The wells will be drilled onshore UK, in deep water offshore West Africa, specifically Mauritania and Equatorial Guinea, and in shallow water offshore China and Western Australia. ROC will operate all the wells except those drilled in Mauritania and one of the Australian wells.

The program is expected to include the Willows-1 exploration well in the UK, which will test a Saltfleetby-sized gas prospect and the Bravo-1 exploration well in Equatorial Guinea which will test a Chinguetti-sized Tertiary channel sand prospect.

In addition, ROC expects that there will be a continuous drilling program of at least four wells offshore Mauritania commencing August/September 2004. There will also be two to four exploration wells in the northernmost part of the offshore Perth Basin, several hundred kilometres north of the Cliff Head Oil Field, and a two to five well exploration and appraisal drilling program offshore China.

As part of ROC’s planning for its 2004 drilling program, the company has exercised an option to acquire from Norwest Energy a 7.5% interest in WA-226-P, in the northern part of the offshore Perth Basin, through the payment of a $200,000 option fee to Norwest. On this basis, ROC will participate at a 7.5% funding level in the Fiddich-1 exploration well, which is expected to be drilled in June 2004.

The latest advice received with regard to the availability of the rig contracted for ROC’s offshore China drilling program is that it may be available by the end March 2004 subject to the progress of its current operation.