Successful Efforts Accounting

Roc Oil Company Limited
02 March 2006



2 March 2006

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

                    ROC ADOPTS SUCCESSFUL EFFORTS ACCOUNTING

In conjunction with ROC's adoption of the Australian equivalent of the
International Financial Reporting Standards ('A-IFRS') effective 1 January 2005,
ROC has changed its accounting policy for exploration and evaluation ('E&E')
expenditure to 'Successful Efforts'.

There will be no impact on business activities or cashflow, as a result of this
change in accounting policy. Audited annual accounts for year ending 31 December
2005, reflecting these changes, will be released on Wednesday, 8 March 2006.

Under the new policy, ROC will expense all E&E costs as incurred except for
successful exploration well costs, exploration acquisition costs and
pre-development expenditure. ROC defines a 'successful exploration well' as a
well that discovers probable commercial reserves, where development is likely to
go ahead in the near term.

As a result the following amendments will be made to ROC's 31 December 2004
Balance Sheet:

•   $47 million reduction in capitalised exploration and evaluation expenditure;

•   $1 million reduction in deferred tax liability; and

•   $46 million reduction in equity.

ROC's 2005 Financial Statements, reported under the new policy, will include the
restatement of prior year financial information for comparative purposes.


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