gharabi 1, page-4

I was hopping that they might find oil. They didn't. However, they are looking at selling the acerage, and the gas assets might have some value with both Tullow and GDF SUEZ reported to be looking at developing their gas assets in Mauritania. Perhaps with the hope of commercialisation someone will pay something for them.

Senergy in their assessment of the value of Dana Petroleum assets referred to the following asset values:

"Mauritania /Senegal
oil 4.19 pounds/boe Based on Woodmac valuation of Tiof
Mauritania/Senegal
gas 2.09 pounds/boe Assumed value 50% of oil"
(page 152 of their report)

Looking at what assets ROC migth have in Mauritania, from ROC's 2008 Annual Report:

Extract from page 19 of ROC's 2008 Annual Report:

"Preliminary indications are that the
Banda Gas and Oil Field could contain
over 900 BCF of gas-in-place.

The Tiof and Tev?t oil and gas fields in
PSC B are being reviewed for further
appraisal activity. Recoverable reserves
are subject to further planned studies in
2009. The combined initial oil‑in‑place
is estimated to exceed 300 MMBBL"

Also from Dana's Competent Person's Report:

Resource
Cormoran 514 BSCF
Pelican 1,516 BSCF

(pages 141 and 142 of Dana's CP Report)

On page 153 of that report they estimated that Dana's 36% in the Cormoran Well, if successful, could be worth as much
as 265M pounds before discounting for geological and commercial risks. In other words, these discoveries could be worth something if they were developed but not much if they are left there undeveloped.

ROC has approxamiately 5% of these discoveries. I think it pointless to do a valuation as ROC would be unlikely to have a chance of realising that value. However, I follow proposals for development by Tullow and the other oil companies operating in offshore Mauritania to see what those assets could potentially be worth to ROC if developed based on a BFS.

In contrast, Macquarie Equities assigns a value to all of ROC's Mauritania assets at only $4M.

Regards

SP