2005 A$50M Drilling Programme

RNS Number:5516I
Roc Oil Company Limited
14 February 2005




14 February 2005

                        ROC OIL COMPANY LIMITED ("ROC")
                              STOCK EXCHANGE RELEASE

              ROC KICKS-OFF RECORD A$50 MILLION DRILLING PROGRAMME
                            FOR THE BALANCE OF 2005

KEY POINTS

During the balance of 2005, ROC expects to drill up to 34 wells, 12 (35%) of
which will be operated by the Company. With an anticipated net cost to ROC in
the order of A$50 million this is a record level of drilling activity for the
Company, both in terms of number of wells to be drilled and magnitude of
investment. The programme will span six countries and a range of different
drilling environments from deep water offshore West Africa to onshore wells in
the UK and New Zealand. Nineteen (56%) of the wells relate to oil field
developments offshore Mauritania, in the UK North Sea and, subject to Final
Investment Decision, offshore Western Australia.

--------------------------------------------------------------------------------

Attachment 1* summarises ROC's current expectations regarding its drilling
programme for the balance of 2005. This programme effectively commenced on
Saturday, 12 February when ROC, as operator of the Cliff Head Oil Field
Development Project, received the ENSCO 56 jack-up drilling rig for tow to the
Cliff Head-5 location where drilling is expected to start on/about 18 February
2005.

It is important to note that all drilling programme forecasts are inevitably
subject to change according to rig availability, logistics, government approvals
and/or Joint Venture decisions. Attachment 1 should, therefore, be regarded as a
directional guide to ROC's drilling activity for the balance of the year rather
than a definitive, unchanging, prediction.

The main points to note are:

*   ROC expects to participate in the drilling of a record 34 wells.

*   The total cost of the programme, net to ROC, is expected to be in the
    order of A$50 million: a record investment by the Company.

*   Nineteen (56%) of the wells will relate to the development of the
    Chinguetti Oil Field, currently underway offshore Mauritania, the Ardmore
    Oil Field in the UK North Sea, which is also underway, and, subject to Final
    Investment Decision anticipated by early March 2005, the Cliff Head Oil
    Field, offshore Western Australia.

*   If the Chinguetti and Cliff Head development programmes are completed on
    schedule it is expected that, within the next twelve months, ROC's
    production will increase from zero to about 8,000 BOPD. This is without
    reference to the Company's option over up to 26% of the Ardmore Oil Field in
    the North Sea which, subject to successful development drilling, could add a
    net 2,000 to 3,000 BOPD to ROC's entire 2005 and early 2006 production.

*   ROC will operate 12 (35%) of the wells.

*   Drilling activity will be spread between six countries and seven
    regions: onshore England; UK North Sea; West Africa, specifically deep water
    Mauritania and Equatorial Guinea; shallow waters offshore China and offshore
    Australia and onshore New Zealand.

*   Each of the 15 exploration/appraisal wells is expected to have the
    potential to add at least several million barrels to ROC's net proved and
    probable reserves - and some of those wells have the capacity to add a lot
    more.

Commenting on the 2005 drilling programme, ROC's chief Executive Officer, Dr
John Doran stated that:

"During the last couple of months the transactional side of ROC's activities has
been in the ascendancy with the sale of the Saltfleetby Gas Field, the purchase
of an option over the Ardmore Field in the UK North Sea and the placement of
shares at a premium to market price. While ROC expects to continue to
participate in other value-adding transactions during 2005, one of the other
elements which will characterise the balance of the year will be a record level
of drilling activity."


*For Attachment 1 see copy of this release on ROC's website
(http://www.rocoil.com.au/Pages/ASX_Releases/2005_Releases/February-2005.html)

Dr John Doran
Chief Executive Officer                  For further information please contact:
                                                                Dr John Doran on
                                                            Tel: +61-2-8356-2000
                                                            Fax: +61-2-9380-2635
                                                    E-mail: jdoran@rocoil.com.au
                                                         Or visit ROC's website:
                                                               www.rocoil.com.au

                                                                   Dr Kevin Hird
                                            General Manager Business Development
                                                       Tel:  +44 (0)207 586 7935
                                                       Fax:  +44 (0)207 722 3919
                                                     Email:  khird@rocoil.com.au

                                                                    Nick Lambert
                                            Bell Pottinger Corporate & Financial
                                                       Tel:  +44 (0)207 861 3232




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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