Roc Oil Company Limited (ROC) is pleased to announce it has entered into two transactions with Buru Energy Limited (Buru) for:

(1) a 50% non-operated interest in the Ungani production licences (L20 and L21), onshore Western Australia, for a purchase price of A$64 million (Ungani Transaction); and
(2) a 50% non-operated interest in each of exploration licences EP391, EP428 and EP436, onshore Western Australia by funding 80% of the first A$25 million of exploration expenditure on a mutually agreed work program, being a maximum of A$20 million.

ROC’s Chief Executive Officer and Executive Director Dr. Yuanlin Jiang said, “we are pleased to continue maintaining and growing our presence in Australia. We see the acquisitions as a sound investment and complementary to our existing business operations as an oil and gas producer based in Australia. “We look forward to a close collaboration with Buru, a very experienced partner, to deliver more value to the shareholders of both companies” Jiang added.

Upon completion, the Ungani acquisition will increase ROC’s net daily working interest production from approximately 7,500 bopd currently to 8,900 bopd and net proven and probable (“2P”) reserves will increase 17% to 22.2 million barrels of oil. Importantly, the acquisitions will meaningfully increase ROC’s exploration opportunity in a very prospective area. The transactions will be fully funded from ROC’s existing cash.