Roc Oil will drill the well in the south-eastern part of the field as a vertical ‘pathfinder’ appraisal well to assist in planning a horizontal development well 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.

Bringing these wells forward will not impact on anticipated first oil production, which is still scheduled as a stretch target 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.

The rescheduling of the development drilling program is being considered because the WA-235-P Joint Venture is scheduled to bring a jack-up rig into the offshore Perth Basin in late 2004, giving the Cliff Head Joint Venture an opportunity to accelerate part of its development drilling program.

“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,” said Dr John Doran, ROC’s chief executive officer.

Participants in WA-286-P and the Cliff Head oil project are AWE Oil 27.5%, Roc Oil (Operator) 37.5%, Wandoo Petroleum 24%, Voyager Energy 6% and CIECO Exploration & Production 5%.