Wei-6-12S-1, Offshore China

Roc Oil Company Limited
24 May 2006



24 May 2006

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

                          EXPLORATION DRILLING UPDATE:
                     PRODUCTION TESTING TO COMMENCE AT THE
                   WEI-6-12S-1 OIL DISCOVERY, OFFSHORE CHINA

KEY POINT

•   A three week production testing programme is about to commence at the
    Wei-6-12S-1 exploration well, offshore China. The programme will test at
    least three separate zones within a 95 metre net hydrocarbon column.


1. OPERATIONS

Since the last Stock Exchange Release on 17 May 2006, the Wei-6-12S-1
exploration well in Block 22/12 in the Beibu Gulf, offshore China, has drilled 6
inch hole to a revised Total Depth of 2,650 metres below rotary table, within
the Liushagang Formation, the hydrocarbon generative source interval which
underlies the main Weizhou reservoir section. The current operation is preparing
for the first of at least three production tests.

2. PRODUCTION TESTING PROGRAMME

The production testing programme is designed to provide the Joint Venture with
the maximum amount of technical data for possible field development rather than
maximum oil flow rates. Consistent with standard industry practice, the deepest
zone will be tested first and the shallowest zone tested last. Specifically:

  • The first production test will be located at the base of the hydrocarbon
    column in the Lower Sand package immediately above a possible water leg. The
    purpose of this test is to: confirm whether the hydrocarbon is oil or gas;
    to determine if a hydrocarbon-water contact is present; and to provide
    productivity data.


  • The second test, in the oil pay section within the Middle Sand package,
    is primarily designed to provide productivity data.


  • The third test will be at the base of the hydrocarbon column in the
    Upper Sand package from which oil was recovered during wireline sampling.
    Pressure data suggest that the oil leg in this sand may extend down dip
    beyond structural closure. The purpose of the test is to determine the
    zone's productivity and to gain further insights as to how far down dip this
    oil bearing reservoir may extend.


  • A possible fourth test may be undertaken in a zone in the higher part of
    the Upper Sand package which is gas bearing according to pressure and sample
    data. The test would supply more information about the nature of the gas and
    productivity data relating to these sands which will be in the oil leg
    further down dip.

3. FUTURE APPRAISAL WORK

Immediately following the completion of the production testing programme and
subject to the results obtained, the Joint Venture intends to drill one or two
sidetrack wells from the current well location. These sidetrack wells will have
two main aims: to core the relevant parts of the different reservoirs; and/or to
identify more accurately the location of some of the hydrocarbon-water contacts
which may exist down dip from the current well.

The Joint Venture's overall appraisal strategy is to ensure that upon completion
of the appraisal programme sufficient data will have been collected to allow the
commercial potential of the discovery to be evaluated quickly and thoroughly. If
the appraisal results support a commercial development the Joint Venture would
immediately commence Feasibility Studies, Front End Engineering and Design and
submit an Overall Development Plan to the relevant government authorities in
China. As this outcome is unlikely to be determined by the results of any single
production test, ROC anticipates that its next Stock Exchange Release, relating
to the Wei-6-12S-1 well, will be made in mid-June 2006, when the testing
programme is expected to be completed.

4. CEO'S COMMENTS

Commenting on the appraisal programme, Dr John Doran, ROC's Chief Executive
Officer, stated that:

'Often there is a considerable gap between making an offshore discovery and
gathering the appraisal data which is crucial for commercial evaluation.
Fortunately, with the Wei-6-12S-1 discovery, ROC and its co-venturers have the
opportunity to acquire this information, including production test data, before
releasing the rig from its present location. Consequently, when the programme is
complete the Joint Venture will be well placed to make a timely and informed
decision regarding the field's commercial potential.'

The Block 22/12 Joint Venture comprises*:

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

*The China National Offshore Oil Company ('CNOOC') is entitled to participate up
to a 51% funding equity level in any commercial development within Block 22/12.

** A subsidiary of First Australian Resources

In accordance with new Alternative Investment Market of the London Stock
Exchange ('AIM') rules the information in this report has been reviewed by an
appropriately qualified person with more than 5 years relevant industry
experience, specifically, Dr John Doran, Bsc (Hons) Geology; M.Sc; PhD, Chief
Executive Officer, Roc Oil Company Limited, and a member of the Society of
Petroleum Engineers.

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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