by the Mauritanian Government that itdisputes amendments to four offshore production sharing contracts operated bythe company's wholly-owned subsidiary, Woodside Mauritania Pty Ltd. The amendments, which are supplementary to the production sharing contracts,were negotiated with the Ministry of Energy and Petroleum and approved by theMauritanian Government and the Mauritanian Parliament before becoming law in2005. Woodside is confident that the amendments are proper, valid and binding onall parties. Woodside Mauritania Pty Ltd is in discussions with the Mauritanian Government toexplore ways of resolving the dispute. Woodside welcomes the Government's willingness to address the matter under thedispute resolution procedures of the production sharing contracts. If thedispute cannot be resolved through discussion, the parties are likely to beginarbitration under the contract terms. The dispute does not affect the Chinguetti project which remains on schedule toproduce first oil this month. Woodside operates the Chinguetti Joint Venture and the four offshore productionsharing contracts on behalf of several joint venturers, including Hardman, BG,Premier, Roc Oil, Fusion, Petronas, Dana Petroleum, Energy Africa and theGovernment-owned Societe Mauritanienne des Hydrocarbures." The disputed amendments refer to the following offshore production sharingcontracts ("PSC"): +---------------------------+--------+--------+----------+---------+---------+ | Company | PSC-A | PSC-B |Chinguetti| PSC-C, | PSC-C, | | | | | Joint | Block 2 | Block 6 | | | | | Venture | | | +---------------------------+--------+--------+----------+---------+---------+ |Woodside group companies |53.846% |53.846% |47.38448% | 41.750%| 37.578% | |(Operator) | | | | | | +---------------------------+--------+--------+----------+---------+---------+ |Hardman group companies |24.300% | 21.6% |19.00800% | 28.800%| 22.422% | +---------------------------+--------+--------+----------+---------+---------+ |Societe Mauritanienne des | -- | -- |12.00000% | -- | -- | |Hydrocarbures (formerly | | | | | | |GPC) | | | | | | +---------------------------+--------+--------+----------+---------+---------+ |BG group companies |13.084% | 11.63% |10.23440% | -- | -- | +---------------------------+--------+--------+----------+---------+---------+ |Premier group companies | -- | 9.231% | 8.12328% | -- | -- | +---------------------------+--------+--------+----------+---------+---------+ |Roc Oil group companies | 4.155% | 3.693% | 3.24984% | 3.200%| 5.000% | +---------------------------+--------+--------+----------+---------+---------+ |Fusion group companies | 4.615% | -- | -- | -- | -- | +---------------------------+--------+--------+----------+---------+---------+ |Petronas Carigali Overseas | -- | -- | -- | -- | 35.000% | |Sdn Bhd | | | | | | +---------------------------+--------+--------+----------+---------+---------+ |Energy Africa | -- | -- | | 20.000%| -- | +---------------------------+--------+--------+----------+---------+---------+ |Dana Petroleum (E&P) | -- | -- | | 6.250%| -- | |Limited | | | | | | +---------------------------+--------+--------+----------+---------+---------+ Michelle Manook For further information please contact:General Manager - Corporate Affairs 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