Drilling Report

Roc Oil Company Limited
28 March 2006





28 March 2006



                         ROC OIL COMPANY LIMITED ('ROC')

                             STOCK EXCHANGE RELEASE

                                ACTIVITY UPDATE


1.  PRODUCTION AND DEVELOPMENT

1.1 Chinguetti Oil Field, Offshore Mauritania (ROC: 3.25%)

Since oil production commenced at the Chinguetti Oil Field on 24 February 2006,
the target production rate of 75,000 BOPD was achieved within two weeks, and
within three weeks cumulative gross oil production exceeded 1 million barrels.
The first cargo loading, of approximately 1 million barrels (ca 60,000 BBLS net
to ROC) of crude oil was completed on 22 March 2006 and is destined for China,
representing ROC's first oil sale from Africa.

1.2 Cliff Head Oil Field, Offshore Perth Basin, Western Australia (ROC: 37.5%
    and Operator)

The onshore Arrowsmith Stabilisation Plant ('ASP'), which will receive the oil
produced from the Cliff Head Oil Field, is mechanically complete. Commissioning
is well advanced with all pipelines and umbilicals successfully hydro-tested and
fuel gas (sourced from Arc Energy Ltd) delivered to the plant. The main
outstanding work at the ASP includes powering-up and commissioning the
generators and water injection pumps.

Subsequent to the jack up drilling rig lifting the production deck onto the well
head jacket and the installation on the deck of the Coil Tubing Unit, to be used
for maintenance and interventions, the main focus of the offshore work is now on
drilling and completing the development wells.

Currently, drilling is running about three weeks behind schedule due to a number
of factors including two stuck-pipe instances, both of which were resolved.
Other factors which have influenced the precise timing of the development
include: availability of contractor personnel; adverse weather conditions
affecting the timing of the offshore platform-pipeline hook up; and equipment at
the ASP.

On a problem free basis, the first two oil production wells, CH-7H and CH-6, are
expected to be ready to deliver first oil to the ASP by mid April 2006. The
remaining development wells will then be brought on stream through the balance
of April/May 2006 to ramp up total field production to the production of in
excess of 10,000 BOPD. In its first year, Cliff Head oil production is expected
to equate to approximately 10% of Western Australia's oil consumption.

The delay factors have also resulted in an approximate $20 million (7.5%)
increase in budget projections compared to the most recent estimate of $265
million. This budget revision represents a $43 million (19%) increase compared
to the $227 million budget estimate provided at Final Investment Decision in
March 2005, and excluding the approximately $15 million relating to increases in
project scope.

2. EXPLORATION DRILLING

2.1 WA-351-P, Offshore Western Australia (ROC: 20%)

As advised, the Jacala-1 exploration wildcat well in the deepwater part of the
offshore Carnarvon Basin started drilling on 23 March 2006. The well was
expected to take 18 days to reach a total depth of 2,322 metres. However, due to
operational problems with setting the conductor and an evacuation of personnel
from the Atwood Eagle rig due to cyclone activity, the well is now expected to
respud by the end of the week. This timing is still subject to there being no
further cyclone activity.

2.2 PEDL030, Onshore UK (ROC: 100% and Operator)

Operations have commenced at the Willows-1 exploration wildcat well located
about 55 km east of York and approximately 15 km south of Scarborough, with the
surface conductor set at 122 metres using a small drilling rig prior to the ROC
owned Explorer Rig being erected on site. In accordance with the well planning
schedule, current operations are based on a day-only work schedule and will not
be increased to a 24/7 basis until the well officially commences drilling in mid
April 2006.

Willows-1 is a high risk - high reward well which will drill to a total depth of
2,550 metres in about four to six weeks. The primary target is the Permian
Rotliegendes sandstone with potential recoverable reserves in the order of 50 to
100 BCF.

2.3 Block 22/12, Beibu Gulf, Offshore China (ROC: 40% and Operator)

In February 2006, Roc Oil (China) Company on behalf of the Block 22/12 Joint
Venture, contracted from China Offshore Services Limited ('COSL') the COSL 931
jack up drilling rig on the basis of a mid April 2006 start date. However, the
precise timing is subject to continuing discussions.

2.4 Cabinda South Block, Onshore Angola (ROC: 60% and Operator)

ROC is currently evaluating rig bids, received through a competitive tender
process, for its exploration drilling programme in the Cabinda South Block,
onshore Angola. The current intention is that the drilling programme will
commence late 2006, subject to rig timing. In addition, an aeromagnetic survey
commenced on 12 March, the principal contractor being Worley Parsons GPX Pty
Ltd. The survey covers the entire onshore Cabinda South Block with acquisition
virtually complete.

3. TRANSACTIONS

3.1 UK North Sea

ROC has negotiated a 1% overriding royalty with regard to future gross
production from the exploration areas surrounding the Ardmore Field,
specifically P1036, P1037, P1038 and P1126 (covering Blocks 30/24d, 30/24c, 30/
24a and 30/29b, respectively).

3.2 China Oil Shale

Since 2001, ROC has reviewed various opportunities relating to oil shale
development projects in Fushun, Liaoning Province, northeastern China, where a
large oil shale operation is already well established by Fushun Mining Group
(see ROC ASX Release, 15 June 2005). In this context, ROC has been instrumental
in introducing Canadian oil shale technology and large scale German engineering
expertise into the Fushun oil shale industry. As a result of a contract signed
between the German and Chinese participants in the planned expansion of the oil
shale operations, ROC will receive a small revenue stream in the form of
commissions. Whilst this is not material to ROC this represents the first
revenue from the Company's activities within the Chinese energy industry.

Michelle Manook
General Manager - Corporate Affairs      For further information please contact:
                                                                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]






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