During 2005 the company expects to drill 34 wells with a total drilling budget of about $50m with 35% of which these wells to be operated by Roc. Nineteen of the wells will be offshore.

“Drilling activity will be spread between six countries and seven regions: onshore England; UK North Sea; West Africa, specifically deep water Mauritania and Equatorial Guinea; shallow waters offshore China; offshore Australia; and onshore New Zealand,” Roc said.

“Each of the 15 exploration/appraisal wells is expected to have the potential to add at least several million barrels to ROC’s net proved and probable reserves - and some of those wells have the capacity to add a lot more.”

If the Chinguetti and Cliff Head development programs are completed on schedule, Roc’s production should increase from nil to about 8,000 bopd over the next 12 months, the company said.

This is without reference to the company’s option over up to 26% of the Ardmore Oil Field in the North Sea. Successful development drilling in this field could add a net 2,000 to 3,000 bopd to Roc's entire 2005 and early 2006 production, according to CEO John Doran.