The firm wells consist of one appraisal well of the 12-8 discovery and one exploration well to be drilled on the 12-7 prospect and should be drilled during the last quarter of 2003.

The participants in the joint venture include Roc Oil (operator) 40%, Horizon Oil 30%, Petsec Energy 25% and First Australian Resources 5%. Horizon and First Australian Resources sold 10% and 5% respectively of Block 22/12 to Roc in August last year.

With the 2003 drilling program containing a firm appraisal well and a firm exploration well, Roc said it considers the discoveries in the block to be at a very early appraisal stage.

Whilst preliminary concept development work is in progress, a development decision on the discoveries in the block will be dependent on the outcome of the drilling program and is not likely to be made until 2004.

The partners made the initial discovery in March last year.