Ann: Activities Report for Quarter Ended 31 March, page-4

re: Ann: Activities Report for Quarter Ended ... March Quarter Report:

1. "ROC?s net crude oil underlift position at Quarter-end increased by 0.209 MMBOE" and "Average realised oil price (excluding hedging) in the Quarter of US$103.85/BBL" imply an additional $21.7M in sales have been deferred into subsequent quarters reports; and

2. "Remaining hedge positions from 1 April 2011 to 31 December 2011 are 533,999 Brent oil price swaps, at a weighted average Brent price of US$63.56/BBL." compared to Dec Quarter position "Remaining hedge positions from 1 January 2011 to 31 December 2011 are 875,997 Brent Oil Price Swaps, at a weighted average Brent price of US$63.71/BBL." imply that 323,998 expired during the quarter which represent 72% of actual sales made during the quarter. Without those hedges ROC would have received an extra $13M during the quarter.

I am not too concerned with the current cash position.

As far as the divestment of all African assets go, I am actual against the giving away of some of the discoveries offshore Mauritania and the Castanha discovery in Angola.

Regards

SP