Drilling Report

Roc Oil Company Limited
30 January 2007



30 January 2007

                         ROC OIL COMPANY LIMITED ('ROC')

                             STOCK EXCHANGE RELEASE

               ROC-LED JOINT VENTURE MOVES TOWARDS DEVELOPMENT OF
                      BEIBU GULF OILFIELDS, OFFSHORE CHINA

KEY POINT

-    A consortium of Australian companies, led by ROC, has moved towards
the development of its oil discoveries offshore China, with the release today of
details of a just completed Appraisal Report.

SUMMARY

-    ROC's wholly owned subsidiary, Roc Oil (China) Company, operator of
the Block 22/12 Joint Venture, advises that it has completed the Appraisal
Report ('the Report') for the Wei 6-12 South and Wei 6-12 oilfields in the Beibu
Gulf, offshore China. The Report has been submitted to the Chinese government
authorities with a view to moving the fields towards commercial development.

-    Based upon the oil in-place figures in the Report and
model-generated recovery factors, it is estimated that the recoverable oil at
the Wei 6-12 South and Wei 6-12 oilfields ranges from a most likely case of 19
MMBO to an upside case of 27 MMBO.

-   The Report does not address an additional 10 MMBO most likely
estimate for the recoverable oil in the undrilled Sliver and Footwall prospects
which are adjacent to the Wei 6-12 South Field.

-   The Joint Venture is now moving towards the commercial development
of the fields via a formal Front End Engineering and Design ('FEED') phase, due
to commence in late 1Q 2007 and a Final Investment Decision ('FID'), expected in
2H 2007. Subject to normal industry caveats, including timely receipt of
government approvals, availability of contractors and the cost of goods and
services, this schedule could lead to first oil production by 2009. In order to
progress the development concept as quickly as possible, the Joint Venture has
already sanctioned work that would normally be conducted as part of a formal
FEED process.

BACKGROUND

The Report only addresses the in-place oil at the Wei 6-12 and Wei 6-12 South
fields, without reference to the five mapped prospects which lie within 4 km of
these fields nor to the other four known oil accumulations in the southern part
of the permit. The Report's key point is:

-   Reservoir modelling indicates the most likely oil in-place for the
two known fields is 56 MMBOIP, with a combined upside oil in-place of 78 MMBOIP.
Approximately 80% of the in-place oil is contained within the Wei 6-12 South
Field.

Application of simulation model-generated recovery factors of approximately 35%
for Wei 6-12 South and 25% for Wei 6-12 accumulations, suggest that the most
likely estimate of combined recoverable oil from these two fields is 19 MMBO,
which could increase subject to reservoir optimisation. The potential upside
recoverable oil volume for the two fields is 27 MMBO.

It is anticipated that initial production from the potential development of the
Wei 6-12 and Wei 6-12 South fields will range from 10,000 BOPD to 15,000 BOPD.
Assuming current oil prices, the fields' productive life could span 10 years.

When the most likely oil in-place estimate for the two known fields (Wei 6-12
South and Wei 6-12) is combined with the equivalent estimate for the two
adjacent, undrilled, prospects (Sliver and Footwall) contained in the
Independent Expert's Report which accompanied ROC's November 2006 Rights Issue
Prospectus, the total most likely oil in-place for the four featured Wei Oil
Field Complex is approximately 83 MMBOIP; with an upside potential of 108
MMBOIP. Subject to the successful drilling of the Sliver and Footwall prospects,
the most likely total recoverable oil estimate for these four features is 29
MMBO; with an upside potential of 37 MMBO.

The Wei 6-12 South and Wei 6-12 production facilities would be designed to
accommodate potential oil accumulations in the Sliver and Footwall prospects and
the three other, higher risk, prospects which lie within four kilometres of the
Wei 6-12 South Oil Field. According to the Independent Expert's Report referred
to above, these three other prospects have a mapped in-place P50 oil potential
of approximately 150 MMBOIP.

The design of the Wei 6-12 South and Wei 6-12 production facilities would also
allow for future expansion to accommodate the potential development of the other
four oilfields in the southern part of the Block. Unlike the oil in the northern
part of the permit, the oil in these four southern fields is relatively heavy
and viscous but these fields represent a large potential resource with an
estimated P50 oil in-place of about 240 MMBOIP, as documented in the Independent
Expert's Report referred to above.

Commenting on the Appraisal Report ROC's Chief Executive Officer stated that:

'The results of the Appraisal Report are consistent with previous public
statements by ROC. They pave the way for a move towards a cornerstone commercial
development that could trigger a number of add-on development opportunities.
Until now the difficulty with our activities in the Beibu Gulf has been getting
the first cab to move off the rank and while we are not quite at that point just
yet, we have certainly taken a big step in that direction. If the optimum
schedule is maintained, the development of the Beibu fields will dovetail very
neatly into ROC's production and development activities in the Bohai Bay.'

The Block 22/12 Joint Venture comprises*:
    Roc Oil (China) Company     40% and Operator
    Horizon Oil Limited         30%
    Petsec Energy Ltd           25%
    Oil Australia Pty Ltd**     5%

*The China National Offshore Oil Company ('CNOOC') is entitled to participate up
to a 51% funding equity level in any commercial development within Block 22/12.

** A subsidiary of First Australian Resources


In accordance with ASX Listing Rules and AIM Rules, the information in the
Appraisal Report is based upon information compiled, reviewed and signed off by
Mr Neil Seage, Senior Reservoir Engineer, Roc Oil Company Limited, Bachelors of
Engineering (Hons) and Arts; and Master of Business Administration. Overall
content contained in this release has been compiled, reviewed and signed off by
Dr John Doran, Chief Executive Officer, Roc Oil Company Limited, BSc (Hons)
Geology; MSc and PhD. Both reviewers have at least five years' relevant
experience within the sector and consent to the information in the form and
context in which it appears.

-------------------------                               ------------------------
Michelle Manook                          For further information please contact:
General Manager - Corporate Affairs                             Dr John Doran on
                                                            Tel: [phone]
                                                            Fax: [phone]
                                                     Email: [e-mail]
                                                          Or visit ROC's website:
                                                               www.rocoil.com.au
                                                                   
                                                                   Dr Kevin Hird
                                            General Manager Business Development
                                                       Tel:  [phone]
                                                       Fax:  [phone]
                                                    E-mail:  [e-mail]
                                                                                
                                                                    Nick Lambert
                                            Bell Pottinger Corporate & Financial
                                                       Tel:  [phone]
                                                                                



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