Cabinda South, Onshore Angola

Roc Oil Company Limited
27 October 2004


27 October 2004

                        ROC OIL COMPANY LIMITED ('ROC')
                             STOCK EXCHANGE RELEASE
                                        
                                        
        ROC FORMALLY AGREES TO TRIGGER PRODUCTION SHARING AGREEMENT FOR
                      CABINDA SOUTH BLOCK, ONSHORE ANGOLA
                                        
                                        
KEY POINT

  • On 26 October, 2004, ROC formally agreed with Sociedade Nacional de
    Combustiveis de Angola - Unidade Economica Estatal ('Sonangol'), the
    national oil company of Angola, to trigger the Production Sharing Agreement
    ('PSA') relating to the Cabinda South Block, onshore Angola, with an
    Effective Date of 1 November 2004. Work is expected to start on the ground
    during the first half of 2005 - marking the end of a 32 year hiatus of
    petroleum exploration activity onshore Cabinda.


TRIGGERING OF PSA.

Consistent with its previous public releases regarding the Company's planned
activities onshore Angola, ROC is pleased to advise that it has formally agreed
with Sonangol that the effective date for the PSA pertaining to the Cabinda
South Block ('the Block'), onshore Angola, shall be 1 November 2004. Triggering
the PSA will end a 32 year period of petroleum exploration inactivity onshore
Cabinda and is expected to lead to commencement of on-the-ground work in the
first half of 2005.

As a result of triggering of the PSA, ROC, which has an 80% working interest and
a 100% contributing interest in the Block, will pay to Sonangol a Signature
Bonus of US$6 million. The remaining 20% interest in the Block is owned by
Sonangol, which will be carried through the exploration phase. The term of the
PSA, including two renewal periods, is six years. The minimum Work Programme for
the first four years includes seismic acquisition and three wells. Further
details about the Block can be found on ROC's website and in its ASX Release
dated 26 August 2004.

Commenting on the triggering of the PSA, ROC's Chief Executive Officer Dr John
Doran stated that

'ROC has been steadily putting its Angolan strategy in place since 1998 when it
first tried to acquire and accumulate equity in the Cabinda South Block. Six
years later, ROC has an 80% interest and has formally agreed to trigger the PSA.
Its been quite a journey. However, all we've really done is travelled to the
starting line - now comes the real business of looking for and hopefully
finding, significant amounts of oil onshore Cabinda. Consistent with statements
made in ROC's Renounceable Rights Issue it is quite possible that ROC may
farmout a minority interest in the Cabinda South Block but only on terms which
reflect the upside potential of the area.'

Bruce Clement                           For further information please contact:
Chief Operating Officer                                        Dr John Doran on
                                                           Tel: [phone]
                                                           Fax: [phone]
                                                   E-mail: [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]
                                                                                
                                                   Ann-Marie Wilson/Nick Lambert
                                            Bell Pottinger Corporate & Financial
                                                      Tel:  [phone]
                                                                                




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