3rd Quarter Results

Roc Oil Company Limited
31 October 2007


                             ROC OIL COMPANY LIMITED
                              (ABN 32 075 965 856)

                             REPORT TO SHAREHOLDERS
               Activities for the Quarter Ended 30 September 2007

                                  CEO COMMENTS

•   The Quarter provided record oil production at a time of record global oil 
    prices; a happy coincidence.

•   In terms of US dollars, which is the Company's main currency of receipts and
    expenditures, quarterly sales revenues also set a new record.

•   The Quarter provided the Company with its sixth currently producing field, 
    Blane, in the North Sea; a heavy oil discovery with its first well onshore 
    Angola at Massambala -1, which is subject to further appraisal and large new
    exploration areas offshore Perth, Western Australia and in the Mozambique 
    Channel offshore Madagascar.

•   Subsequent to Quarter end, Cevada-1 and Soja-1 wells, ROC's second and third
    exploration wells onshore Angola, both encountered hydrocarbon shows while
    drilling but in both cases they are judged to be non-commercial. See section
    8.1 Post - Quarter Events.

•   As ROC heads towards the end of 2007 and into 2008, its aggressive drilling 
    programme will continue onshore Angola while a new multi-well programme will
    start up in the Beibu Gulf, offshore China and subject to rig availability, 
    possibly also in the northern offshore Perth Basin.

                                 KEY ACTIVITIES

1.    CONSOLIDATED REVENUE & PRODUCTION

1.1   Oil Production hit a record level of 862,454 BBLS with total working 
      interest oil and gas production of 881,209 BOE (9,578 BOEPD); up 13% 
      compared to 782,322 BOE (8,597 BOEPD) in the previous quarter.

1.2   Total sales revenue of $60.8 million was essentially flat compared to 
      $60.4 million in the previous quarter, despite the quarter-on-quarter 
      increase in production. This reflected stronger US dollar oil prices, 
      offset by an  increase in underlift by 63,193 BBLS to 115,959 BBLS and a 
      stronger Australian dollar. In fact, in terms of US dollars, which is 
      largely the company's currency of expenditure, the 3Q 2007 quarterly sales
      revenue was also a record.

1.3   Sales volumes of 758,560 BBLS, down 1.1% compared to the previous quarter 
      of 769,789, due to timing of cargo liftings.

1.4   The average realised oil price across all of ROC's production assets was 
      $81.39/BBL (US$69.46/BBL), up 3% from 2Q 2007.

2.    PRODUCTION ASSETS

2.1   Cliff Head Oil Field, WA-31-L, Offshore Western Australia (ROC:37.5% & 
      Operator)

Gross oil production averaged 8,790 BOPD (ROC: 3,295 BOPD), up 4% on the
previous quarter. In early September 2007, 16 months after production start-up,
gross oil production from the field passed 4 MMBO without any Lost Time
Injuries. The annual maintenance and inspection shutdown at the Arrowsmith
Separation Plant was successfully completed in September, on schedule and on
budget. No major maintenance issues were identified during the inspection.
Concurrent with the inspections, one well was subject to a chemical soak with
positive results and production following the start-up averaged in excess of
11,000 BOPD for the balance of September 2007.

2.2   Zhao Dong C & D Oil Fields, Bohai Bay, Offshore China (ROC: 24.5% & 
      Operator)

Gross oil production averaged 17,320 BOPD (ROC: 4,244 BOPD) 8% lower than the
previous quarter. Field production has been constrained by down hole equipment
failures and a degree of reservoir complexity. Subsequent to the end of the
Quarter, successful drilling results and well optimisation work had seen the
field production increased to approximately 22,000 BOPD by mid October. ROC
continued to build on its strong record of operational performance in the area
of Health, Safety and Environment and on 30 September 2007, Zhao Dong operations
achieved an important milestone: two years, representing more than 1.6 million
man-hours, without a Lost Time Injury.

2.3   Enoch Oil and Gas Field, North Sea (ROC: 12.0%)

The Quarter marked the first full quarter of production for the Enoch Oil and
Gas Field. Gross production averaged 8,400 BOPD and 10 MMSCFD (ROC: 1,011 BOPD
and 1.2 MMSCFD). The production data quoted is based on the Forties Pipeline
System reporting, and Enoch production volumes have not yet been finalised, and
may be subject to upward revision.

2.4   Blane Oil Field, North Sea (ROC: 12.5%)

The Blane Oil Field, brought on-stream on 12 September 2007, averaged 15,000
BOPD and 4 MMSCFD (ROC: 1,875 BOPD and 0.5 MMSCFD) for the balance of the month,
in line with pre-production expectations.

2.5   Chinguetti Oil and Gas Field, PSC Area B, Offshore Mauritania (ROC: 3.25%)

Gross oil production averaged 13,310 BOPD (ROC: 433 BOPD); down 15% on the
previous quarter's rate of 15,600 BOPD (ROC: 507 BOPD). Processing and
interpretation of the 4D seismic acquired in 1Q 2007 is assisting in defining
the Phase 2b forward work programme which will consist of infill wells.

3.    DEVELOPMENT ASSETS

3.1   Zhao Dong C & D Oil Fields, Bohai Bay, Offshore China (ROC: 24.5% &
      Operator)

Detailed design work is progressing well for the planned expansion of the
existing platform and production facilities and all major contracts have been
placed. During the Quarter, five designated oil producing wells were drilled,
designed to probe various different parts of the fields spread over more than
five square kilometres. Overall, the results were mixed: three wells provided
disappointing results, while two yielded results that were considerably above
the high end of pre-drill expectations.

3.2   Zhao Dong C4 Oil Field, Bohai Bay, Offshore China (ROC: 11.575% unitised 
      & Operator)

Project execution for the C4 field development is progressing with the
fabrication of the piling templates for the C4 pipeline terminal and conductor
pod now completed.

4.    EXPLORATION AND APPRAISAL ASSETS

4.1   North Perth Basin, Offshore Western Australia (ROC: 20% - 37.5% & 
      Operator)

Following a successful exploration drilling programme during the previous
quarter, a review of prospects and leads in the vicinity of the Dunsborough and
Frankland discoveries in WA-286-P was initiated and was continuing at
quarter-end.

4.2   WA-351-P, Carnarvon Basin, Offshore Western Australia (ROC: 20%)

Technical work undertaken during the Quarter has highlighted a number of large
prospective features and planning is underway for a 3D seismic survey expected
to take place in 2008.

4.3   Block 22/12, Beibu Gulf, Offshore China (ROC: 40% & Operator - Subject to
      Government participation in developments for up to 51%)

Further progress has been made on the FEED studies and Overall Development
Programme for the Wei 6-12 South and Wei 6-12 oil fields. Final preparations
were also underway for a planned four well exploration/appraisal programme
starting in December 2007 with targets in the vicinity of the Wei 6-12 and Wei
6-12 South discoveries.

4.4   Cabinda South Block, Onshore Angola (ROC: 60% Working Interest & 75% 
      Contributing Interest & Operator)

The first exploration well in the Cabinda South Block, Massambala-1, discovered
a shallow, heavy oil accumulation and feasibility studies are being undertaken
with reference to techniques used in countries which currently produce similar
quality oil. Subject to the results of these ongoing studies, it is planned that
a horizontal appraisal well will be drilled to further define the accumulation,
the provisional resource of which is estimated to be in the order of 170 million
barrels of oil in-place.

The 2007 202 sq km 3D seismic acquisition programme was successfully completed
ahead of schedule, on budget and without any Lost Time Injuries. The completion
of the 2007 seismic programme marks the end of ROC's block-wide seismic
acquisition which spanned 2005 to 2007 and represented 135,000 man days on the
ground in Cabinda with only one minor Lost Time Injury in July 2005.

The exploration wells, Cevada-1 and Soja-1 commenced drilling in the Quarter, (
see section 8.1 Post - Quarter Events).

4.5   Offshore Mauritania (ROC: 2 - 5%)

During the Quarter exploration activity was largely focused on interpreting the
Tiof high resolution 3D seismic survey. One or more exploration wells may be
drilled in 2008 dependent on re-evaluation of the prospect inventory and rig
availability.

4.6   Blocks H15 & H16 Equatorial Guinea (ROC: 18.75% & Technical Manager)

The Republic of Equatorial Guinea has granted a one year extension (until
February 2009) to the current exploration period. Pioneer Natural Resources
(Equatorial Guinea) Limited and the other joint venturers, including ROC,
continue to be subject to arbitration proceedings which are expected to conclude
during 2008.

4.7   Block Belo Profond, Offshore Madagascar (ROC: 75% & Operator)

The PSC was formally approved effective 30 July 2007. Review and purchase of
seismic and well data has been completed. Planning is continuing for a seismic
survey and a geological review is also progressing.

5.    NEW VENTURES

On 4 September 2007, ROC announced that it had signed a Farmin Agreement with
Lempika Pty Limited, Emphazise Pty Limited and Westralian Petroleum Limited with
regard to WA-381-P and WA-382-P in the Vlaming Sub-Basin, offshore Perth. As a
result, subject to government approval, ROC has acquired an initial 20% operated
interest in the two permits by agreeing to fund $2 million pre-seismic
exploration activity. As part of this Farmin Agreement, ROC has been granted two
further options whereby by funding further work programmes ROC's interest would
increase to a maximum of 80%.

6.    CORPORATE

During the Quarter two new directors joined ROC's board. Mr Bruce Clement, the
Company's Chief Operating Officer, was appointed as an Executive Director on 1
July 2007 and Dr Doug Schwebel was appointed as a Non-Executive Director of the
Company on 1 September 2007.

On 29 August 2007, Ms Leanne Nolan, ROC's Senior Lawyer, was appointed as
Assistant Company Secretary.

During the Quarter, the refinancing of ROC's US$137.5 million Bridge Loan
Facility was successfully completed with a new four year US$200 million debt
facility to support future growth opportunities and provide a general working
capital facility for the Company.

The WA-325-P and WA-327-P Joint Venturers gave the Western Australian Government
formal notification of the surrender of these permits effective 23 July 2007.

7.    FINANCIAL

At Quarter-end ROC had approximately $28.8 million in cash and debt of $177.0
million.

7.1   Production
+----------------------+----------+----------+-----------+-----------+
|                      | 3Q 2007  | 2Q 2007  |    YTD    | % Change  |
|                      |          |          |           | (3Q07 to  |
|                      |          |          |           |   2Q07)   |
+----------------------+----------+----------+-----------+-----------+
|Oil Production (BBLS) |          |          |           |           |
+----------------------+----------+----------+-----------+-----------+
|Cliff Head            |   303,130|   289,233|    857,721|          5|
+----------------------+----------+----------+-----------+-----------+
|Zhao Dong C&D Fields  |   390,455|   418,497|  1,271,866|        (7)|
+----------------------+----------+----------+-----------+-----------+
|Chinguetti            |    39,803|    45,599|    139,025|       (13)|
+----------------------+----------+----------+-----------+-----------+
|Blane                 |    35,717|         -|     35,717|        N/A|
+----------------------+----------+----------+-----------+-----------+
|Enoch*                |    93,002|    22,389|    115,391|        315|
+----------------------+----------+----------+-----------+-----------+
|Other                 |       347|       500|      1,496|       (31)|
+----------------------+----------+----------+-----------+-----------+
|Total Oil Production  |   862,454|   776,218|  2,421,216|         11|
+----------------------+----------+----------+-----------+-----------+
|                      |          |          |           |           |
|Gas Production (MSCF) |          |          |           |           |
+----------------------+----------+----------+-----------+-----------+
|Blane                 |    10,381|         -|     10,381|        N/A|
+----------------------+----------+----------+-----------+-----------+
|Enoch                 |   102,149|    36,625|    138,774|        179|
+----------------------+----------+----------+-----------+-----------+
|Total Gas (MSCF)      |   112,530|    36,625|    149,155|        207|
+----------------------+----------+----------+-----------+-----------+
|Total BOE             |   881,209|   782,322|  2,446,075|         13|
+----------------------+----------+----------+-----------+-----------+
|BOEPD                 |     9,578|     8,597|      8,960|         11|
+----------------------+----------+----------+-----------+-----------+

Note: Production quoted is ROC's working interest share of total production.
ROC's net entitlement production for the period was 821,753 (2Q 2007: 749,213;
YTD: 2,320,286) after taking out governments' share of profit oil.

* The production data for Enoch is based on the Forties Pipeline System
production, which has not yet been finalized and may be subject to upwards
revision. 2Q production for Enoch has been retrospectively decreased by 7,221
BBLS (0.3% of ROC's total year to date production) as a result of metering and
allocation adjustments post-start-up.

7.2   Sales
+------------------+------------------+------------------+---------------------+
|                  |     3Q 2007      |     2Q 2007      |          YTD        |
+------------------+---------+--------+---------+--------+-----------+---------+
|Oil Sales (BBLS)  |  BBLS   | $'000  |  BBLS   | $'000  |   BBLS    |  $'000  |
+------------------+---------+--------+---------+--------+-----------+---------+
|Cliff Head        | 302,181 | 26,356 | 296,192 | 24,322 |   857,890 |  69,802 |
+------------------+---------+--------+---------+--------+-----------+---------+
|Zhao Dong C&D     | 299,951 | 21,543 | 406,224 | 31,222 | 1,020,417 |  72,487 |
|Fields            |         |        |         |        |           |         |
+------------------+---------+--------+---------+--------+-----------+---------+
|Chinguetti        |  32,394 |  2,835 |  60,769 |  4,731 |    93,163 |   7,566 |
+------------------+---------+--------+---------+--------+-----------+---------+
|Enoch             | 104,932 |  9,459 |       - |      - |   104,932 |   9,459 |
+------------------+---------+--------+---------+--------+-----------+---------+
|Other             |     347 |     21 |     500 |     43 |     1,496 |     111 |
+------------------+---------+--------+---------+--------+-----------+---------+
|Total Oil Sales   | 739,805 | 60,214 | 763,685 | 60,317 | 2,077,898 | 159,425 |
+------------------+---------+--------+---------+--------+-----------+---------+
|Gas Sales (MSCF)  |         |        |         |        |           |         |
+------------------+---------+--------+---------+--------+-----------+---------+
|Blane             |  10,381 |     13 |       - |      - |    10,381 |      13 |
+------------------+---------+--------+---------+--------+-----------+---------+
|Enoch             | 102,149 |    566 |  36,625 |    126 |   138,774 |     692 |
+------------------+---------+--------+---------+--------+-----------+---------+
|Total Gas Sales   | 112,530 |    579 |  36,625 |    126 |   149,155 |     705 |
|(MSCF)            |         |        |         |        |           |         |
+------------------+---------+--------+---------+--------+-----------+---------+
|Total Sales (BOE) | 758,560 | 60,793 | 769,789 | 60,443 | 2,102,757 | 160,130 |
+------------------+---------+--------+---------+--------+-----------+---------+

Note: ROC's net entitlement crude stock position increased by 63,193 BBLS during
the period so that at the end of 3Q 2007 ROC was in an underlift position of
115,959 BBLS compared to a 52,766 BBLS underlift at the end of the previous
quarter.

7.3   Expenditure Incurred
+---------------------------+-------------+-------------+-------------+
|                           |   3Q 2007   |   2Q 2007   |     YTD     |
|                           |    $'000    |    $'000    |             |
+---------------------------+-------------+-------------+-------------+
|Exploration                |             |             |             |
+---------------------------+-------------+-------------+-------------+
|Angola                     |       31,795|       18,474|       57,847|
+---------------------------+-------------+-------------+-------------+
|China                      |        1,283|          320|        2,217|
+---------------------------+-------------+-------------+-------------+
|Mauritania                 |           86|          460|          691|
+---------------------------+-------------+-------------+-------------+
|Australia                  |          389|       21,149|       21,668|
+---------------------------+-------------+-------------+-------------+
|UK                         |           56|           68|          229|
+---------------------------+-------------+-------------+-------------+
|Equatorial Guinea          |            5|          192|          299|
+---------------------------+-------------+-------------+-------------+
|Madagascar                 |          441|        2,161|        2,602|
+---------------------------+-------------+-------------+-------------+
|Other                      |          198|          562|        1,011|
+---------------------------+-------------+-------------+-------------+
|Total Exploration          |       34,253|       43,386|       86,564|
+---------------------------+-------------+-------------+-------------+

+---------------------------+-------------+-------------+-------------+
|Development                |             |             |             |
+---------------------------+-------------+-------------+-------------+
|Zhao Dong C & D Fields     |        8,746|        6,235|       16,177|
+---------------------------+-------------+-------------+-------------+
|Zhao Dong C4               |        1,900|          144|        2,049|
+---------------------------+-------------+-------------+-------------+
|Blane                      |        5,051|        5,608|       21,707|
+---------------------------+-------------+-------------+-------------+
|Enoch                      |        1,103|        3,726|       10,712|
+---------------------------+-------------+-------------+-------------+
|Chinguetti                 |          412|          701|        3,575|
+---------------------------+-------------+-------------+-------------+
|Total Development          |       17,212|       16,414|       54,220|
+---------------------------+-------------+-------------+-------------+
|                           |             |             |             |
+---------------------------+-------------+-------------+-------------+
|Total Exploration &        |       51,465|       59,800|      140,784|
|Development                |             |             |             |
+---------------------------+-------------+-------------+-------------+

7.4   Hedging

At 30 September 2007, the company's hedge position for the period through to
December 2011 is summarised below.

+-------+---------------------------+----------------------------+
|       |   Brent Oil Price Swaps   |    Brent Oil Price Puts    |
+-------+-------------+-------------+-------------+--------------+
|       |   Volume    |  Weighted   |   Volume    |   Weighted   |
|       |             |Average Brent|             |Average Brent |
|       |             |    Price    |             |    Price     |
|       |             |   USD/BBL   |             |   USD/BBL    |
+-------+-------------+-------------+-------------+--------------+
| 2007  |351,000      |67.68        |75,000       |50.00         |
+-------+-------------+-------------+-------------+--------------+
| 2008  |1,177,987    |71.40        |-            |-             |
+-------+-------------+-------------+-------------+--------------+
| 2009  |851,998      |70.01        |-            |-             |
+-------+-------------+-------------+-------------+--------------+
| 2010  |686,994      |68.46        |-            |-             |
+-------+-------------+-------------+-------------+--------------+
| 2011  |455,997      |66.31        |-            |-             |
+-------+-------------+-------------+-------------+--------------+
|       |3,523,976    |69.46        |75,000       |50.00         |
+-------+-------------+-------------+-------------+--------------+

8.    POST QUARTER EVENTS

Following discussions with the relevant government authorities, ROC has now
obtained approval to release the following information on its recently completed
drilling activities onshore Angola. ROC's second exploration well in the Cabinda
South Block, onshore Angola, Cevada-1, was drilled to a Total Depth of 1,358
metres. The third exploration well, Soja-1, was drilled to a Total Depth of
2,856 metres. Both wells had good hydrocarbon shows but neither is judged to be
commercial. Cevada-1 was plugged and abandoned and Soja-1 is being plugged and
abandoned. The Simmons rig will now continue the drilling programme with
Trigo-1, which is due to start drilling by end-November, which will be
immediately followed at the beginning of January by Milho-1.

9.    FURTHER INFORMATION

For further information please contact ROC's Chief Executive Officer, John
Doran, Chief Operating Officer, Bruce Clement or General Manager, External
Affairs & Investor Relations, Damian Fisher on:

Phone: [phone] Email: [e-mail]
Facsimile: [phone] Web Site: www.rocoil.com.au
Address: Level 14, 1 Market Street, Sydney, NSW 2000, Australia

+------------------------------------------------------------------------+
|definitions                                                             |
+---------+--------------------------------------------------------------+
|BBL(S)   |means barrel(s)                                               |
+---------+--------------------------------------------------------------+
|BCF      |means billion cubic feet                                      |
+---------+--------------------------------------------------------------+
|BOE      |means barrels of oil equivalent (6 MSCF = 1 BOE)              |
+---------+--------------------------------------------------------------+
|BOPD     |means barrels of oil per day                                  |
+---------+--------------------------------------------------------------+
|BOEPD    |means barrels of oil equivalent per day                       |
+---------+--------------------------------------------------------------+
|BCPD     |means barrels of condensate per day                           |
+---------+--------------------------------------------------------------+
|GWC      |means gas-water contact                                       |
+---------+--------------------------------------------------------------+
|MCF      |means thousand cubic feet                                     |
+---------+--------------------------------------------------------------+
|mBRT     |means metres below rotary table                               |
+---------+--------------------------------------------------------------+
|mMDRT    |means measured depth below rotary table                       |
+---------+--------------------------------------------------------------+
|mTVDSS   |means metres true vertical depth below sea level              |
+---------+--------------------------------------------------------------+
|MSCF     |means thousand standard cubic feet                            |
+---------+--------------------------------------------------------------+
|MMSCF    |means million standard cubic feet                             |
+---------+--------------------------------------------------------------+
|MMSCFD   |means million standard cubic feet per day                     |
+---------+--------------------------------------------------------------+
|MMBO     |means million barrels of oil                                  |
+---------+--------------------------------------------------------------+
|MMBOE    |means million barrels of oil equivalent                       |
+---------+--------------------------------------------------------------+
|OWC      |means oil-water contact                                       |
+---------+--------------------------------------------------------------+
|PSC      |means Production Sharing Contract                             |
+---------+--------------------------------------------------------------+
|Quarter  |means the period 1 July 2007 to 30 September 2007             |
+---------+--------------------------------------------------------------+
|ROC      |means Roc Oil Company Limited and includes, where the context |
|         |requires, its subsidiaries                                    |
+---------+--------------------------------------------------------------+
|SCF      |means standard cubic feet                                     |
+---------+--------------------------------------------------------------+
|TCF      |means trillion cubic feet                                     |
+---------+--------------------------------------------------------------+
|US$      |means US dollars                                              |
+---------+--------------------------------------------------------------+
|$        |means Australian dollars                                      |
+---------+--------------------------------------------------------------+

In accordance with ASX and AIM Rules, the information in this Release has been
reviewed and approved by Dr John Doran, Chief Executive Officer, Roc Oil Company
Limited, BSc (Hons) Geology, MSc and PhD. Dr Doran, who is a member of the
Society of Petroleum Engineers, has more than 30 years relevant experience
within the industry and consents to the information in the form and context in
which it appears.

                                                                   Dr Kevin Hird
                                          General Manager - Business Development
                                     Tel: [phone]
                                     Mob: [phone]
                                                     Email:  [e-mail]
                                                                                
                                                                    Michael Shaw
                                    Oriel Securities Limited (Nominated Adviser)
                                                       Tel:  [phone]
                                                                                
                                                                     Bobby Morse
                                                         Buchanan Communications
                                                       Tel: + 44 (0)20 7466 5000
                                                       Fax: + 44 (0)20 7466 5001
                                                  E-Mail: [e-mail]
                                                        Mob: [phone]
                                                                                


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