Drilling Update: General

Roc Oil Company Limited
17 November 2005




17 November 2005



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

                            ACTIVITY UPDATE: GENERAL

KEY POINTS

•   Four plus four month drilling rig contract underway, offshore Western
    Australia.

•   Aggressive, company-wide, exploration and appraisal drilling programme: up 
    to 7 wells in the next 4 1/2 months.

•   Pipeline installation, a key element in the Cliff Head Oil Field Development
    Project, successfully completed.

•   Pioneering 2D and 3D seismic surveys onshore Angola successfully completed.

1. Offshore Western Australia: Eight month drilling rig contract underway

In late October 2005, ROC commenced a 4 plus 4 month drilling contract with
Ensco Australia Pty Ltd when it received the jack-up drilling rig, Ensco 67.
Following the drilling of the first well under this contract, Flying Foam-1, in
the northern part of the offshore Perth Basin, the rig is relocating to the
Cliff Head Oil Field where it is expected to arrive in the next 3 to 6 days.

The Ensco 67 will play a key role in the development of the Cliff Head Oil
Field. During the next 4 months the rig will drill and complete 6 production
wells and 2 water injection wells and also install the production jacket and
topside facilities. After the Ensco 67's work at Cliff Head has been completed
the rig will drill 3 to 5 exploration wells in the area around the Cliff Head
Oil Field.

Importantly, the rig contract is structured so that ROC has an option to extend
it for a second 4 month tranche beyond the initial 4 month firm contract period.
Therefore, as the Ensco 67 completes its presently designated work programme at
Cliff Head, ROC will have the right, but not the obligation, to use the rig on
other ROC-operated wells offshore Western Australia, including any farmin
opportunities which may arise.

2. Company-wide drilling programme

Attachment 1* is the latest update of ROC's company-wide drilling programme for
the period mid-November 2005 to March 2006: up to 7 exploration and appraisal
wells in the next 4 1/2 months. The main change since the previous programme was
distributed is:

•   Wells tentatively scheduled for deep water Equatorial Guinea and onshore
    New Zealand, previously highlighted as being particularly susceptible to
    delay due to the tight rig market, will not be drilled prior to April 2006
    because of the lack of suitable rigs.

3. Cliff Head Oil Field: Pipeline activities completed

The pipelines, power cable and umbilical (collectively the 'pipeline')
construction and installation elements of the Cliff Head Oil Field Development
were successfully completed on 15 November.

In contrast to the traditional approach to such projects, which would normally
involve the appointment of a single, over-arching pipeline contractor, all
components of the pipeline operation were directly contracted by ROC, as
Operator of the Cliff Head Joint Venture. In order to expedite this contract
strategy ROC structured a special purpose third party pipeline management
company staffed with a team of highly experienced individuals, recruited from
the pipeline industry, headed by Mr Peter Cox, reporting directly to ROC's Cliff
Head Project Manager, Mr Duncan Mitchell.

As a consequence of this arrangement, ROC was responsible for all phases of
pipeline construction and installation, including the direct purchase of
materials, the leasing and manning contract services of the pipelay barge spread
and accommodation vessel, and the management and supervision of the
onshore-offshore pipeline installation, including the under-beach horizontal
drilling which was designed to minimise the environmental impact of the project.
The pipeline project was completed a few weeks later than originally scheduled,
mainly due to weather downtime with the pipelay vessel. Fortunately, this delay,
which has not affected the overall Cliff Head project schedule, still allowed
the pipeline phase of the project to be completed just as the crayfishing season
started offshore Dongara.

4. Angola: 2D and 3D seismic surveys completed

Roc Oil (Cabinda) Company, a wholly owned subsidiary of ROC, Operator of the
Cabinda South Block, onshore Angola, is pleased to advise that it has completed
its 2005 seismic programme. Over a five month period, 162 sq km 3D seismic and
505 km 2D seismic were acquired. The surveys represent the first substantial
exploration activity to take place onshore Angola for more than 30 years. The 3D
survey was a 'first' for onshore Angola. The seismic was acquired by the
Geophysical Institute of Israel while matters related to explosive ordnance
disposal were undertaken by Demining Enterprises International (Pty) Ltd. At the
height of survey activity almost 300 people were employed, the vast majority of
whom were locals.

Preliminary results of the seismic processing confirm that data quality is
generally good to excellent and there is an abundance of structuring, although
it is too early to tell how many of the structures represent valid closures
worthy of drilling.

The Cabinda South Joint Venture plans to undertake another substantial seismic
survey next year ahead of a multi-well exploration drilling programme. This
drilling programme is currently targeted to start in late 2006, subject to onset
of the year-end rainy season, rig availability and the results of the seismic
interpretation which has just begun.

CEO's Comments

Commenting on the various activities referred to above, ROC's CEO, Dr John 
Doran, stated that

'ROC's activity level remains very high and important individual operational
milestones are being achieved. It is particularly pleasing to have safely
completed both the seismic programmes onshore Angola and the pipeline operations
offshore Western Australia.

While ROC's future drilling programme will - like every other drilling programme
in the industry - remain sensitive to the tight rig market which currently
prevails, the signing of a 4 month plus 4 month optional drilling contract with
more rig capacity than is presently required, strengthens ROC's strategic
position with regard to drilling opportunities offshore Western Australia.'


*Attachment 1 is avaiable with the copy of this release on ROC's website.
(http://www.rocoil.com.au/Pages/ASX_Releases/2005_Releases/November-2005.html)


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]



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