Wei-6-12S-1 Oil Discovery

Roc Oil Company Limited
17 May 2006


17 May 2006

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

                          EXPLORATION DRILLING UPDATE:
                   WEI-6-12S-1 OIL DISCOVERY, OFFSHORE CHINA

KEY POINTS

•   Log data, including pressure and sampling information, most recently
    acquired from the Wei-6-12S-1 exploration well, offshore China, confirm
    three separate gross hydrocarbon columns with individual gross thicknesses
    of 65 metres, 111 metres and 121 metres, which collectively represent 95
    metres of total net hydrocarbon pay, including 80.5 metres of net oil pay.


•   Two of the three oil columns appear to extend beyond the structural
    closure as presently mapped.


•   An appraisal programme consisting of at least two production tests
    through liner and the drilling of at least one sidetrack well, is expected
    to commence immediately, subject to equipment availability.


1. OPERATIONS

As at 17 May 2006, the Wei-6-12S-1 offshore exploration well in Block 22/12 in
the Beibu Gulf, offshore China, had run and cemented 7 inch liner to 2,521
metres below rotary table ('mBRT'). The current operation was preparing to drill
ahead in 6 inch hole to a revised Total Depth of 2,615 mBRT.

Prior to running the liner, a wireline logging programme was undertaken which
included the gathering of pressure data and the retrieval of fluid samples.
Although the final stages of the pressure testing and sampling aspects of this
programme had to be curtailed due to the need to secure the hole ahead of the
possible arrival of Typhoon Chanchu, the bulk of the logging programme was
undertaken as planned.

2. INTERIM RESULTS OF DATA ANALYSIS

Technical analysis of all the well data continues but final definitive results
will not be available for several weeks. Therefore, what follows should be
regarded as an interim interpretation of the well results details of which may
be subject to refinement as additional information is gathered and analysed. In
this context, the main point to note is:

•   Between 1,947 mBRT and 2,450 mBRT there is a sand-shale-silt sequence
    which has a gross thickness of 503 metres. There are three main sand
    packages within this sequence - top, middle and lower - all of which contain
    oil. The total gross thickness of these three sand packages is 477 metres,
    of which 154 metres is net sand. Three separate hydrocarbon columns are
    present with a total gross thickness of 297 metres of which a total of 95
    metres is regarded as net hydrocarbon pay with reservoir porosities
    averaging about 20%.

2.1 Top Sand Package

The upper part of the Top Sand package has a gross hydrocarbon column of 50
metres and a net hydrocarbon pay of 14.5 metres (29% Net: Gross). Although the
electric logs through this section do not display any obvious gas effect the
pressure and fluid sampling programme indicates that the hydrocarbon type in
this part of the section is gas.

The lower part of the Top Sand package has a gross hydrocarbon column of 71
metres and a net oil pay of 14.5 metres (20% Net: Gross). Oil samples were
recovered from this section.

Currently, these two gross hydrocarbon columns are considered to be in a single
pressure regime and as such are regarded as a single gross column.

The well did not define an oil-water contact within the Top Sand package. The
weight of currently available evidence suggests that this contact is located
some distance down dip, apparently below structural closure, as presently
mapped.

2.2 Middle Sand Package

The Middle Sand package has a gross hydrocarbon column of 65 metres of which 31
metres (48% Net: Gross) is regarded as net hydrocarbon pay, specifically oil.
Based on preliminary analysis of samples recovered from this sand package the
oil is light, mobile and non-viscous. The well penetrated an oil-water contact
within this Middle Sand package which is below the structural closure, as
presently mapped.

2.3 Lower Sand Package

The Lower Sand package has a gross hydrocarbon column of 111 metres of which 35
metres (32% Net: Gross) is regarded as net hydrocarbon pay, probably oil,
although an associated gas cap also may be present. This interval was not
sampled because the sampling programme had to be curtailed due to the approach
of Typhoon Chanchu. Therefore, comments as to the fluid type in this part of the
well are based on log interpretation and oil shows observed while drilling and
as such are subject to confirmation by sampling and/or testing.

3. APPRAISAL PROGRAMME

The Block 22/12 Joint Venture has decided that the Wei-6-12S-1 well merits a
thorough and immediate appraisal programme. The details of this programme are
currently being discussed with all interested parties, including relevant
government authorities. Presently, the appraisal programme is expected to
include at least two production tests through liner and the drilling of at least
one sidetrack well. Subject to sourcing the relevant equipment this phase of
operations is expected to be carried out during the next several weeks. The next
Stock Exchange Release will further detail the appraisal programme and is
expected to be issued next week.

Further details about the nature of the prospect and play type can be found in
ROC's releases to ASX and the Alternative Investment Market of the London Stock
Exchange dated 5 May, 8 May and 10 May 2006 which are on the Company's website:
www.rocoil.com.au.

4. CEO'S COMMENTS

Commenting on the interim results of the well, ROC's Chief Executive Officer, Dr
John Doran stated that:

'The latest results support ROC's previously announced 'cautious optimism'.

The presence of gas in the uppermost part of this very thick sand section,
although a surprise, is unlikely to be too significant in the overall scheme of
things, particularly if there is an associated oil leg down dip.

The apparent extension of two of the three oil columns down dip beyond
structural closure, as presently mapped, needs to be investigated thoroughly,
because, if it is confirmed, the implications could be quite significant.

At this stage of exploration, it is always better to gather more data rather
than speculate - and that is exactly what our immediate appraisal programme is
designed to do'.

5. JOINT VENTURE

The Block 22/12 Joint Venture comprises*:

                                Equity
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 new Alternative Investment Market of the London Stock
Exchange ('AIM') rules the information in this report has been reviewed by an
appropriately qualified person with more than 5 years relevant industry
experience, specifically, Dr John Doran, Bsc (Hons) Geology; M.Sc; PhD; Chief
Executive Officer, Roc Oil Company Limited, and a member of the Society of
Petroleum Engineers.

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]
                                                     Email:  [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