Roc Oil Company Limited Investor Presentation November 2006 Slide 1
CORPORATE SNAPSHOT Founded as a private company (1996) Listed on ASX (1999) and AIM (2004) Issued Capital: ca 216.5 million shares, ca 5.5 million employee options Market Capitalisation: ca $780 million 1 Cash: $49 million as at 30 September 2006 Debt: US$290 million / A$387 million post acquisition of Apache China Production: ca 11,000 BOPD for 3Q 2006 Reserves: ca 29 MMBOE 2P reserves as of 1 July 2006 (1) Based on a 1 month VWAP of A$3.60 and 216.5 million shares Slide 2
GOAL & STRATEGY GOAL To make a lot of money for all shareholders by establishing a substantial reserve base and sustainable production revenue STRATEGY Cost efficiently acquire: preferably in Africa, Australia and parts of Asia; meaningful interests, where appropriate with operatorship; in areas containing, or adjacent to, proven hydrocarbons with considerable exploration upside; in countries with attractive fiscal regimes and supportive Governments Create and realise maximum value. Slide 3
CAPITAL RAISING Summary of equity raising 3 for 8 renounceable rights issue at $2.70 Gross proceeds of A$219 million Underwritten by UBS 297.7 million shares on issue post equity raising Use of proceeds Application of funds Reduce existing debt facility Working capital Costs Gross proceeds A$ million 200 14 5 219 Composition of share register Funds used to repay a large part of the existing debt facility established to fund the purchase of the Zhao Dong Asset. This will provide greater financial flexibility for ROC to continue to build shareholder value. Slide 4
PRO-FORMA BALANCE SHEET A$'000 (Reviewed) Historical 30 June 2006 Acquisition of 24.5% of Zhao Dong Development & Pre-development Expenditure Rights Issue (Reviewed) Proforma 30 June 2006 Current Assets Cash and cash equivalents 45,262 21,726 (35,052) 19,221 51,157 Other current assets 53,246 90,723 143,969 Total Current Assets 98,508 112,449 (35,052) 19,221 195,126 Non-Current Assets Oil and gas assets 215,142 365,323 33,588-614,053 Other non current assets 59,824 87,470 4,306-151,600 Total Non-Current Assets 274,966 452,793 37,894-765,653 TOTAL ASSETS 373,474 565,242 2,842 19,221 960,779 Current Liabilities Interest bearing liabilities 34,999 324,564 - (200,000) 159,563 Other current liabilities 64,066 115,516-4,767 187,191 Total Current Liabilities 99,065 440,080 2,842 (195,233) 346,754 Non-Current Liabilities Interest bearing liabilities 662 - - - 662 Other liabilities 17,688 125,162 - - 142,850 Total Non-Current Liabilities 18,350 125,162 - - 143,512 Total Liabilities 117,415 565,242 2,842 (195,233) 490,266 Net Assets 256,059 - - 214,454 470,513 Share capital 386,076 - - 214,454 600,530 Accumulated loss (100,331) - - - (100,331) Other reserves (29,686) - - - (29,686) TOTAL EQUITY 256,059 - - 214,454 470,513 Slide 5
KEY TERMS OF RIGHTS ISSUE Entitlement ratio 3 New Shares for 8 Existing Shares New Shares to be issued 81.2 million Issue price Discount to last closing share price Discount to one month VWAP Gross proceeds $2.70 24% 25% $219 million Slide 6
OFFER TIMETABLE Rights issue prospectus lodged with ASX Ex date and commencement of rights trading Record date for Rights Issue Rights trading ends Acceptances close Rights Issue shortfall bookbuild Allotment of Rights Issue shares Normal trading commences 1 November 2006 3 November 2006 10 November 2006 20 November 2006 27 November 2006 30 November 2006 7 December 2006 12 December 2006 The offer of the securities will be made available in the Prospectus and shareholders wishing to acquire the securities will need to complete the application form that will accompany the Prospectus Slide 7
WHY INVEST IN ROC? A balanced and diversified portfolio in proven petroleum provinces International operating focus A workforce with a track record of serial success with a variety of projects in several different countries Significant production, development and appraisal upside Leverage to substantial exploration potential AUSTRALIA ANGOLA REVENUE NORTH SEA CHINA GROWTH MAURITANIA EQUATORIAL GUINEA Slide 8
A BALANCED AND DIVERSIFIED PORTFOLIO A global portfolio covering approximately 80,000 gross sq km across four main regions: Australia, China, West Africa and the UK A conveyor belt approach generating a diverse and balanced portfolio Exploration Up to 10 wells At planned least 10 for wells end planned for 2006/7 2006/ 2007 in 5 countries Appraisal 5 fields/areas in 2 countries in 2 countries Pre-development 4 fields in China Development ca 3,000 3,400 BOPD production for from 1H 2007 Production ca11,000 BOPD recent production Angola China Mauritania Western Australia Australia Equatorial Equatorial Guinea Guinea Zhao Dong Extended Reach Wei 12-8 East Wei 12-8 East Tiof Tiof Banda Banda Tevét Tevét Zhao Dong C4 Wei 6-12 South Wei 6-12-1 Wei 12-8 West Blane Enoch Cliff Head Chinguetti Zhao Dong C & D Fields Slide 9
AN INTERNATIONAL OPERATING FOCUS UK (1) NORTH SEA 12% (2) and 12.5% (2) 1999 CHINA 24.5% & 40% (3) 1998 AUSTRALIA Generally 37.5% 1999 MAURITANIA 2% - 5% 2000 EQUATORIAL GUINEA 18.75% (4) 2000 ANGOLA 60% (5) 1998 Operated / Managed Non-Operated (1) Excludes onshore UK (2) Estimate post unitisation (3) Pre 51% Government Back-In for Block 22/12 (4) 15% Free carried through 2007 well (5) 75% contributing interest 1998 Date of first contact / acquisition Slide 10
SIGNIFICANT DEVELOPMENT AND PRODUCTION PORTFOLIO MAURITANIA 2-5% Participant UK NORTH SEA 12% and 12.5% Participant Two new fields due to start production 1H 2007 Chinguetti Oil & Gas Field producing CHINA 40%* and 24.5% Operator Zhao Dong C and D fields producing. C4 field moving towards development, Wei 6-12 South Field moving towards Front End Engineering and Design * PRODUCTION Development Exploration/Appraisal Subject to Government back in for 51% AUSTRALIA Generally 37.5% Operator Cliff Head Oil Field producing Slide 11
LEVERAGE TO SIGNIFICANT EXPLORATION POTENTIAL A forward exploration drilling programme for up to 10 exploration wells prior to the end of 3Q 2007, including at least 3 wells proposed for onshore Angola Up to 13 development wells prior to the end of 3Q 2007 2006 2007 China Offshore Block 22-12 (ROC 40% & Operator) Zhao Dong Block (ROC 24.5% & Operator) Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Subject to rig availability 1-2 wells >10 wells Equatorial Guinea Offshore Block H (ROC 18.75% & Tech. Manager) Mauritania Offshore Chinguetti (PSC B4) (ROC 3.25%) PSC C,D (ROC 2.0 to 5%) 1 well 1 well 1 well Subject to rig availability Angola Onshore Cabinda Sth Block (ROC 60% & Operator) Western Australia Offshore TP15 (ROC 20% & Operator) WA-286-P (ROC 37.5% & Operator) WA-325-P (ROC 37.5% & Operator) WA-327-P (ROC 37.5% & Operator) (1) Subject to rig availability At least 3 wells UK North Sea 30/3a (Enoch) (ROC 12.5%) 16/30a (Blane) (ROC: 12.0%) 1 well 1 well Up to 10 Exploration Wells Up to 13 Development Wells (1) Possibility that drilling could start late 2006 if additional rig options currently being pursued, are to be finalised. Important Note: The timing and the number of wells may be revised due to rig availability, logistics and/or joint venture and government decision-making processes. Slide 12
TECHNICAL EXPERT RESERVES ASSESSMENT AS OF 1/7/06 ROC NET WORKING INTEREST Field ROC Working Interest % Technical Expert 1P 2P Operator 2P 2P Difference Comment Zhao Dong C, D and C4 Oil Fields (unitised interest) 24.5 (C and D) 11.6 (C4) 10.0 16.1 15.0 7.3% ROC more conservative; review in progress. Cliff Head Oil Field 37.5 4.2 5.8 5.1 13.7% Technical Expert assumes higher oil price resulting in a lower rate cut-off and extended field life. Chinguetti Oil Field 3.25 0.6 1.5 3.8 (60.5%) Technical Expert s conclusion is based on post production start-up data. ROC had foreshadowed a reduction in reserves of 25% to 50%, effectively reducing remaining reserves to a range of 1.8-2.8 MMBO. Operator reserves not updated since Final Development Plan (2004). Blane Oil Field (unitised interest) 12.5 1.3 3.8 3.8 0% Technical Expert concludes no material difference. Enoch Oil and Gas Field (unitised interest) 12.0 0.7 1.6 1.6 0% Technical Expert concludes no material difference to total reserves with 30% lower 2P oil offset by higher 2P gas. Total 17.8 28.8 29.3 (1.7%) Slide 13
RESERVES (1) AND PRODUCTION (2) SPREAD ROC NET WORKING INTEREST NET 2P REMAINING RESERVES 3 ca 29 MMBOE 3Q 2006 NET PRODUCTION 11,234 BOPD ROC: 3.25% Gross 31,000 BOPD ROC: 37.5% & Operator Gross 9,325 BOPD ZHAO DONG CLIFF HEAD ENOCH BLANE CHINGUETTI ROC: 24.5% & Operator Gross 27,449 BOPD (Currently 22,000 BOPD) (1) Technical Expert s Report (2) 3Q 2006 (3) As at 1/7/06 Slide 14
2006 SO FAR Jan Feb 28 million share placement in UK, at A$2.71/share, raised A$76 million, primarily for exploration onshore Angola. Chinguetti Oil and Gas Field (ROC 3.25%) came onto production offshore Mauritania. Apr May Jun Jul Aug Sep Nov Commenced drilling the Wei 6-12S-1 exploration well in Block 22/12. Cliff Head Oil Field (ROC 37.5% & Operator) came onto production, offshore Western Australia. Development drilling commenced at the Blane Oil Field in the North Sea. Wei 6-12 South oil discovery, offshore China - a significant oil discovery which flowed 5,750 BOPD from 3 zones. Drilled first appraisal well on the Wei 6-12 South discovery confirmed discovery well data. Announced US$260 million purchase of Apache China s 24.5% operated interest in the Zhao Dong Block with an effective date of 1 July 2006. Second appraisal well on Wei 6-12 South discovery provided further encouragement. Apache China acquisition completed. Development drilling commenced at Enoch Oil & Gas Field in North Sea. ROC net production ca 11,000 BOPD from close to zero base in January. Capital raising: Rights Issue of A$219 million to reduce debt. Slide 15
THE NEXT 12 MONTHS NORTH SEA: 12.0 and 12.5% Two fields, Blane and Enoch, due to come on to production in 1H 2007, initially at ROC net 3,400 BOEPD MAURITANIA: 2 5% Continuing production from Chinguetti (currently producing ROC net 1,008 BOPD) plus ongoing exploration and development drilling. EQUATORIAL GUINEA: 18.75% Deep water rig contract expected to be signed, subject to final negotiations. Large Aleta Prospect will be drilled, subject to finalising rig contract. ANGOLA: 60% Multi-well exploration drilling programme proposed for onshore Cabinda the first for >30 years. CHINA Bohai Bay: 24.5% Continuing production from C and D fields (current capacity ROC net ca 7,000 BOPD). Expected expansion of existing facilities. Continuing development drilling. Commencement of C4 development (net ROC 11.6%) subject to Government and Joint Venture approval. Beibu Gulf: 40%* Reserves report finalised. Possible commencement of Front End Engineering Design Study in 1Q 2Q07 may lead to declaration of commerciality during 2007. Also, possible exploration well/s. AUSTRALIA: 20 50% Continuing production from Cliff Head (currently producing ROC net ca 3,500 BOPD) plus at least two exploration wells, subject to rig availability. * Before 51% Government Back-in Slide 16
CHINA UK (1) NORTH SEA 12% (2) and 12.5% (2) 1999 CHINA 24.5% & 40% (3) 1998 AUSTRALIA Generally 37.5% 1999 MAURITANIA 2% - 5% 2000 EQUATORIAL GUINEA 18.75% (4) 2000 ANGOLA 60% (5) 1998 Operated / Managed Non-Operated (1) Excludes onshore UK (2) Estimate post unitisation (3) Pre 51% Government Back-In for Block 22/12 (4) 15% Free carried through 2007 well (5) 75% contributing interest 1998 Date of first contact / acquisition Slide 17
WHY CHINA? Globally significant oil provinces Good experiences since 1998 Supportive Government Satisfactory Fiscal Terms Attractive business environment Appropriate fit for ROC s strengths Not many western independents Low-cost and low-risk initial entry via patient build-up Slide 18
ROC S EARLY CONTACTS WITH THE CHINESE ENERGY INDUSTRY 1998 ROC uses rail cars to export its Mongolian oil to China 2001 2005 ROC reviews China s oil shale industry, based in Fushun, northern China Slide 19
ROC S MOST RECENT CONTACT WITH THE CHINESE OIL INDUSTRY June 2006: ROC announced purchase of 24.5% operated interest in Zhao Dong Block in the Bohai Bay from Apache China for US$260 million plus working capital. As a result of the acquisition, ROC became the third largest foreign operator of oil production in China. Slide 20
INTERESTS IN CHINA ROC 24.5% and Operator 2,500km ROC 40% (1) and Operator (1) Subject to 51% Government Back-in Slide 21
CHINA - PRODUCTION Zhao Dong C and D Fields, Bohai Bay ROC 24.5% and Operator Discovery 1994 First Oil Production 2003 Development Gross 3Q 2006 Production Rate Gross 2P Remaining Reserves (1/07/06) Two bridge-linked platforms. One dedicated to drilling & accommodation; the other to production, processing & offloading. 30 producing oil wells Produced crude is barged to a port facility and loaded into tankers for export. 27,449 BOPD Approximately 57.5 MMBO (ROC Net: 14.1 MMBO) Slide 22
CHINA - APPRAISAL & DEVELOPMENT Zhao Dong C, D and C4 Fields, Bohai Bay Block operated by ROC (24.5%) with PetroChina Company Limited (51%) and New XCL China, LLC (24.5%) as participants. Very shallow, near shore tidal zone. Area: ca 27 sq km. ROC has a unitised 11.6% interest in a third oilfield, C4, which straddles the permit boundary. Gross 2P initial reserves for C4 are 17.1 MMBO (ROC net 2 MMBO). Subject to final Government approval, C4 is expected to be developed in 2007-08. First production is expected during 2008 at an average gross rate of 10,000 BOPD. The Extended Reach Area is a prospective area, beyond the drilling reach of the C and D facilities, which will be targeted by up to 46 wells to be drilled from the future C4 facilities. Slide 23
ZHAO DONG BLOCK MULTIPLE RESERVOIRS Four of the many different oil bearing horizons Ng1-2 Reservoir Nm2-1a Reservoir Ng1-3 Reservoir Ng1-4 Reservoir Slide 24
ZHAO DONG BLOCK - MULTIPLE RESERVOIRS Eight of the many different reservoirs T/ U. Ng Ng1-8 Ng1-1a Ng1-1b Ng1-2 Ng1-9 Ng1-3 L Ng Ng1-4 B/ L Guantao Uncon Slide 25
ZHAO DONG BLOCK - MULTIPLE RESERVOIRS Seven of the many different reservoirs Nm2-1a Nm2-9c Nm2-3 Ø 15-18% Es2 Nm2-6a Ø15% Nm2-6c MZ Slide 26
ZHAO DONG FORWARD PROGRAMME AND UPSIDE 11.3 MMBO net to ROC unbooked incremental possible reserves and un-risked prospective resources (Technical Expert s estimate). Subject to Government and Joint Venture approvals, up to 120 new wells and 24 recompletions expected during the next 5 years from existing facilities and future C4 facilities, including 50 new well slots on C and D platform and 46 wells into the Extended Reach Area from C4. Possible oil and gas pipelines to shore. Successfully drilling and completing multiple Extended Reach wells has been the key to developing the Zhao Dong C and D fields and this capability will continue to be a vital part of the future development of the Zhao Dong Block. Slide 27
CHINA - PRE-DEVELOPMENT Block 22/12, Beibu Gulf ROC 40% & Operator (1) The Block is located in a well established hydrocarbon province, near CNOOC-operated production facilities. Since 2002 the ROC-led joint venture has drilled 3 exploration wells and made 2 oil discoveries bringing the total number of undeveloped oil accumulations in the Block to six. Front End Engineering Design phase expected to commence 1Q 2007, subject to completion of reserves evaluation work. (1) CNOOC has rights to participate for up to 51% in developments Slide 28
CHINA EXPLORATION AND APPRAISAL Block 22/12, Beibu Gulf Discovery: May 2006 Pay: Test: Appraisal: 95m net hydrocarbon pay, mainly oil. The well tested three separate zones resulting in a collective stabilised flow rate of 5,750 BOPD. Sidetrack 1: Wei 6-12S-1a Drilled in June-July 2006 within 50m of the discovery well to obtain core data, pressure readings and fluid samples. Initial analysis of the 5 cores recovered totalling approximately 78m, confirmed the high quality reservoir observed in the discovery well. Sidetrack 2: Wei 6-12S-1b Drilled in July 2006 designed to intersect all the reservoir intervals seen in the upper part of the original discovery well 300m down dip from the discovery well. Preliminary results encouraging with oil being confirmed in the expected target horizons. Slide 29
ANGOLA UK (1) NORTH SEA 12% (2) and 12.5% (2) 1999 CHINA 24.5% & 40% (3) 1998 AUSTRALIA Generally 37.5% 1999 MAURITANIA 2% - 5% 2000 EQUATORIAL GUINEA 18.75% (4) 2000 ANGOLA 60% (5) 1998 Operated / Managed Non-Operated (1) Excludes onshore UK (2) Estimate post unitisation (3) Pre 51% Government Back-In for Block 22/12 (4) 15% Free carried through 2007 well (5) 75% contributing interest 1998 Date of first contact / acquisition Slide 30
WHY ONSHORE ANGOLA? Globally significant oil province Good experiences since 1998 Supportive Government Satisfactory Fiscal Terms Attractive business environment Appropriate fit for ROC s strengths Not many western independents Low-cost and low-risk initial entry via patient build-up Slide 31
ANGOLA - EXPLORATION Cabinda South Block, onshore Angola ROC: 60% (1) and Operator Seismic 722 km 2D and 415 sq km 3D dynamite and Vibroseis seismic acquired 2005 & 2006. Data quality good to excellent. Structuring confirmed. M BOUNDI FIELD One of the larger recent oil discoveries, onshore Africa ca 220 330 MMBO Exploration Drilling Programme Two-year contract signed with Simmons Drilling Overseas Limited for the Simmons 80 Rig to commence a proposed minimum three well exploration drilling programme between March and May 2007. Discussions continuing regarding possible additional rig for December 2006 start. (1) 60% working interest & 75% Contributing Interest Slide 32
ROC ONSHORE ANGOLA RIGHT TIME RIGHT PLACE Angola is undergoing reconstruction following the end of the 30 year civil war in 2002. Oil production platforms offshore Cabinda pump oil to shore-based facilities at rates in excess of 400,000 BOPD, as ROC explores the adjacent onshore area after >30 years of inactivity. Slide 33
ANGOLA - EXPLORATION THE PETROLEUM GEOLOGY OF THE LOWER CONGO BASIN A globally significant petroleum province. Production immediately offshore to the west, immediately onshore to the south both on trend and ca 100 km to the north. Multiple reservoir, source and cap intervals, collectively hundreds of metres thick, in a heavily structured setting with additional potential for stratigraphic traps. Pre-1973 drilling viewed as encouraging in light of new (2005) seismic which demonstrates that most of the 33 wells drilled in the block were located in less than optimal structural positions. Slide 34
ANGOLA EXPLORATION MASSAMBALA PROSPECT Structure Map Target: Trap: Areal extent: Vertical closure: Gross reservoir thickness: Net to gross: Porosity: P50 In-place oil: P10 In-place oil: Upper Vermelha Upthrown fault block with 3-way dip closure defined by 2005 3D seismic Up to 15 sq km Up to 75m ~50m* 30%* 20%* 33 MMBO (1) 180 MMBO (2) * Based on nearby well (1) Technical Expert (2) ROC Slide 35
ANGOLA EXPLORATION MASSAMBALA PROSPECT Cross Section Primary target (PT): Upper Vermelha Sandstones in tilted fault block Secondary targets (ST): Malembo, Iabe, Lago, Mesa Lower Vermelha Sst TD = Proposed Total Depth Slide 36
ANGOLA EXPLORATION CAJU PROSPECT Structure Map Target: Trap: Areal extent: Vertical closure: Gross reservoir thickness: Net to gross: Porosity: P50 In-place oil: P10 In-place oil: Lower Vermelha Upthrown fault block with 3-way dip closure defined by 2005 3D seismic Up to 3.1 sq km Up to 150m 260m* 70%* 22%* 63 MMBO (1) 158 MMBO (2) * Based on nearby well (1) Technical Expert (2) ROC Slide 37
ANGOLA EXPLORATION CAJU PROSPECT Cross Section Primary target: Lower Vermelha Sandstones in tilted fault block Secondary targets: Mavuma/Pinda Upper Vermelha, Intra Bucomazi and possibly Lucula TD = Proposed Total Depth CTD = Contingent Total Depth Slide 38
AUSTRALIA UK (1) NORTH SEA 12% (2) and 12.5% (2) 1999 CHINA 24.5% & 40% (3) 1998 AUSTRALIA Generally 37.5% 1999 MAURITANIA 2% - 5% 2000 EQUATORIAL GUINEA 18.75% (4) 2000 ANGOLA 60% (5) 1998 Operated / Managed Non-Operated (1) Excludes onshore UK (2) Estimate post unitisation (3) Pre 51% Government Back-In for Block 22/12 (4) 15% Free carried through 2007 well (5) 75% contributing interest 1998 Date of first contact / acquisition Slide 39
AUSTRALIA EXPLORATION & PRODUCTION 1999 Seismic option acquired over WA-286-P 2000 Option exercised 2001 2002-06 2006 2007 ROC s first well in Australia discovers the Cliff Head Oil Field a first for the offshore Perth Basin More acreage acquired. Seven other exploration wells drilled without commercial success Cliff Head starts production 14 months after Final Investment Decision Up to 3 exploration wells planned, subject to rig availability Slide 40
AUSTRALIA - PRODUCTION Cliff Head Oil Field, Perth Basin, Offshore Western Australia (ROC: 37.5% & Operator) Discovery Final Investment Decision First oil production Development Concept December 2001 March 2005 May 2006 Remotely controlled unmanned platform, pipelines to onshore plant Includes six production wells and two water injectors Oil trucked to refinery Gross Development Cost Gross 3Q 2006 Production Rate Gross 2P Remaining Reserves 1/7/06 (1) Technical Expert s estimated reserves $327 million 9,325 BOPD 15.4 MMBO (1) Slide 41
CLIFF HEAD DEVELOPMENT Deck lifted on to jacket, February 2006 Slide 42
CLIFF HEAD DEVELOPMENT April 2006 Rig & Platform 11km offshore Slide 43
THE CLIFF HEAD DEVELOPMENT August 2006 After stabilisation at Arrowsmith, the oil is loaded into road tankers that transport it to BP s refinery at Kwinana approximately 350km to the south. Slide 44
UK NORTH SEA UK (1) NORTH SEA 12% (2) and 12.5% (2) 1999 CHINA 24.5% & 40% (3) 1998 AUSTRALIA Generally 37.5% 1999 MAURITANIA 2% - 5% 2000 EQUATORIAL GUINEA 18.75% (4) 2000 ANGOLA 60% (5) 1998 Operated / Managed Non-Operated (1) Excludes onshore UK (2) Estimate post unitisation (3) Pre 51% Government Back-In for Block 22/12 (4) 15% Free carried through 2007 well (5) 75% contributing interest 1998 Date of first contact / acquisition Slide 45
UK - DEVELOPMENT Slide 46
UK - DEVELOPMENT Blane Oil Field, North Sea (ROC: 12.5%) Discovery 1989 Final Investment Decision July 2005 First oil production 2Q 2007 Development Concept Gross Development Cost Two production wells with gas lift and 1 water injection well. Subsea tie-back to Ula Platform 207 million Gross Initial Production 16,000 BOPD and Rate 4 MMSCFD Gross 2P Reserves 30.4 MMBOE (1) Operator (1) Technical Expert s estimated reserves Talisman Expro Ltd Slide 47
UK - DEVELOPMENT Enoch Oil & Gas Field, North Sea (ROC: 12.0%) Discovery 1985 Final Investment Decision July 2005 First oil production 1Q 2007 Development Concept Gross Development Cost Single production well with gas lift. Subsea tie-back to Brae-A Platform 93 million Gross Initial Production 12,000 BOPD and 20 Rate MMSCFD Gross 2P Reserves 13.5 MMBOE (1) Operator Talisman Expro Ltd (1) Technical Expert s estimated reserves Slide 48
MAURITANIA AND EQUATORIAL GUINEA UK (1) NORTH SEA 12% (2) and 12.5% (2) 1999 CHINA 24.5% & 40% (3) 1998 AUSTRALIA Generally 37.5% 1999 MAURITANIA 2% - 5% 2000 EQUATORIAL GUINEA 18.75% (4) 2000 ANGOLA 60% (5) 1998 Operated / Managed Non-Operated (1) Excludes onshore UK (2) Estimate post unitisation (3) Pre 51% Government Back-In for Block 22/12 (4) 15% Free carried through 2007 well (5) 75% contributing interest 1998 Date of first contact / acquisition Slide 49
OFFSHORE MAURITANIA EXPLORATION, APPRAISAL AND PRODUCTION ROC Appraisal Production Operator Discovery Final Investment Decision First Oil Production Development Concept Gross Development Cost (Phase 1 only) Gross 3Q 2006 Production Rate Gross 2P Remaining Reserves 1/7/06 2.0% - 5.0% Tiof Oil Field Banda Gas Field Tevét Oil Field Chinguetti Woodside (Mauritania) Pty Ltd 2001 2004 February 2006 Deepwater FPSO Further development drilling anticipated. US$709 million (forecast) 31,000 BOPD 46.5 MMBO (1) (1) Technical Expert s estimated reserves Slide 50
OFFSHORE EQUATORIAL GUINEA LARGE DEEPWATER OIL PROSPECT OFFSHORE RIO MUNI BASIN ROC 18.75% and Technical Manager In 2004 ROC operated the Bravo-1 exploration well in 1500m of water. ROC is free carried for 15% of the Aleta-1 deep water well, scheduled to be drilled in 2007, subject to finalisation of rig contract. Slide 51
COMPANY-WIDE VALUE DRIVERS Balanced production and development portfolio China Australia UK Mauritania Aggressive and diverse exploration drilling programme Angola China Australia Mauritania Equatorial Guinea Strong financial and technical base ca 11,000 BOPD Established Board & Management with serial project success in diverse locations Slide 52
DISCLAIMER Important Information This presentation is not a Prospectus nor an offer for securities in any jurisdiction nor a securities recommendation The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions investors should rely on their own examination of ROC and consult with their own legal, tax, business and/or financial advisers in connection with any acquisition of securities. The information contain in this presentation has been prepared in good faith by ROC. However, no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in the is presentation. To the maximum extent permitted by law, ROC, its directors officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person thought the use or reliance on anything contained in or omitted in this presentation. Certain information in this presentation refers to the intentions of ROC, but these are not but these are intended to be forecasts, forward looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause ROC's actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, ROC, its directors officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in this presentation will actually occur as contemplated. Slide 53
Roc Oil Company Limited Level 14, 1 Market Street Sydney, NSW, 2000 www.rocoil.com.au Slide 54