At a joint venture meeting held in Perth on August 31, the Cliff Head joint venture agreed, subject to rig availability, to bring forward some of the elements of the development drilling program that had previously been planned for late 2005.

Specifically, the JV agreed to drill Cliff Head-5 in the southeastern part of the field as a vertical "pathfinder" appraisal well that will assist in the planning of a horizontal development well scheduled to be drilled into that part of the field from the unmanned production platform. This well is designed to move reserve from the probable to the proven category, but because it is a pilot well it will not be completed for production regardless of results. The second well, Cliff Head-6, will be drilled as a development well in the main horst and is expected to be suspended as a future oil producer and completed for production in late 2005. It is anticipated that both wells will be drilled during January 2005. The rescheduling of part of the Cliff Head development drilling program is being considered because the WA-325-P JV is scheduled to bring a jackup rig into the offshore Perth basin in late 2004, thereby affording the Cliff Head JV a possible opportunity to accelerate part of its development drilling program.

Bringing these wells forward will not impact anticipated first oil production, which is still scheduled for end 2005. However, as a result of the rescheduled drilling, it is now expected that Final Investment Decision will formally be taken at end January 2005 as opposed to end December 2004.

Commenting on the rescheduled drilling, Dr John Doran ROC's CEO said, "It's not often in this business that a joint venture can advise the market of its intention to bring some elements of its development drilling program forward by the best part of a year, but, in this case, the joint venture is opportunistically responding to the possibility that a suitable rig may be available."

09-02-04