Ann: Basker-Manta-Gummy Oil and Gas Project - Ope, page-11

re: Ann: Basker-Manta-Gummy Oil and Gas Proje... Small summary below; the market will react once it digests it. See last paragraph.

Sydney - Tuesday - March 17: (RWE Australian Business News) -
Roc Oil (ASX:ROC) reports that following a detailed technical and
commercial review, the BMG Joint Venture has taken a number of
initiatives to revise the development plan and schedule for the
ROC-operated BMG Project which has resulted in substantial project cost
savings.
In 2009 and 2010, the BMG JV will focus on enhancing the
production performance of the Phase-1 oil project. Development
commitments for the Phase-2 gas project have been reduced in 2009.
The 2009 drill rig program has been significantly reduced
through the assignment of BMG JV commitments for the Kan Tan IV rig and
a recently completed rig swap with Shell Development (Australia) Pty
Limited, under which the Songa Venus rig has been swapped for the Ocean
Patriot rig.
These actions have reduced BMG JV cost commitments in 2009 by
over US$100 million and provided a more flexible drilling program for
the project.