Report for Quarter - 310308

Roc Oil Company Limited
30 April 2008


                             ROC OIL COMPANY LIMITED
                              (ABN 32 075 965 856)

                             REPORT TO SHAREHOLDERS
                 Activities for the Quarter Ended 31 March 2008

                                  CEO COMMENTS

ROC continues to live in a split level world. Several quarterly financial
metrics are at all time highs while the seven exploration and appraisal wells
drilled during the Quarter were all dry or not clearly commercial. The 25%
decline in the share price during the Quarter suggest that, perhaps,
predictably, the share market presently attaches more importance to the well
results than to the Company's overall production and revenue performance.
Therefore, the fact that the records set in the previous quarter regarding sales
revenue and realised oil price and in 4Q 2006 with regard to sales volumes, were
all broken during the Quarter, does not lessen the Company's need to score a few
goals on the drilling front - and with active drilling programmes underway in
Angola and Mauritania that possibility certainly exists.

                                 KEY ACTIVITIES

1.   CONSOLIDATED REVENUE & PRODUCTION

1.1  Total working interest production of 1 MMBOE (10,961 BOEPD), 98% oil; 
     down 8% compared to 1.08 MMBOE (11,771 BOEPD) in the previous quarter.


1.2  Record sales volumes of 1.12 MMBOE; up 7% compared to the previous record
     of 1.05 MMBOE set in 4Q 2006.

1.3  Record total sales revenue of US$101.7 million; up 16% compared to the
     record of US$88 million set in the previous quarter.

1.4  Record average realised oil price in the Quarter of US$91.17/BBL; up 6%
     from the record of US$86.39/BBL set in the previous quarter.

2.   PRODUCTION ASSETS

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

Gross oil production averaged 8,035 BOPD (ROC: 3,013 BOPD); down 15% on the
previous quarter due to expected field decline. During the Quarter planning was
commenced for conduct of well workovers to replace two electric submersible
pumps with larger pumps which will improve well productivity.

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

Gross oil production averaged 19,025 BOPD (ROC: 4,661 BOPD), 2% lower than the
previous quarter. Evaluation of sub-surface reservoir and well performance and
preparations for workovers to support the 2008 drilling programme continued
throughout the Quarter.

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

Gross production averaged 7,146 BOPD and 4.2 MMSCFD (ROC: 858 BOPD and 0.5
MMSCFD); down 13% compared to the previous quarter. The Enoch producing well was
successfully put on gas lift early in January 2008.

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

Gross oil production averaged 15,226 BOPD (ROC: 1,903 BOPD); down 1% compared to
the previous quarter. The Ula gas compression upgrade project, which will
provide a dedicated gas supply for gas lift for Blane's producing wells
continued. Drilling of the planned water injection well to provide pressure
support to the two active producing wells commenced on 4 March 2008. The well is
due to be completed by the end of April 2008 (see section 7 - Post Quarter
Events).

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

Gross oil production averaged 10,968 BOPD (ROC: 356 BOPD); down 11% on the
previous quarter due to natural field decline. The programme for three well
interventions and two new infill wells, due to commence in 2Q 2008, is expected
to deliver an increase in production during 2H 2008.

3.   DEVELOPMENT ASSETS

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

During the Quarter, work progressed on the rig upgrades and modifications and
the winter maintenance tasks were completed. Upgrade work on the offshore
drilling and production platforms as part of the Incremental Development Plan
continued. Fabrication of the template for pile driving for the additional
drilling platform and pile fabrication was completed. A number of slot
recoveries and well recompletions on the existing drilling platform were
achieved prior to the start of the 2008 12 well development drilling programme
in the C&D Oil Fields, which commenced on 20 March 2008. Initially five wells
will be batch drilled before completion of the wells and commencement of
production from those wells.


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

Work in relation to construction and fabrication of facilities for development
of the C4 Oil Field continued. Installation of the C4 conductor pod (CP2) was
successfully completed ahead of schedule on 26 March 2008 - a major milestone
for the project. Work associated with the construction of the platform terminal
and the fabrication and coating of pipe for the pipelines continued.

4.   EXPLORATION AND APPRAISAL ASSETS

4.1  WA-286-P, Perth Basin, Offshore Western Australia (ROC: 37.5% & Operator)

Acquisition of the 546 km2 Diana 3D seismic survey was completed on 12 February
2008. The survey data will further define the 2007 Frankland and Dunsborough
discoveries and nearby prospects and leads. The Premium 'Wilcraft' jack-up rig
completed a three well exploration and appraisal drilling programme comprising
Lilac-1, Frankland-2 and Dunsborough-2.

The Lilac-1 exploration well, drilled to a Total Depth of 1,455 mBRT,
encountered sands with weak gas shows and fluorescence in the primary reservoir
target which proved to be water bearing. The well was subsequently plugged and
abandoned.

Frankland-2, drilled to a Total Depth of 2,330 mBRT, intersected gas in the
target sands confirming hydrocarbons in the eastern region of the Frankland
Field. However, the top of the reservoir at Frankland-2 was encountered deep to
prognosis and the reservoir itself was of poorer quality than that encountered
in Frankland-1. The well was subsequently plugged and abandoned.

At the end of the Quarter, Dunsborough-2 had drilled to a Total Depth of 1,680
mBRT and a wireline logging programme was underway (see section 7 - Post Quarter
Events).

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

The Operator, BHP Billiton Petroleum Pty Ltd, continued to review options for
acquiring a 3D seismic programme in 2008, which will focus on Triassic gas
potential.

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

Following Chinese Government approval of the Wei 6-12 Oil Fields reserves,
pre-development planning work is progressing. The Overall Development Plan for
the Wei 12-8W and Wei 6-12 Oil Fields is scheduled to be submitted to relevant
Chinese authorities mid-year and a Final Investment Decision is expected during
2H 2008. This project has the potential to move currently unbooked discovered
resources of 4.7 to 5.7 MMBO net to ROC, into booked 2P reserves and to also
further strengthen the Company's position in China.

On 1 January 2008, ROC commenced a two well exploration programme in Block 22/
12. The first well, Wei 6-12W-1, reached a Total Depth of 2,333 mBRT without
encountering hydrocarbons and was plugged and abandoned on 28 January 2008. The
second exploration well, Wei 6-12E-1, commenced drilling on 12 February 2008 and
was respudded as the sidetrack Wei 6-12E-1A and drilled to a Total Depth of
2,510 mBRT. The well encountered minor residual oil shows and was plugged and
abandoned on 13 March 2008. The results of the Wei 6-12W-1 and Wei 6-12E-1A
exploration wells do not have any adverse impact on the potential development of
the Wei 12-8W and Wei 6-12 Oil Fields.

4.4  Cabinda South Block, Onshore Angola (ROC: 60% & Operator)

During the Quarter, ROC's fourth exploration well in the block, Milho-1, the
first test of the pre-salt section, finished drilling. The well drilled to Total
Depth of 3,009 metres encountering a classic pre-salt sequence characterised by
a thick world-class source rock, with significant oil and gas shows, from which
a small amount of oil was recovered via wireline sampling. The sequence overlies
a thick sand interval with good reservoir quality which exhibited minor oil
shows but did not contain any recoverable hydrocarbons. Milho-1 was plugged and
abandoned on 14 March 2008.

Coco-1, ROC's fifth well in its current seven well programme, commenced drilling
on 25 March 2008 and is expected to reach Total Depth by the end of May 2008
(see section 7 - Post Quarter Events).

Work continued on the evaluation of the Massambala-1 heavy oil discovery during
the Quarter. As a result of 3D seismic reprocessing and core analyses, on 31
March 2008, the Cabinda South Block co-venturers agreed to drill up to six
shallow Massambala appraisal wells during 2H 2008 and planning for this
programme is underway.

4.5  Offshore Mauritania (ROC: 2 - 5.49%)

A 402 km2 3D seismic survey in Block 1 commenced on 23 March 2008.

During the Quarter, the Atwood 'Hunter' drilling rig drilled the Khop-1
exploration well in PSC Area C, Block 6, to a Total Depth of 4,265 mBRT. The
well was subsequently plugged and abandoned on 30 March 2008 after encountering
thin sands with oil shows that were not considered to be of commercial
consequence. At Quarter end, preparations were underway to start drilling the
Banda NW appraisal well in PSC Area B (see section 7 - Post Quarter Events).

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

During the Quarter, planning for an aeromagnetic survey due to commence in May
2008 was completed. In parallel with this work an Environmental Impact Study was
completed.

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

The arbitration between Pioneer Natural Resources (Equatorial Guinea) Limited
and the other joint venturers, including ROC, continued.

5.   CORPORATE

On 25 January 2008, ROC advised that its remaining company-wide proved and
probable (2P) reserves as at 31 December 2007 were 21.4 MMBOE, all of which are
being produced or developed. There was a reduction of 2.1 MMBOE relating to
ROC's 2P net reserves in the C&D Oil Fields, in the Zhao Dong Block, offshore
China. There were no other material revisions to ROC's 2P reserves.

On 7 March 2008, the Government approved surrender of the WA-325-P and WA-327-P
permits in the offshore Perth Basin, Western Australia, effective 23 July 2007.

6.   FINANCIAL

At Quarter-end ROC had approximately US$40.1 million in cash, down US$1.3
million (3.1%) on the previous quarter; debt of US$128.4 million, down US$4.9
million (4%) on the previous quarter and net debt of US$88.3 million, down
US$3.6 million ( 3.9%) on the previous quarter.

6.1  Production
+----------------------+-----------+-----------+-----------+-----------+
|                      |  1Q 2008  |  4Q 2007  |    YTD    |% Change (4|
|                      |           |           |           |  Q07 to   |
|                      |           |           |           |   1Q08)   |
+----------------------+-----------+-----------+-----------+-----------+
|Oil Production (BBLS) |           |           |           |           |
+----------------------+-----------+-----------+-----------+-----------+
|Cliff Head            |    274,192|    326,383|    274,192|      (16%)|
+----------------------+-----------+-----------+-----------+-----------+
|Zhao Dong C&D Fields  |    424,159|    438,340|    424,159|       (3%)|
+----------------------+-----------+-----------+-----------+-----------+
|Chinguetti            |     32,438|     36,814|     32,438|      (12%)|
+----------------------+-----------+-----------+-----------+-----------+
|Blane                 |    173,198|    176,183|    173,198|       (2%)|
+----------------------+-----------+-----------+-----------+-----------+
|Enoch                 |     78,040|     85,679|     78,040|       (9%)|
+----------------------+-----------+-----------+-----------+-----------+
|Other                 |        311|        340|        311|       (9%)|
+----------------------+-----------+-----------+-----------+-----------+
|Total Oil Production  |    982,338|  1,063,739|    982,338|       (8%)|
+----------------------+-----------+-----------+-----------+-----------+
|                      |           |           |           |           |
|                      |           |           |           |           |
|Gas Production (MSCF) |           |           |           |           |
+----------------------+-----------+-----------+-----------+-----------+
|Enoch                 |     46,316|     73,655|     46,316|      (37%)|
+----------------------+-----------+-----------+-----------+-----------+
|NGL Production (BOE)  |           |      6,890|      7,360|         7%|
|                      |           |           |           |           |
|Blane                 |      7,360|           |           |           |
+----------------------+-----------+-----------+-----------+-----------+
|Total BOE             |    997,417|  1,082,905|    997,917|       (8%)|
+----------------------+-----------+-----------+-----------+-----------+
|BOEPD                 |     10,961|     11,771|     10,961|       (7%)|
+----------------------+-----------+-----------+-----------+-----------+

Note: Production quoted is ROC's working interest share of total production.
ROC's net entitlement production for the period was 945,591 BOE (4Q 2007:
1,015,719 BOE; YTD: 945,591 BOE) after taking out governments' share of profit
oil.

6.2  Sales
+------------+-------------------+------------------+-------------------+
|            |      1Q 2008      |     4Q 2007      |        YTD        |
+------------+----------+--------+---------+--------+---------+---------+
|Oil Sales   |   BOE    |US$'000 |   BOE   |US$'000 |   BOE   | US$'000 |
|(BBLS)      |          |        |         |        |         |         |
+------------+----------+--------+---------+--------+---------+---------+
|Cliff Head  |   273,484|  26,597|  327,776|  33,413|  274,192|   26,597|
+------------+----------+--------+---------+--------+---------+---------+
|Zhao Dong C&|   508,326|  42,940|  306,054|  28,078|  508,326|   42,940|
|D Fields    |          |        |         |        |         |         |
+------------+----------+--------+---------+--------+---------+---------+
|Chinguetti  |    26,321|   2,386|   27,356|   2,791|   26,321|    2,386|
+------------+----------+--------+---------+--------+---------+---------+
|Enoch       |    75,425|   7,294|   89,182|   9,403|   75,425|    7,294|
+------------+----------+--------+---------+--------+---------+---------+
|Blane       |   220,659|  21,452|  125,122|  13,971|  220,659|   21,452|
+------------+----------+--------+---------+--------+---------+---------+
|Other       |       311|      30|      340|      42|      311|       30|
+------------+----------+--------+---------+--------+---------+---------+
|Total Oil   | 1,104,526| 100,699|  875,830|  87,698|1,104,526|  100,699|
|Sales       |          |        |         |        |         |         |
+------------+----------+--------+---------+--------+---------+---------+
|Gas Sales   |          |        |         |        |         |         |
|(MSCF)      |          |        |         |        |         |         |
+------------+----------+--------+---------+--------+---------+---------+
|Enoch       |  46,316  |  269   | 73,655  |  282   | 46,316  |   269   |
+------------+----------+--------+---------+--------+---------+---------+
|NGL Sales   |     9,913|     691|        -|       -|    9,913|      691|
|(BOE)       |          |        |         |        |         |         |
+------------+----------+--------+---------+--------+---------+---------+
|Total Sales | 1,122,159| 101,659|  888,106|  87,980|1,122,159|  101,659|
|(BOE)       |          |        |         |        |         |         |
+------------+----------+--------+---------+--------+---------+---------+

6.3  Stock

ROC's net entitlement crude stock position decreased by 176,567 BBLS during the
period so that at the end of the Quarter ROC was in an underlift position of
67,004 BBLS compared to a 243,571 BBLS underlift position at the end of the
previous quarter.

Movements in ROC's stock position will flow through the Profit & Loss Statement
during the period in which the movement occurs. ROC's stock position will
fluctuate from period to period.

6.4  Expenditure Incurred
+---------------------+-----------+-----------+-----------+
|                     |  1Q 2008  |  4Q 2007  |    YTD    |
|                     |           |           |           |
|                     |  US$'000  |  US$'000  |  US$'000  |
+---------------------+-----------+-----------+-----------+
|Exploration          |           |           |           |
+---------------------+-----------+-----------+-----------+
|Angola               |     13,908|     20,311|     13,908|
+---------------------+-----------+-----------+-----------+
|China                |     13,856|      3,659|     13,856|
+---------------------+-----------+-----------+-----------+
|Mauritania           |      1,270|        266|      1,270|
+---------------------+-----------+-----------+-----------+
|Australia            |     22,459|      (878)|     22,459|
+---------------------+-----------+-----------+-----------+
|UK                   |         50|       (76)|         50|
+---------------------+-----------+-----------+-----------+
|Equatorial Guinea    |        111|         55|        111|
+---------------------+-----------+-----------+-----------+
|Madagascar           |         96|        187|         96|
+---------------------+-----------+-----------+-----------+
|Other                |        364|        270|        364|
+---------------------+-----------+-----------+-----------+
|Total Exploration    |     52,114|     23,794|     52,114|
+---------------------+-----------+-----------+-----------+
|                     |           |           |           |
+---------------------+-----------+-----------+-----------+
|Development          |           |           |           |
+---------------------+-----------+-----------+-----------+
|Zhao Dong C&D Fields |      2,725|      8,262|      2,725|
+---------------------+-----------+-----------+-----------+
|Zhao Dong C4         |        810|      1,812|        810|
+---------------------+-----------+-----------+-----------+
|Blane                |      4,110|      2,160|      4,110|
+---------------------+-----------+-----------+-----------+
|Enoch                |        158|        529|        158|
+---------------------+-----------+-----------+-----------+
|Chinguetti           |        383|        223|        383|
+---------------------+-----------+-----------+-----------+
|Total Development    |      8,186|     12,986|      8,186|
+---------------------+-----------+-----------+-----------+
|                     |           |           |           |
+---------------------+-----------+-----------+-----------+
|Total Exploration &  |     60,300|     36,780|     60,300|
|Development          |           |           |           |
+---------------------+-----------+-----------+-----------+

6.5  Hedging

The Company's remaining hedge positions for the period from 1 April 2008 to
December 2011 are summarised below.

+-------+------------------------------+
|       |    Brent Oil Price Swaps     |
+-------+--------------+---------------+
|       |    Volume    |   Weighted    |
|       |              | Average Brent |
|       |              |     Price     |
|       |              |    USD/BBL    |
+-------+--------------+---------------+
| 2008  |858,987       |71.46          |
+-------+--------------+---------------+
| 2009  |851,998       |70.01          |
+-------+--------------+---------------+
| 2010  |686,994       |68.46          |
+-------+--------------+---------------+
| 2011  |455,997       |66.31          |
+-------+--------------+---------------+
|       |2,853,976     |69.48          |
+-------+--------------+---------------+

During the Quarter, the cash flow loss as a result of the settlement of the oil
price derivative contracts was US$ 7.4 million.

7.   POST QUARTER EVENTS

The Banda Northwest appraisal well in PSC Area B, offshore Mauritania (ROC:
3.693%), was drilled to Total Depth of 2,703mBRT and sidetracked to a revised
Total Depth of 2,934 mBRT. As at 30 April 2008, the current operation was
running wireline logs.

The Blane sidetrack water injection well (ROC: 12.5%) was drilled to Total Depth
of 3,622mBRT and was completed. The forward programme is to complete the tie-in
of the wellhead to the water injection line pre-laid from the Ula platform, some
34 kilometres north east of the Blane subsea complex.

The Dunsborough-2 appraisal well in WA-286-P, Perth Basin, offshore Western
Australia (ROC: 37.5%) was plugged and abandoned on 4 April 2008 after i
nterpretation of logs, pressure data and fluid samples indicated that the
extensive oil shows seen in cores were residual (non-producible).

Drilling of Coco-1 in the Cabinda South Block, onshore Angola, (ROC: 60%)
continues with the expectation that drilling at the Coco-1 location will be
completed during May 2008 after which two further sub-salt exploration wells
will be drilled: Sesamo-1 and Arroz-1.

Drilling operations from the newly installed C4 (ROC: 11.575%) conductor pod at
CP2 commenced on 15 April 2008 with the driving of nine surface conductor pipes
for wells targeted into the C4 Oil Field and Extended Reach Areas (ROC: 24.5%).
All conductor pipe has been installed and batch drilling of top-holes commenced
on 25 April.

8.   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

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]

+------------------------------------------------------------------------+
|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                           |
+---------+--------------------------------------------------------------+
|MCF      |means thousand cubic feet                                     |
+---------+--------------------------------------------------------------+
|mBRT     |means metres 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 January 2008 to 31 March 2008              |
+---------+--------------------------------------------------------------+
|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 of relevant experience
within the industry and consents to the information in the form and context in
which it appears.




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