Tap Oil Limited - 11-May-05

ROC has entered into a Farmin Agreement with BHP Billiton with regard to WA-351-P in the deep water portion of the Carnarvon Basin. Subsequent to the farmin, the WA-351-P Joint Venture will consist of BHP Billiton (Operator with 55%), a subsidiary of Tap Oil Limited (25%) and ROC (20%).

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