Update - Angola

Roc Oil Company Limited
18 January 2007


18 January 2007

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

                                UPDATE - ANGOLA

KEY POINTS

   • First of three exploration wells scheduled to start drilling May 2007.

   • A two rig programme structured to provide the option of adding three
     further wells to the current three well 2007 drilling programme.


2007 Work Programme and Budget

In December 2006, the Cabinda South Joint Venture formally approved a 2007 Work
Programme which includes three firm exploration wells and an overall 2007 Budget
of about US$54 million, approximately US$43 million (80%) of which relates to
drilling activity.

The first two wells scheduled for drilling are Massambala-1 and Caju-1. Details
of both prospects can be found in the 'Presentations' section of ROC's website
and in the November 2006 Prospectus. The third exploration well for the 2007
drilling programme is subject to final technical verification.


Status of the Drilling Rigs, Roads and Sites.

In order to optimise the drilling season, the Joint Venture is considering
drilling three additional exploration wells during 2007. To allow for this
option, a two rig programme is being structured utilising the ROC-owned Explorer
rig, currently being upgraded in the UK and the Simmons rig, currently being
upgraded in Dubai. Both rigs are scheduled to start drilling after the end of
the wet season, which normally occurs between late March and end-April. The end
of the wet season will also determine when construction of the rig access roads
and drill sites can be completed.

Massambala-1 is expected to be the first well drilled, most likely by the
Explorer rig, while the Simmons rig is expected to start drilling Caju-1 at the
end-May/early June


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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