Nevertheless, Roc Oil shares rose 5c to $1.66 on the back of a major oil discovery in China. Along with a group Australian juniors including Bligh Oil & Minerals, Petsec Energy and First Australian Resources, the company announced it had struck a 13.5m gross oil column from its first well in China.

The Chinese oil discovery was likened by many in the market to Roc Oil's success in the Cliff Head discovery off the WA coast. "With a good result from its first well in China, Roc has continued to its recent run of exploration and appraisal drilling successes which began in mid-2001," said Roc Oil chief executive, Mr John Doran.