10 may 2013 annual general meeting 2013 -...

ANNUAL GENERAL MEETING 2013

10 MAY 2013

CHAIRMAN’S ADDRESS – ANDREW LOVE

>Sales revenue US$242 million

>Net profit after tax US$61 million

>Production 6,445 BOEPD

>Net operating cashflow US$126 million

> 100% reserve replacement in 2012

>Positive HSE outcomes

Roc Oil Company Limited (ROC) SLIDE 2CHAIRMAN’S ADDRESS

CEO REPORT – ALAN LINN

Roc Oil Company Limited (ROC) CEO REPORT SLIDE 3

CEO REPORT

FOCUS & GROWTH

Strategy

Operational framework

HSE and Sustainability

Building Value

Financial results

Share price

Roc Oil Company Limited (ROC) CEO REPORT

Regional focus and 2012 performance

Operational and development performance

Reserves and resources

Exploration and development

2012 project activity

Teamwork

2013 Objectives

Closing remarks

SLIDE 4

CEO REPORT

“With its strong HSE and operating track record and return to consistent profitability, ROC is well positioned to grow shareholder value in Australia, China and South East Asia, the Company’s core operating regions.”


FOCUS AND GROWTH STRATEGY

Deliver existing businessFocus on existing assets and optimise production performance

Maximise near-field opportunitiesFocus on delivery of opportunities near to existing fields and basins


Develop opportunities in new venturesUtilise operator and current skill sets to deliver new opportunities in focus regions

Grow through exploration and acquisitionsSelectively identify and pursue value growth assets

SLIDE 6

ROC OPERATIONAL FRAMEWORK

FOCUS & GROWTHFOCUS & GROWTH

DISCLOSUREENGAGEMENTGOVERNANCE

DISCLOSUREENGAGEMENTGOVERNANCE

Roc Oil Company Limited (ROC) SLIDE 7

HSE & SUSTAINABILITYHSE & SUSTAINABILITY

ROC ‘LICENCE TO OPERATE’

ROC ‘LICENCE TO OPERATE’

2012 HSEC & SUSTAINABILITY PERFORMANCE

Health & Safety

Development of the ROC Asset Integrity Management system continues within all operations

Zhao Dong achieved two years without an LTI

LTIFR was 0.6 versus the APPEA five-year average of 1.3

Environment

Zero significant environmental incidents reported (>1 barrel)

16% decrease in greenhouse gas emissions and a 58% reduction in total flared gas compared to 2011

0

1

Jan Jun Dec

2012 LTIFR

2012 LTIFR 12month rolling average LTIFR

6

8

10

2012 TRIFR

Roc Oil Company Limited (ROC)

reduction in total flared gas compared to 2011

Community

Engaged with communities at all stages of projects

Supporting local communities with underlying focus on educational partnerships

Provide work experiences and employment opportunities where possible

0

2

4

6

Jan Jun Dec

2012 TRIFR 12 month rolling average TRIFR

LTIFR: lost time injury frequency rate

TRIFR: total recordable injury frequency rate

CEO REPORT SLIDE 8

Full Sustainability Report available at www.rocoil.com.au

2012 INCIDENTS

Containment

Near miss

Equipment related

Fire/smoke/sparks

Safety critical equipment

fault/failure

BUILDING VALUE - 2012 FINANCIAL RESULTS

358.2

204.5235.4

285.8

242.1

08 09 10 11 12

Lower production led to lower sales volumes

182.5

91.4

58.443.4

126.3

08 09 10 11 12

163.8

35.4

69.1

108.0 106.2

08 09 10 11 12

Up 191% from 2011 – driven by significant decrease in derivative payments

Lower costs offset decline in sales


-278.4

-115.4 -35.9

27.761.0

08 09 10 11 12

-114.4

17.931.3

26.5 56.8

08 09 10 11 12

Up 120% from 2011, a record net profit after tax

Capacity to invest with undrawn debt facility of US$91m

CEO REPORT

2012 financial highlights are derived from strong operational performance, supported by sound cost management and the delivery of targeted production.

SLIDE 9

SHARE PRICE

72.5%

40.0%

60.0%

80.0%

100.0%ROC Relative Share Price Performance in 2012


16.3%

-2.6%

13.5%

-20.0%

0.0%

20.0%

Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12

ROC Share Price Comparator Group Average ASX 200 Energy Index All Ords

SLIDE 10

�A good year of delivering strategic and financial outcomes has resulted in ROC’s share price significantly outperforming peer group and broader market during 2012

> Delivered production guidance

> Maintained control of operational costs

OPERATIONAL PERFORMANCE

Deliver existing business

Focus on existing assets and optimiseproduction performance

4.03.7

3.12.7

2.4

08 09 10 11 12

PRODUCTION (MMBOE)


> Zhao Dong ongoing facility de-bottlenecking and development drilling successful

> Cliff Head production and workovers on track

> BMG suspension completed within budget

> Beibu Gulf development project delivered on schedule and within budget; first oil commenced 1Q 2013

CEO REPORT SLIDE 11

11.0

17.7

21.9

17.115.1

08 09 10 11 12

Effective fiscal discipline with production costs declining 11% from 2011

PRODUCTION COSTS US$15/BBL

> 100% reserve replacement 2.4 MMBLS – an excellent result

> Presenting combined reserve and resource base to better describe business potential

RESERVES AND RESOURCES

0

10

20

30

40

50

2P Reserves 2C Resources Best Estimate (Risked)

Prospective Resources

(MM

BO

E)

Africa

Uk

Australia

China


> Reporting doesn’t include resources attributable to Balai Cluster RSC which are subject to agreement on economic viability and approved field development plan

15.0

22.9

43.6

2P Reserves

2C Resources

Best Estimate (Risked) Prospective Resources

CEO REPORT SLIDE 12

MMBOE

Best estimate (risked) prospective resources are the estimated quantities of petroleum that may potentially be recovered by the

application of a future development project(s) relating to undiscovered accumulations. These estimates have both an associated

risk of discovery and a risk of development. Further exploration appraisal and evaluation are required to determine the existence

of a significant quantity of potentially moveable hydrocarbons.

2012 EXPLORATION AND DEVELOPMENT PERFORMANCE

76.3

63.7

28.5 30.8

65.3

08 09 10 11 12

Mainly Beibu Gulf project development

Maximise near-field opportunities

Focus on delivery of opportunities near to existing fields and basins

> prudent cost management in place at all projects

> near field opportunities aligned with focus and growth strategic framework


115.2

8.525.6

15.929.0

08 09 10 11 12

Exploration in Beibu Gulf resulting in three discoveries

CEO REPORT SLIDE 13

strategic framework

> Beibu Gulf exploration discoveries added 2P reserves

> development expenditure targeted to maximise value from existing assets

> Zhao Dong development drilling

> Cliff Head workovers

PROJECT SNAPSHOTS – CHINA BUSINESS UNIT

China˃ Beibu Environmental Impact

Assessment approval˃ Onshore platform

fabrication

China˃ Awarded new exploration block

09/05 (Bohai Bay, offshore China)

˃ Beibu Gulf offshore jacket installation


�First oil at Beibu Gulf achieved March 2013

China˃ Preparation for exploration

drilling in Beibu Gulf˃ Development activities

continued

China˃ Beibu Gulf development project

receives NDRC approval; BeibuGulf exploration drilling commences

˃ Oil discoveries in three Beibu Gulf wells

˃ Zhao Dong water injection de-bottlenecking project commissioned

PROJECT SNAPSHOTS – BC PETROLEUM MALAYSIA

Malaysia˃ Conversion of purchased

vessel to an Early Production Vessel commenced

Malaysia˃ Project finance of US$162

million secured for Balai Cluster Risk Service Contract pre-development phase

˃ Installation of Bentara and Balaiwell head platforms


� Spaoh and West Acis wells completed during 1Q 2013; further appraisal well at Bentara-3 underway

Malaysia˃ Pre-development appraisal

drilling commenced

Malaysia˃ Installation of Spaoh and West

Acis well head platforms˃ Successful drilling and testing

of the Bentara-2 well˃ Commencement of drilling of

the Balai-2 well

FOCUS AND GROWTH STRATEGY

Develop opportunities in new venturesUtilise operator and current skill sets to deliver new opportunities in focus regions Bohai Bay - Block 09/05,

offshore China; new acreage awarded in 2012 with 3D seismic planned for 2013

Bohai Bay - Block 09/05, offshore China; new acreage awarded in 2012 with 3D seismic planned for 2013

Myanmar: pre-qualified for onshore licensing bidding round

Myanmar: pre-qualified for onshore licensing bidding round

Malaysia – offshore Sarawak appraisal; ROC Malaysia currently bidding on further acreage

Malaysia – offshore Sarawak appraisal; ROC Malaysia currently bidding on further acreage

Focus regions of South East Asia and China


licensing bidding round to occur mid-2012licensing bidding round to occur mid-2012

bidding on further acreage >exploration PSC’s>RSC’s>redevelopment opportunities

bidding on further acreage >exploration PSC’s>RSC’s>redevelopment opportunities

2012 OBJECTIVES

2012 OUTCOMES

Share Price> Deliver positive share price performance

on absolute and comparative basis✓ Delivered: Share price increased 73% for 2012

Generate Opportunities

> Identify and deliver new appraisal/development opportunities in focus region

✓ Delivered: Balai Cluster pre-development & Beibu Gulf exploration completed and development commenced

> Review, identify and secure attractive exploration opportunities in the focus region

� Delivered: China 09/05 blocks (Bohai Bay) awarded in 2012

Capture Value

> Achieve reserve growth from existing assets� Delivered: 2P reserve upgrade of 2.4 mmboe

(100% reserve replacement achieved) to 15.0 mmboe in total

> Deliver reserve growth from newopportunities in focus region

� Actively pursuing growth opportunities across China, SE Asia and Australia


opportunities in focus region China, SE Asia and Australia

Deliver Excellence

> Meet production target (6,000-7,000 boepd)� Delivered: Met expectations with 2012

production of 6,445 BOEPD

> Control costs across the business (opex~US$17/boe; capex <US$140m)

� Delivered: Opex ahead of target at US$15/boe; total capex $109m consisting US$94m exploration & development and US$15m BMG non-production phase

> Continue to build upon positive HSE, community and sustainability performances

� Delivered: better than APPEA industry average for all measured metrics

> Continue portfolio re-balancing in line with regional growth strategy

� Delivered: NZ exit & Africa divestment and awarded new block in China

Fiscal Discipline

> Deliver continued profitability� Delivered: second successive profitable year

with record US$61m

> Optimise capital structure and secure funding for new projects

� Delivered: net cash position of US$57m and an undrawn debt facility available

PEOPLE & TEAMS

BCP HSE leadership day ROC China 20-year planning sessions

Zhao Dong platform visitCliff Head platform visit

> We take pride in the relationships we forge and work hard to maintain a ‘win-win’ environment

> Our regional experience and organisational diversity gives ROC operations a competitive


Zhao Dong platform visit

SLIDE 18

Cliff Head platform visitROC operations a competitive advantage

> We are proud of our teams and they have delivered exceptional performance in 2012

2013 OBJECTIVES

OBJECTIVE MEASURE

Operational HSE Same or better than 5 year OGP averages (Asia & Australasia) for TRIFR and LTIFR, including implementation of 2013 Corporate proactive milestones

Deliver Production 6500-7500 boepd

Growth Reserve replacement Maintain yearly reserve replacement

Business Development and Growth Add contingent and prospective resources to the portfolio by developing existing assets in the portfolio or adding

On track to achieve guidance


by developing existing assets in the portfolio or adding at least 1 new prospective asset

Financial Profitability (Net Profit after tax) Continued profitability of the business

Cost Control • <US$100m (Development and Exploration Expenditure incurred) - excludes Malaysia BCP Equity funding

• Opex <US$23/bbl - includes contribution to abandonment fund for China of US$3/bbl and UK non-routine costs of ~$3.5/bbl

People Committed Personnel Ensure the business and its people are operating effectively and aligned with delivering objectives

ACTIVITY SUMMARY


STAYING ON TRACK

Deliver existing business

Maximise near-field opportunities

Our focus and growth strategy seeks to:

> deliver sustainable value growth

> ensure predictable financial and operating performance

Our focus and growth strategy seeks to:

> deliver sustainable value growth

> ensure predictable financial and operating performance


Develop opportunities in new ventures

Grow through exploration and acquisitions

performance

> secure new business opportunities in our focus regions

> engage motivated, aligned and diverse teams in creating shareholder value

performance

> secure new business opportunities in our focus regions

> engage motivated, aligned and diverse teams in creating shareholder value

RESOLUTIONS AND PROXIES

Roc Oil Company Limited (ROC) RESOLUTIONS AND PROXIES SLIDE 22

RESOLUTION 2

That the Remuneration Report, which forms part of the Directors’ Report for the year ended 31 December 2012, be adopted.

RESOLUTION FOR AGAINST ABSTAIN/EXCLUDED DISCRETION


2

RESOLUTIONS AND PROXIES SLIDE 23

RESOLUTION 3

That Mr Christopher Hodge, a Director retiring by rotation in accordance with the constitution, and being eligible, be re-elected as a Director of the Company.


Roc Oil Company Limited (ROC) RESOLUTIONS AND PROXIES

3

SLIDE 24

RESOLUTION 4

That Mr Michael Harding, having been appointed as a Director with effect from 1 June 2012and being required to retire in accordance with the constitution, be elected as a Director of theCompany.



4

SLIDE 25

RESOLUTION 5

That Mr Nigel Hartley, having been appointed as a Director with effect from 1 June 2012 andbeing required to retire in accordance with the constitution, be elected as a Director of theCompany.



5

SLIDE 26

RESOLUTION 6

That approval is given, for the purposes of ASX Listing Rule 10.14 and all other purposes, togrant rights to receive fully paid ordinary shares in the Company to the Company’s ChiefExecutive Officer and Executive Director, Mr Alan Linn, as his long-term incentive grant for2013 on the terms summarised in the Explanatory Notes to this Notice of Meeting.



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SLIDE 27

RESOLUTION 7

That approval is given, for the purposes of ASX Listing Rule 10.14 and all other purposes, togrant rights to receive fully paid ordinary shares in the Company to the Company’s ChiefExecutive Officer and Executive Director, Mr Alan Linn, as the deferred component of his short term incentive award for 2012 on the terms summarised in the Explanatory Notes to this Notice of Meeting.



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SLIDE 28

RESOLUTION 8 [this slide not for ASX lodging]

That, subject to and conditional on at least 25% of the votes cast on Item 2 being against the

adoption of the Remuneration Report, and as required by the Corporations Act:

a) a meeting of the Company's members be held within 90 days of the date of the 2013 Annual General Meeting (Spill Meeting)

b) all of the Directors who were Directors when the resolution to approve the Directors‘ Report for the year ended 31 December 2012 was passed (excluding the Managing Director) cease to hold office immediately before the end of the Spill Meeting; and

c) resolutions to appoint persons to offices that will be vacated immediately before the end of the Spill Meeting be put to the vote at the Spill Meeting.



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SLIDE 29

For further information contact:

David Slack-Smith

General Manager Investor Relations

& Corporate Affairs

Tel: +61 2 8023 2096

Roc Oil Company Limited ABN 32 075 965 856

Tel: +61 2 8023 2000 Fax: +61 2 8023 2222

Mail: PO Box Q1496, Queen Victoria Building, NSW 1230 Australia

Office: Level 18, 321 Kent Street, Sydney NSW 2000 Australia

www.rocoil.com.au


IMPORTANT INFORMATION

> The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions investors

should rely on their own examination of ROC and consult with their own legal, tax, business and/or financial advisers in connection with any acquisition of securities.

> The information contained in this presentation has been prepared in good faith by ROC. However, no representation or warranty expressed or implied is made as

to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. To the maximum

extent permitted by law, ROC, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through

the use or reliance on anything contained in or omitted from this presentation.

> Certain information in this presentation refers to the intentions of ROC, but these are not intended to be forecasts, forward looking statements or statements about

future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other

factors that may cause ROC's actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, ROC, its directors,

officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in this presentation will actually occur as

contemplated.

> The reserve and resource information contained in this report is based on information compiled by Bill Billingsley (Chief Reservoir Engineer). Mr Billingsley BSc

(Chem) MSc (Petroleum Engineering) DIC (Imperial College), who is a member of the Society of Petroleum Engineers, has more than 16 years relevant experience

within the industry and consents to the information in the form and context in which it appears.

CONTACT DETAILS SLIDE 30

10 may 2013 annual general meeting 2013 -...

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