2009-08-04-2009-07-01

To acquire 10% addtl WI in Australian production licenses VIC/L26, VIC/L27 & VIC/L28, offshore Victoria, including Basker Manta Gummy (BMG) project.

Indonesian National Oil Co. (Pertamina) subsidiary PT Pertamina Hulu Energi plans to acquire a 10% additional interest in Australian production licenses VIC/L26, VIC/L27 and VIC/L28, offshore Victoria, which include the Basker Manta Gummy (BMG) project, from Roc Oil Co. Ltd. (London: ROC) subsidiary Anzon Australia Pty Ltd. for US$31.5 million. Through Anzon, Roc will retain a 30% participating interest in and remain operator of the BMG project. Pro forma, BMG joint-venture participant interests will be: Anzon (operator), 30%; Beach Petroleum Ltd., 30%; Cieco Exploration and Production (Australia) Pty Ltd., 20%; Sojitz Energy Australia Pty Ltd., 10%; and PT Pertamina Hulu Energi, 10%. Roc chief executive Bruce Clement says, "The sale of a 10% interest in the BMG project is a positive initiative for Roc and is consistent with the company's strategy to balance its asset portfolio and manage financial resources and risk. The additional funds raised by the sale will strengthen the company's balance sheet by reducing net debt, as well as reducing future development commitments for the BMG project." The effective date is April 1. Closing is expected in third-quarter 2009. Oriel Securities Ltd. is advisor to Roc.