Rockpool Acqui Regulatory News (ROC)

7 Jun 2006 07:02

Roc Oil Company Limited07 June 2006 7 June 2006 ROC OIL COMPANY LIMITED ("ROC") STOCK EXCHANGE RELEASE SIGNING OF REVISED MAURITANIAN PRODUCTION SHARING CONTRACTS ROC advises that the following release was made earlier today by WoodsidePetroleum Ltd: "Woodside Mauritania Pty Ltd., a wholly owned subsidiary of Woodside PetroleumLtd., and its joint venture participants in Mauritania have signed revisedproduction sharing contracts (PSCs) for offshore zones A, B, C2 and C6. In a signing ceremony in Nouakchott overnight, representatives of Woodside, itsjoint venturers and the Islamic Republic of Mauritania formally agreed to therevised contracts for the four offshore zones. The revised contracts reflect an agreement signed by Woodside and theMauritanian Government in March this year which resolved a dispute between theparties over previous amendments to the original PSCs. The major elements of the resolution, reflected in the revised PSCs, are: • Exploration periods are secured in line with previous arrangements; • A Chinguetti Project bonus of US$100 million shall be paid by the zone B joint venturers to the Mauritanian Government approximately 14 days following the approval of the revised PSC B and subsequent to the gazettal of the revised contract; • Fiscal incentives which will provide a greater share of revenue from the Chinguetti project to the Mauritanian Government during periods of high oil prices; and • Establishment of an Environmental Commission, funded through a total annual payment of US$1 million by the joint venturers during the life of production from the revised PSCs. The revised PSCs come into effect after their formal gazettal in the OfficialJournal in the Islamic Republic of Mauritania. The signing of the revised contracts establishes greater fiscal certainty andallows increased co-operation between Woodside, its joint venture participantsand the Islamic Republic of Mauritania." 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