Gulf Oil and Gas accountACCOUNT

Beibu Gulf Project Final Investment Decision

Source: www.gulfoilandgas.com 2/14/2011, Location: Asia

Roc Oil (China) Company has advised that the Beibu Gulf project joint venture parties and the Joint Management Committee (which includes CNOOC Limited) have approved the Final Investment Decision (FID) in respect of the WZ6-12 and WZ12-8 West Oil Fields in Block 22/12, in the Beibu Gulf, South China Sea. ROC advised on 31 January 2011 that CNOOC Limited, as the delegated authority, had internally approved Project Investment and Overall Development Plan (ODP) and that each international joint venture partner was progressing towards FID. The Project Investment and ODP have now been submitted to the relevant Chinese Government Authority for formal approval.

As a result of FID approval, 2P reserves of 24 MMBBL will be booked for the project (ROC working interest: 4.7 MMBBL).

Participating interests in the Beibu Gulf project are: CNOOC Limited 51.00%; Roc Oil (China) Company 19.60%; Horizon Oil (Beibu) 14.70%; Petsec Petroleum 12.25%; Oil Australia (Majuko Corp) 2.45%.

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