1st Quarter Activities Report

Roc Oil Company Limited
28 April 2006


                             ROC OIL COMPANY LIMITED
                              (ABN 32 075 965 856)

                             REPORT TO SHAREHOLDERS
                 Activities for the Quarter Ended 31 March 2006


CEO COMMENT

First oil from the Chinguetti Field, offshore Mauritania; significant progress
at the Cliff Head Field, offshore Western Australia; encouraging initial results
from the recent seismic survey in Angola; an active exploration drilling
programme; and high oil prices combined to drive ROC's share price and market
capitalisation to record highs.

KEY POINTS

PRODUCTION

•   ROC's first oil production and sale from Africa occurred as a result of
    production start-up from the Chinguetti Field (ROC: 3.25% working interest),
    offshore Mauritania. By Quarter-end cumulative gross production had exceeded
    2 MMBO and the first cargo loading of approximately 1 MMBO was completed.

DEVELOPMENT

•   As at midnight on 27 April 2006, final preparations were underway for
    the imminent production from the first well at the Cliff Head Oil Field,
    offshore Western Australia.

EXPLORATION

•   Based on preliminary interpretation of ROC's 2005 seismic survey, an
    encouraging number of prospects and leads have been identified in the
    Cabinda South Block, onshore Angola.

CORPORATE

•   A placement of 28 million fully paid ordinary shares (14.9% of the
    Company's then issued share capital) was made to UK-based institutional
    investors at a price of $2.71/£1.15, raising $75.9 million/£32.2 million
    before expenses. The funds will be used to accelerate ROC's exploration
    programme, onshore Angola.

FINANCIAL

•   At Quarter-end ROC had approximately $91.5 million in cash and no debt.

•   A $40 million/US$30 million Bridging Loan Facility was finalised to
    provide flexibility of funding options during 2006, prior to an $80 million/
    US$60 million Borrowing Base Loan Facility being put in place.

*A complete copy of the Quarterly Report is available on ROC's website.
(http://www.rocoil.com.au/Public/Announcement/2006/Report_for_Quarter_Ended_31_March_2006.aspx

For further information please contact ROC's Chief Executive Officer, Dr John
Doran on:
Phone: [phone]
Facsimile: [phone]
Email: [e-mail] Web Site: www.rocoil.com.au
Address: Level 14, 1 Market Street, Sydney, NSW 2000, Australia.

Dr Kevin Hird
General Manager Business Development
Tel:  [phone]
Fax:  [phone]
Email:  [e-mail]

Nick Lambert
Bell Pottinger Corporate & Financial
Tel:  [phone]




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