China Contract Extension

Roc Oil Company Limited
29 September 2004



29 September 2004


ROC OIL COMPANY LIMITED ('ROC')

STOCK EXCHANGE RELEASE



                    BLOCK 22/12, BEIBU GULF, OFFSHORE CHINA:
                        EXTENSION OF PETROLEUM CONTRACT

On 28 September 2004 ROC, on behalf of the Block 22/12 Joint Venture*, advised
China National Offshore Oil Company (CNOOC) of the Joint Venture's intention to
continue into the third phase of the exploration period of the Petroleum
Contract.

The third phase, which will commence on 1 October 2004 is a one year exploration
period exercisable at the option of the Joint Venture and carries a one well
obligation. During this third phase, the Joint Venture will concentrate on the
commercialisation of the Wei 12-8 field as well as ongoing exploration
evaluation.

    *The Block 22/12 Joint Venture consists of:

    Roc Oil (China) Company............. 40% and Operator
    Horizon Oil Limited................. 30%
    Petsec Energy Limited............... 25%
    Oil Australia Pty Limited**.........  5%

        ** a subsidiary of First Australian Resources


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




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