jd-Temp_4th Annual African Petroleum Forum_Mar07 Roc Oil Company Limited Presentation to: 11 th Africa Oil and Gas, Trade and Finance Conference and Exhibition Africa’s Future Potential: From Mauritania to Angola and Madagascar Nairobi, May 23rd 2007 NOT AN OFFICIAL UNCTAD RECORD

jd-Temp_4th Annual African Petroleum Forum_Mar07 AFRICA REMAINS VERY FASHIONABLE … INDEED, OUT OF AFRICA IS GETTING MORE AND MORE FASHIONABLE. AND, EVERYONE WANTS A PIECE OF IT!

jd-Temp_4th Annual African Petroleum Forum_Mar07 … AS AN EMERGING OIL POWER … By 2010 Africa will have added extra 4 MMBOPD to world oil production

jd-Temp_4th Annual African Petroleum Forum_Mar07 By 2010 Africa will have added extra 4 MMBOPD to world oil production... that’s like adding another Iraq to global production (and some) … AS AN EMERGING OIL POWER …

jd-Temp_4th Annual African Petroleum Forum_Mar07 ROC FIRST VENTURED INTO AFRICA IN 1998 …

jd-Temp_4th Annual African Petroleum Forum_Mar07 ROC FIRST VENTURED INTO AFRICA IN 1998 … Part of a Balanced Portfolio Approach …

jd-Temp_4th Annual African Petroleum Forum_Mar07 PART OF A WELL ESTABLISHED, BALANCED PORTFOLIO MAURITANIA 2% - 5% 2000 EQUATORIAL GUINEA 18.75% (4) 2000 ANGOLA 60% (5) 1998 AUSTRALIA Generally 37.5% 1999 CHINA 24.5% & 40% (3) 1998 MADAGASCAR 75% (6) 2006 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 exploration well (5) 75% contributing interest for exploration (6) Subject to Presidential Decree ‘ 1998’ Date of first contact / acquisition UK (1) NORTH SEA 12% (2) and 12.5% (2) 1999

jd-Temp_4th Annual African Petroleum Forum_Mar07 ROC OIL’S REVENUE AND GROWTH POTENTIAL AUSTRALIA NORTH SEA MAURITANIA ANGOLA EQUATORIAL GUINEA MADAGASCAR CHINA 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 Substantial production, development and appraisal upside Leverage to substantial exploration potential REVENUEGROWTH

jd-Temp_4th Annual African Petroleum Forum_Mar07 Angola China Mauritania Western Australia Equatorial Guinea Zhao Dong Wei 12-8 East Tiof Banda Tev Zhao Dong C4 Wei 6-12 South Wei Wei 12-8 West Blane Enoch Cliff Head Chinguetti Zhao Dong C & D Fields Exploration At least 10 wells planned for 2006/7 Appraisal 5 fields in 2 countries Pre-development 4 fields Development ca 3,000 BOPD production for 1H 2007 Production ca11,000 BOPD recent production Angola China Mauritania Madagascar Australia Equatorial Guinea Zhao Dong Extended Reach Wei East Tiof Banda Tevét Zhao Dong C4 Wei South Wei Wei West Blane Enoch Cliff Head Chinguetti ExplorationAppraisal 5 fields/areas in 2 countries Pre-development 4 fields in China Development 2 Fields ca 3,400 BOPD production from 2Q 2007 Production 4 Fields ca 10,000 BOPD Zhao Dong C & D Fields BALANCE AND DIVERSITY– WITH AFRICA PLAYING AN IMPORTANT ROLE A global portfolio covering approximately 94,000 gross sq km across four main regions: Australia, China, Africa and the UK A “conveyor belt” approach generating a diverse and balanced portfolio

jd-Temp_4th Annual African Petroleum Forum_Mar07 ROC’S JOURNEY INTO AFRICA Sought an interest in the Cabinda South Block, onshore Angola. Acquired interests in Equatorial Guinea and Mauritania ROC’s first well in Africa discovered the Chinguetti Oil Field, offshore Mauritania. Acquired interest in Cabinda. ROC made its debut as a deep water operator/explorer through the drilling of Bravo-1 wildcat well in Equatorial Guinea. Activated Cabinda South PSC, onshore Angola. ROC-operated seismic survey marked the effective return of onshore oil exploration activities to Angola after an absence of more than 30 years. Production commenced in February from the Chinguetti Oil Field. Second seismic survey onshore Angola. Drilling rig contract signed for 2007 onshore Angolan drilling programme – the first for >30 years. Signed PSC in Madagascar – first step into East Africa

jd-Temp_4th Annual African Petroleum Forum_Mar07 A WELL ESTABLISHED PORTFOLIO: MAURITANIA UK NORTH SEA 12% and 12.5% (1) 1999 UK ONSHORE 100% 1999 CHINA 40% (2) & 24.5% 1998 AUSTRALIA Generally 37.5% 1999 (1) Estimate post unitisation (2) Pre-Government Back-In for Block 22/12 (3) 15% Free carried through 2006/07 well ‘1998’ Date of first contact / acquisition Note:Excludes 2% ORR received on future gross production from PEP38767, onshore New Zealand MAURITANIA 2% - 5% 2000 EQUATORIAL GUINEA 18.75% (4) 2000 ANGOLA 60% (5) 1998

jd-Temp_4th Annual African Petroleum Forum_Mar : ROC OIL’S FIRST WELL IN AFRICA WAS AN OIL DISCOVERY

jd-Temp_4th Annual African Petroleum Forum_Mar07 THE FIRST CHINGUETTI PRODUCTION TEST IN 2003 (1,560 BOPD)

jd-Temp_4th Annual African Petroleum Forum_Mar07 The Berge Helene being upgraded for Chinguetti FPSO services. ROC IN WEST AFRICA – MAURITANIA

jd-Temp_4th Annual African Petroleum Forum_Mar07 CHINGUETTI OIL FIELD DEVELOPMENT THE “BERGE HELENE” BEFORE AND AFTER UPGRADE

jd-Temp_4th Annual African Petroleum Forum_Mar07 CHINGUETTI: FIRST PRODUCTION - FEBRUARY 2006

jd-Temp_4th Annual African Petroleum Forum_Mar07 FOR THE FORESEEABLE FUTURE, MAURITANIA’S PETROLEUM POTENTIAL DEPENDS UPON DEEP WATER EXPLORATION SUCCESS

jd-Temp_4th Annual African Petroleum Forum_Mar07 DEEP WATER CHALLENGES DEEP WATER EXPLORATION HAS ITS OWN UNIQUE SET OF CHALLENGES

jd-Temp_4th Annual African Petroleum Forum_Mar07 MAURITANIA’S PETROLEUM POTENTIAL

jd-Temp_4th Annual African Petroleum Forum_Mar07 A WELL ESTABLISHED PORTFOLIO: EQUATORIAL GUINEA UK NORTH SEA 12% and 12.5% (1) 1999 UK ONSHORE 100% 1999 CHINA 40% (2) & 24.5% 1998 AUSTRALIA Generally 37.5% 1999 (1) Estimate post unitisation (2) Pre-Government Back-In for Block 22/12 (3) 15% Free carried through 2006/07 well ‘1998’ Date of first contact / acquisition Note:Excludes 2% ORR received on future gross production from PEP38767, onshore New Zealand MAURITANIA 2% - 5% 2000 ANGOLA 60% (5) 1998 EQUATORIAL GUINEA 18.75% (4) 2000

jd-Temp_4th Annual African Petroleum Forum_Mar07 ROC IN WEST AFRICA – EQUATORIAL GUINEA ROC 18.75% and Technical Manager Deep water well scheduled - ASAP subject to rig availability

jd-Temp_4th Annual African Petroleum Forum_Mar07 In early 2001, ROC acquired a 1,400 sq km block-wide 3D seismic survey. Interpretation, completed in 2002, identified numerous diverse prospects and leads. Bravo-1 was drilled in Aleta-1 is waiting on a rig. ROC ACQUIRED 3D SEISMIC, DEEP WATER EQUATORIAL GUINEA

jd-Temp_4th Annual African Petroleum Forum_Mar07 EQUATORIAL GUINEA – ALETA PROSPECT Truncation/onlap edge H Blocks L Block Channels/Overbank & Levee Reservoir fairway Aleta Closures Low amplitude mounded lobes reservoir facies

jd-Temp_4th Annual African Petroleum Forum_Mar07 Channel Axis XL4501 Albian to Santonian ponded, channelised turbidite sands in slope mini-basin Basin floor channelised fan, Spilled from mini-basin Onlapping amplitudes Amigo Structure XL4501 End rift surface - looking northeast. Structure in grayscale overlay. Opacity display of Albian to Santonian amplitudes EQUATORIAL GUINEA Bufo Lead – Opacity Stack of Ponded Sands

jd-Temp_4th Annual African Petroleum Forum_Mar07 SUBSTANTIAL EXPLORATION POTENTIAL WEST AFRICA – EQUATORIAL GUINEA Aleta Prospect Cretaceous channel sands MMBO

jd-Temp_4th Annual African Petroleum Forum_Mar07 A WELL ESTABLISHED PORTFOLIO: ANGOLA UK NORTH SEA 12% and 12.5% (1) 1999 UK ONSHORE 100% 1999 CHINA 40% (2) & 24.5% 1998 AUSTRALIA Generally 37.5% 1999 (1) Estimate post unitisation (2) Pre-Government Back-In for Block 22/12 (3) 15% Free carried through 2006/07 well ‘1998’ Date of first contact / acquisition Note:Excludes 2% ORR received on future gross production from PEP38767, onshore New Zealand MAURITANIA 2% - 5% 2000 EQUATORIAL GUINEA 18.75% (4) 2000 ANGOLA 60% (5) 2001

jd-Temp_4th Annual African Petroleum Forum_Mar07 WHY ANGOLA?

jd-Temp_4th Annual African Petroleum Forum_Mar07 Globally significant oil province Good experiences since first contact in 1998 Satisfactory Fiscal Terms Attractive business environment Appropriate fit for ROC’s strengths Not many western independents Low-cost & low-risk initial entry via patient build-up Supportive Government WHY ANGOLA?

jd-Temp_4th Annual African Petroleum Forum_Mar07 WHY ANGOLA? Globally significant oil province Satisfactory Fiscal Terms Attractive business environment Appropriate fit for ROC’s strengths Not many western independents Low-cost & low-risk initial entry via patient build-up Supportive Government Good experiences since first contact in 1998

jd-Temp_4th Annual African Petroleum Forum_Mar07 Decades of oil exploration & production Billions of barrels discovered in Lower Congo Basin, immediately offshore Cabinda Billions of barrels discovered in last 10 years in deep water offshore Angola ANGOLA – A MAJOR AFRICAN OIL PRODUCER

jd-Temp_4th Annual African Petroleum Forum_Mar07 LOWER CONGO BASIN OIL PRODUCING AREAS OFFSHORE CABINDA ca 15 billion barrels discovered since 1960s. Operator, Chevron, has just renewed original permit via a US$290 million signature bonus including community commitment and multi- billion dollar work commitment. Structural and depositional trends run from/to on/offshore. 10 km west to nearest production CABINDA SOUTH BLOCK 1,073 sq km ≡ 4 North Sea Blocks Effectively no exploration between 1974 and 2005, when ROC acquired a very significant seismic survey 110 km north to M’Boundi 10 km south to nearest production DEMOCRATIC REPUBLIC OF CONGO Established production from several onshore fields Post-salt production at shallow depth M’BOUNDI FIELD (Congo-Brazzaville) Including one of Africa’s larger recent onshore discoveries with 2P reserves ~ 250 MMBO, plus upside. First production:2002 Current production : 45,000 BOPD Facilities expansion : to 60,000 BOPD Pre-salt play ~1,800 mss >50 wells during km west to nearest oil discovery

jd-Temp_4th Annual African Petroleum Forum_Mar07 ROC’S “SENSIBLY CONTRARY” STRATEGY - WELL ILLUSTRATED BY REFERENCE TO ANGOLA

jd-Temp_4th Annual African Petroleum Forum_Mar07 CABINDA SOUTH BLOCK 1958First well drilled - dry 1964Second well drilled – flowed oil more wells drilled on surface geology, gravity and single fold seismic data 1974 – 2005No activity EXPLORATION HISTORY PRE ROC

jd-Temp_4th Annual African Petroleum Forum_Mar07 CABINDA SOUTH BLOCK 1998First attempt to acquire equity in block (15%) fails due to higher bidder 2000Agreed to acquire 45% & operatorship from Total, subject to Government approval. 2001Government approval received 2003Acquired additional 15% interest 2004Activated Production Sharing Agreement ROC’S INVOLVEMENT:

jd-Temp_4th Annual African Petroleum Forum_Mar07 CABINDA SOUTH BLOCK 2005Acquired 3D & 2D seismic 2006Acquired more 3D & 2D seismic 2007Plan to drill 3 – 6 wells & acquire more 3D seismic ROC’S INVOLVEMENT 2005

jd-Temp_4th Annual African Petroleum Forum_Mar07 NO FIELDS IN THE 50’s OFFSHORE CABINDA - ANGOLA

jd-Temp_4th Annual African Petroleum Forum_Mar07 OFFSHORE CABINDA - ANGOLA THE FIELDS KNOWN TO EXIST IN THE 60’s

jd-Temp_4th Annual African Petroleum Forum_Mar07 THE FIELDS KNOWN TO EXIST IN THE 70’s OFFSHORE CABINDA - ANGOLA

jd-Temp_4th Annual African Petroleum Forum_Mar07 THE FIELDS KNOWN TO EXIST IN THE 80’s OFFSHORE CABINDA - ANGOLA

jd-Temp_4th Annual African Petroleum Forum_Mar07 THE FIELDS KNOWN TO EXIST IN THE 90’s OFFSHORE CABINDA - ANGOLA

jd-Temp_4th Annual African Petroleum Forum_Mar07 THE FIELDS WHICH ARE NOW KNOWN TO EXIST OFFSHORE CABINDA - ANGOLA

jd-Temp_4th Annual African Petroleum Forum_Mar07 EXPLORATION, CABINDA SOUTH BLOCK, ONSHORE ANGOLA Seismic 505 km 2D and 162 sq km 3D dynamite and Vibroseis seismic survey completed November 2005 Data quality good to excellent structuring confirmed Additional 254 sq km 3D acquired and 217 km 2D seismic acquired in 2006 Exploration Drilling Programme Two rigs contracted 3 – 6 well exploration drilling programme planned to commence 2Q 2007.

jd-Temp_4th Annual African Petroleum Forum_Mar07 CABINDA SOUTH BLOCK DISCOVERY Second well drilled in the Block (1964) recovered 400 BBLS of oil plus some gas and water.

jd-Temp_4th Annual African Petroleum Forum_Mar07 SEISMIC IN CABINDA

jd-Temp_4th Annual African Petroleum Forum_Mar07 CABINDA SOUTH BLOCK, ONSHORE ANGOLA TYPICAL HINTERLAND PLATEAU TOPOGRAPHY

jd-Temp_4th Annual African Petroleum Forum_Mar07 CABINDA SOUTH BLOCK, ONSHORE ANGOLA COASTAL PLAIN

jd-Temp_4th Annual African Petroleum Forum_Mar07 ROC IS MOVING FORWARD IN ANGOLA

jd-Temp_4th Annual African Petroleum Forum_Mar07 CABINDA SOUTH BLOCK, ONSHORE ANGOLA TYPICAL SMALL VILLAGE IN SOUTH WEST OF BLOCK

jd-Temp_4th Annual African Petroleum Forum_Mar07 ANGOLA: FIRST ONSHORE SEISMIC SURVEY FOR MORE THAN 30 YEARS

jd-Temp_4th Annual African Petroleum Forum_Mar07 3D SEISMIC SURVEY THROUGH VILLAGES IN ANGOLA IN 2005

jd-Temp_4th Annual African Petroleum Forum_Mar07 ROC SEISMIC ACQUISITION – CABINDA SOUTH, ANGOLA

jd-Temp_4th Annual African Petroleum Forum_Mar07 SHALLOW SEISMIC SHOT HOLES ONSHORE ANGOLA IN 2005

jd-Temp_4th Annual African Petroleum Forum_Mar07 ACTIVELY EXPLORING ONSHORE ANGOLA IN 2005

jd-Temp_4th Annual African Petroleum Forum_Mar07 A globally significant petroleum province. Production offshore 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-1974 drilling viewed as encouraging in light of new (2005) seismic. THE PETROLEUM GEOLOGY OF THE LOWER CONGO BASIN

jd-Temp_4th Annual African Petroleum Forum_Mar07 World class source rock - TOCs 3% to 25% (Avg 9%) - HIs 250 to metres of good to excellent source rocks intersected in wells pre 1974 Proven oil & gas generating kitchen in western region of the block Proven migration pathways into pre- and post-salt reservoirs SOURCE ROCK: A KEY INGREDIENT

jd-Temp_4th Annual African Petroleum Forum_Mar07 ‘SIMMONS’ RIG BEING UPGRADED IN DUBAI

jd-Temp_4th Annual African Petroleum Forum_Mar07 ‘EXPLORER’ RIG: SHIPPED FROM UK TO ANGOLA Due to commence drilling 2Q 2007

jd-Temp_4th Annual African Petroleum Forum_Mar07 RELATIVE DRILLING COSTS

jd-Temp_4th Annual African Petroleum Forum_Mar07 750HP Explorer Rig left UK mid February, arrived Cabinda mid- March. 1200HP Simmons Rig due to arrive in Cabinda in late May - June. The intention is to start the drilling campaign in May, subject to the end of the wet season. The addition of the Explorer rig potentially allows two rigs to be drilling at the same time and, in a success case, earlier development of the block. It also provides for quick follow-up for drilling appraisal wells on any discoveries shallower than 2,500m. DRILLING PROGRAM 2007

jd-Temp_4th Annual African Petroleum Forum_Mar07 EXPLORATION PLAY CONCEPTS CABINDA SOUTH BLOCK Oil flow 2km offshore

jd-Temp_4th Annual African Petroleum Forum_Mar07 Up to 15 sq km Areal extent: MASSAMBALA PROSPECT – POST SALT Upthrown fault block with 3- way dip closure defined by D seismic 75m Vertical closure: 50m Gross reservoir thickness: Trap: Target: 30% Net to gross: 20% Porosity: 33 – 180 MMBO In-place oil P50 – P10: Upper Vermelha

jd-Temp_4th Annual African Petroleum Forum_Mar07 Up to 3 sq km Areal extent: SOJA (1) PROSPECT – POST SALT Upthrown fault block with 3- way dip closure defined by D seismic 170m Vertical closure: 270m Gross reservoir thickness: Trap: 70% Net to gross: 22% Porosity: MMBO In-place oil P50 – P10: Lower Vermelha Target: (1) Formerly Caju

jd-Temp_4th Annual African Petroleum Forum_Mar07 CEVADA PROSPECT – POST-SALT Lower Vermelha Depth Map Up to 10 sq km Areal extent: Up to 80m Vertical closure: 280m Gross reservoir thickness: Target: 70% Net to gross: 22% Porosity: 56 – 264 MMBO In-place oil P50 – P10: Lower Vermelha Sandstone Upthrown fault block with 3-way dip closure Trap:

jd-Temp_4th Annual African Petroleum Forum_Mar07 MILHO-1 PROSPECT SUMMARY – PRE SALT 4 sq km Areal extent: Down thrown fault block with 3-way dip closure Up to 500m Vertical closure: 125m Gross reservoir thickness: Trap: Target: 45% Net to gross: 16% Porosity: MMBO In-place oil P50 – P10: Lucula Sandstone

jd-Temp_4th Annual African Petroleum Forum_Mar07 TRIGO-1 PROSPECT SUMMARY – PRE SALT Up to 18 sq km Areal extent: Up to 400m Vertical closure: 160m Gross reservoir thickness: Target: 45% Net to gross: 16% Porosity: 78 – 188 MMBO Combined In-place oil P50 – P10: Lucula Sandstone Upthrown fault block with 3-way dip closure defined by 3D seismic Trap: Up to 9 sq km Up to 115m 50m 75% 16% Chela Sandstone Anticlinal 4-way dip closure PrimarySecondary

jd-Temp_4th Annual African Petroleum Forum_Mar07 LEAD 113C – PRE SALT Up to 90 sq km Areal extent: Structural / Stratigraphic Up to 510m Vertical closure: Up to 100m Gross reservoir thickness: Trap: Target: 45% Net to gross: 16% Porosity: 90 – 528 MMBO In-place oil P50 – P10: Lucula Sandstone

jd-Temp_4th Annual African Petroleum Forum_Mar07 OIL IN-PLACE PLACE SUMMARY Play Prospect/LeadIn-Place Oil Estimates P50- P10 Comments Post Salt Pre Salt Massambala Soja (formerly Caju) Cevada Milho Trigo Lead 113C Total To be drilled by the ROC Explorer rig starting later this month Big upside. Likely to be second well for ROC Explorer Likely to be drilled after Milho/Trigo Directional well scheduled to be the first well drilled by the Simmons rig starting in June/July Directional well to be drilled from same site as Milho Subject to 200sq km 3D seismic to be acquired mid 2007

jd-Temp_4th Annual African Petroleum Forum_Mar07 ONSHORE ANGOLA  It is possible to undertake on-the-ground exploration activity after a gap of more than 30 years.  Seismic costs are high.  Seismic data quality is generally good to excellent  More than 80% of the previous wells were drilled off structure.  Abundant structuring.  Good Government support – given the area’s petroleum potential is relatively modest compared to Angola’s overall current and future production.  Community is excellent to work with.  HSE issues are manageable. WHAT ROC HAS LEARNED

jd-Temp_4th Annual African Petroleum Forum_Mar07 ROC’s attitude to business seems to work in Africa – as it does most other places 1.Respect everybody equally. 2. Preconceived ideas should be consigned to the rubbish bin. 3.Small companies can act as catalysts (eg Mauritania and Angola). 4. Administrative costs should be pared back as if the oil price is US$20/BBL. 5.Risk must be managed very carefully

jd-Temp_4th Annual African Petroleum Forum_Mar07 RISK MANAGEMENT IS IMPORTANT

jd-Temp_4th Annual African Petroleum Forum_Mar07 CABINDA SOUTH BLOCK RISK MANAGEMENT In 2005 and 2006, 30 UXO sites and 12 mines were discovered during two seismic surveys covering a total of 416 sq km and 717 line km. One minor LTI (a cut on the leg which required some stitches) after >78,000 man-days on the ground

jd-Temp_4th Annual African Petroleum Forum_Mar07 WITH ALL EXPLORATION COMPANIES, THERE COMES A TIME TO LOOK BEYOND THE RHETORIC …

jd-Temp_4th Annual African Petroleum Forum_Mar07 … AND START WORKING ON THE GROUND THAT IS EXACTLY WHAT ROC HAS DONE ONSHORE ANGOLA

jd-Temp_4th Annual African Petroleum Forum_Mar07 RIGHT TIME – RIGHT PLACE ROC IN ANGOLA

jd-Temp_4th Annual African Petroleum Forum_Mar07 Newly recognised deep water petroleum play Big area (13,700 sq km) Big upside Big equity Operatorship Realistic commitment MOZAMBIQUE CHANNEL PLAY: THE LATEST ADDITION TO ROC’S PORTFOLIO

jd-Temp_4th Annual African Petroleum Forum_Mar07 MOVING FORWARD As you carefully consider where to place each foot as you move forward, you may miss the milestones you are passing.

jd-Temp_4th Annual African Petroleum Forum_Mar07 THANK YOU Roc Oil Company Limited Level 14, 1 Market Street Sydney, NSW,