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ROC Updates Operations on Zhao Dong Production

Source: www.gulfoilandgas.com 6/8/2010, Location: Asia

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Roc Oil (Bohai) Company, a wholly owned subsidiary of ROC, advises that Zhao Dong oil field production is currently averaging over 24,000 BOPD and total year-to-date production to 31 May was approximately 2.5 MMBBL.

Despite the production downtime caused by severe winter weather and sea-ice conditions in the Bohai Bay during 1Q 2010, production is still expected to meet the budget target of over 7 MMBBL for the year.

Following a delayed start due to the severe winter weather, the planned 2010 development drilling programme is underway with 6 of the planned 24 wells completed within budget and now contributing over 5,000 BOPD to current production. To mitigate the delayed start, parallel drilling operations on the C4 platform and the Zhao Dong platform are taking place to accelerate the programme and deliver earlier production. Several well workovers and pump change-outs have also been completed to improve the performance of existing wells.

Preparations are in progress for the construction of the gas pipeline from Zhao Dong to shore. The commencement of gas sales is planned for 4Q 2010.

Participating interests in Zhao Dong C and D and ERA Oil Fields are: Roc Oil (Bohai) Company (Operator): 24.5%, PetroChina Company Limited: 51.0% and New XCL-China LLC: 24.5%.

Participating interests in the unitised C-4 field are: Roc Oil (Bohai) Company (Operator): 11.58%, PetroChina Company Limited: 76.85% and New XCL-China LLC: 11.58%.

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