ROC OIL COMPANY LIMITED
ABN 32 075 965 856

HISTORY

• In 2H 2008, ROC acquired its interests in the Gippsland Basin via acquisition of Anzon Australia Limited.

• ROC's Gippsland Basin producing asset comprised a 40% operating interest in VIC/L26, VIC/L27 and VIC/L28 which includes the Basker-Manta-Gummy ("BMG") Oil and Gas Fields.  Effective 1 April 2009, ROC sold a 10% participating interest to PT Pertamina Hulu Energi Australia Pty Ltd.  The sale was completed in August 2009.

• The Basker field was discovered in 1983, Manta in 1984 and Gummy in 1990. 3D seismic was acquired in 1996. Five development wells (four producers and one gas injector) were drilled from September 2005 to May 2006. Full production commenced in December 2006.
  

• Cumulative production to end-2007 was over three million barrels at an average rate of 8,700 BOPD. Peak production rates have reached in excess of 15,000 BOPD.
  

• An oil producer was drilled in 2008 and production from the well commenced in September 2008.  Basker-7 was drilled, completed and successfully brought online as a producer in 4Q 2009.

GEOLOGY

• Oil resources in the Basker and Manta Fields comprise stacked pay in numerous thin sands within the Latrobe Group with multiple contacts and trapped by internal seals. The sands are typically good reservoir quality.

• Gas resources in the BMG Fields comprise both associated and non-associated gas in the Latrobe sands and non-associated gas in the deeper Golden Beach zones. Golden Beach sands are generally of modest reservoir quality.

• Most oil-bearing zones contain a light (40^o API), high GOR fluid. Gas bearing zones at Basker and Manta typically contain wet gas.

DEVELOPMENT PLAN AND FACILITIES

• The BMG oil and gas fields are producing oil from five wells (Basker-2, -3, -5, -6 and Manta-2A). Gas is flared or re-injected into Basker-4.

• Development wells are connected to a subsea manifold at a water depth of 158 metres, which is tied back to the FPSO “Crystal Ocean" by subsea flowlines. Production capacity is about 25,000 BOPD.

• Oil is transferred from the FPSO by flowline to the shuttle tanker “Basker Spirit", which stores and transports oil to refineries in Victoria or by ship-to-ship transfer into the export market.

 JV PARTICIPANTS AND INTERESTS 

Activity Status

• Producing.

• The focus in 2010 is to enhance production performance of the Phase-1 oil development project.

• A low pressure flare recovery compressor package (to supplement the re-injection of produced gas) was installed on the Crystal Ocean FPSO in 4Q 2009.  Final commissioning is pending.

• The joint venture continues to assess various options for the potential future development of the field's gas resource.

• ROC net 0.9 MMBOE oil reserves as at 31 December 2009.

• December 2006

• 1,513 BOPD gross (ROC net 454 BOPD).
• The field was shut down for approximately 8 weeks in 2Q 2010 for maintenance and repair activities.  Production rate in the final week of the quarter averaged approximately 4,700 BOPD gross.