1st Quarter Results

Roc Oil Company Limited
27 April 2007


                             ROC OIL COMPANY LIMITED
                              (ABN 32 075 965 856)

                             REPORT TO SHAREHOLDERS
                 Activities for the Quarter Ended 31 March 2007

                                  CEO COMMENTS

The Quarter was characterised by major progress in terms of key Government
approvals for substantial ROC-operated development projects in China; the
arrival of the ROC-owned Explorer rig onshore Angola ahead of a 2Q 2007 drilling
campaign; subdued production due to a variety of quite separate factors
affecting different field operations and a reduction in total sales revenue and
volume that was accentuated by overlift at the end of the previous Quarter and
underlift during the current Quarter. In other words: situation normal for a
company that is actively operating a variety of projects.

Perhaps, the most appropriate perspective to bring to bear on the Quarter is
that it followed a Quarter that showcased the magnitude of the corporate
transformation which ROC underwent during the latter part of 2006, and precedes
a Quarter that is expected to see a new North Sea field come on stream and
multi-well exploration drilling programmes undertaken offshore Western Australia
and onshore Angola. In this sense, 1Q 2007 was a relatively quiet Quarter
sandwiched between a landmark 4Q 2006 and a potentially very significant 2Q
2007.

                                 KEY ACTIVITIES

1.   REVENUE & PRODUCTION

•    Total working interest oil production of 782,544 BBLS (8,695 BOPD): down
     8% compared to 847,087 BBLS (9,207 BOPD) in the previous Quarter.

•    Total sales volume of 574,408 BBLS; down 45% compared to 1,048,282 BBLS
     in the previous Quarter, partly due to significant overlift during 4Q 2006
     and underlift in 1Q 2007. Specifically, ROC sold 258,000 BBLS more than it
     produced in 4Q 2006, as advised in the last Quarterly Report and produced
     174,000 BBLS more than it sold in 1Q 2007.

•    Total sales revenue of $38.9 million; down 41% compared to $66.1 million
     in the previous Quarter for reasons referred to above. The average received
     price for the Quarter was $67.71/BBL (US$53.49/BBL) up 7% from the previous
     Quarter.

1.1  Cliff Head Oil Field, WA-31-L, Offshore Western Australia (ROC: 37.5% & 
     Operator)

Gross oil production average of approximately 7,900 BOPD (ROC WI: 2,948 BOPD),
down 9% on previous Quarter due to a planned shut-in during the period and
intermittent mechanical and downstream constraints. At the end of the Quarter,
the field was producing at a relatively steady rate, generally between 8,000 and
9,000 BOPD from five of the six designated oil producers.

On 5 February 2007, an important Health, Safety, Environment & Community ('HSE&
C') milestone was reached with 12 months of production operations completed
without a Lost Time Injury.

1.2  Zhao Dong C & D Oil Fields, Bohai Bay, Offshore China (ROC: 24.5% & 
     Operator)

Gross oil production averaged about 21,000 BOPD (ROC WI: 5,143 BOPD) down 1% on
the previous Quarter due to intermittent port congestion and inclement weather,
partially offset by the lifting of the Government production constraint.
On 27 March 2007, a significant HSE&C milestone was reached when operations at
Zhao Dong achieved one million man-hours without a Lost Time Injury.

1.3  Chinguetti Oil Field, PSC Area B, Offshore Mauritania (ROC: 3.25%)

Gross oil production averaged approximately 18,300 BOPD (ROC WI: 596 BOPD) down
22% on the previous Quarter. The Chinguetti-18 development well was brought on
stream during the Quarter.

2.   DEVELOPMENT

2.1  Zhao Dong C and D Oil Fields and C4 Oil Field, Bohai Bay, Offshore
China (ROC: 24.5% in C and D Fields & Operator, ROC: 11.575% in unitised C4
Field & Operator)

The US$373 million (ROC: US$91 million) Incremental Development Plan ('IDP') for
the C and D Oil Fields was approved during the Quarter. The 5-year IDP includes
the drilling of approximately 100 wells for a cost of US$331 million with 65 of
the wells being drilled from the enhanced C and D facilities. The balance of the
cost relates to new facilities including construction and installation of a
second drilling platform and a second fluid processing and storage facility,
both of which will be located adjacent to the existing Zhao Dong platforms.

As part of the approved IDP, the undeveloped Extended Reach Area ('ERA'), in the
north-eastern part of the C Field, which contains a significant part of the
possible reserves in the Block, will be targeted over the next 5 years by at
least 35 wells, all to be drilled from the future C4 facilities.

In February 2007, the US$150 million (ROC: US$17.4 million) development
programme for the C4 Oil Field was approved including the construction of new
facilities and the drilling of 24 wells. The development contemplates drilling
the wells from two conductor pods while a third, separate pod will also be
installed to serve as a pipeline terminal which will be tied back to the
existing Zhao Dong platforms via a 4.5 km pipeline.

C4 development drilling is planned to commence in mid-2008 and to continue to
2011. The current target for first oil from the C4 - ERA is late 2008.

2.2  Enoch Oil and Gas Field, North Sea (ROC: 12.0%)

The project remains on schedule for first production in 2Q 2007. Development
expenditure of $5.9 million (net ROC) in the Quarter related to host platform
facilities construction work on the Brae A platform, umbilical installation
work, rock dumping on pipeline crossings, subsea pipe spool work and pipeline
and umbilical pressure testing. The total capital cost of the Enoch development
is now expected to be approximately £100 million (ROC: £12 million).

2.3  Blane Oil Field, North Sea (ROC: 12.5%)

On 27 March 2007, it was announced that first oil from Blane will be delayed to
3Q 2007 due to inclement weather periods and delays with topside construction on
the third party host platform. These, and other factors, have contributed to a
cost increase for the Blane development which is now likely to total
approximately £250 million, (ROC: £31.5 million). Development expenditure of $11
million (net ROC) in the Quarter was related to the host platform facilities
construction work on the Ula platform, umbilical installation work and pipeline
trenching work.

2.4  Chinguetti Oil Field, PSC Area B, Offshore Mauritania (ROC: 3.25%)

From 10 March to 2 April 2007, a high resolution 4-D seismic survey over the
Chinguetti Oil Field was acquired, with the aim of assisting in planning the
second phase in-fill drilling programme and optimising the reservoir development
plan over its expected field life.

3.   EXPLORATION AND APPRAISAL

3.1  Perth Basin, Offshore Western Australia (ROC: 7.5% - 50% & Generally 
     Operator)

The Premium Wilcraft jack-up drilling rig was contracted for a three well
exploration drilling programme which commenced in early April 2007. The
programme includes Frankland-1 and Dunsborough-1 in WA-286-P and Perseverance-1
in WA-325-P. See Section 6.1 Post-Quarter Events.

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

An Appraisal Report and Final Reserves Assessment relating to the Wei 6-12 South
and Wei 6-12 oil fields was completed during the Quarter. The most likely
oil-in-place for the two fields is 56 MMBO. When combined with the two adjacent
undrilled prospects, the most likely oil-in-place for the four features within
the Wei 6-12S/6-12 Complex is 83 MMBO. The most likely recoverable oil estimate
for the four features is 29 MMBO, of which 19 MMBO relates to the two known
fields.

On this basis, the Joint Venture is moving towards a formal Front End
Engineering and Design ('FEED') phase which is scheduled to begin in 2Q 2007 and
a Final Investment Decision ('FID') which is targeted for 2H 2007.

In response to an invitation to tender, issued during Q1 2007, ROC received a
number of bids relating to jack-up rigs that could be made available for a
multi-well exploration drilling programme scheduled to commence in late 2007/
very early 2008.

3.3  Angola (ROC: 60% & Operator)

Following completion of upgrade work on the ROC-owned Explorer rig in the UK,
the rig arrived in Cabinda in mid-March 2007 where it awaits the completion of
the construction of the first well site scheduled for May 2007.

The Simmons 80 rig, which is being upgraded in Dubai, is expected to depart for
Angola in late May 2007.

Ongoing interpretation of the 2005 and 2006 seismic surveys has confirmed more
than 30 prospects and leads. In addition to the two prospects previously
identified, Massambala and Soja (formerly Caju), three other prospects have been
high graded as potential drilling candidates for 2007. Two of these latest
additions to the prospect inventory represent pre-salt pays.

The exploration drilling programme is planned to commence in May 2007 with up to
six exploration wells due to be drilled.

Based on the encouraging results achieved to date, ROC and its co-venturers have
agreed to acquire a further 200 sq km of 3-D seismic during 2007 in the eastern
part of the block.

3.4  Equatorial Guinea (ROC: 18.75% & Technical Manager)

Activity continued to focus on a number of rig contract options including
contract negotiations for the Aban Abraham deep water drilling vessel, currently
being upgraded in Singapore.

4.   CORPORATE

In March 2007, the Chinese government changed the corporate tax rate from 33% to
25%, effective 1 January 2008. This will result in ROC's deferred tax liability
being reduced by 24% and accordingly it is anticipated that a non-cash deferred
tax benefit of approximately $27 million will be recognised in the Income
Statement for the current period.

The £250,000 sale of ROC's 100% interest in the onshore UK PEDL 005 (Remainder)
licence, including the Keddington Oil Field, to Egdon Resources plc, was
completed on 12 March, 2007.

Consistent with a Farm-in Agreement signed in 2003, Dana Petroleum (E&P)
Limited's assignment of 3% interest in Block 8, offshore Mauritania, to ROC was
concluded on 15 January 2007. This takes ROC's total equity in Block 8 from 2%
to 5%.

Formal consent was received relating to the relinquishment of the WA-349-P
permit in the Perth Basin, Australia, effective 5 January 2007. ROC withdrew
from the WA-226-P permit in the Perth Basin, Australia, effective 5 March 2007.

On 26 March 2007, ROC advised that Mr Richard Burgess has given notice of his
intention to retire as a Director of the Company effective from the Annual
General Meeting to be held on 10 May 2007. Mr Burgess has agreed to become an
Advisor to ROC and he will therefore retain a close association with the
Company. On 26 March, the Company also announced the appointment of Mr Dennis
Paterson, President, Roc Oil (China) Company, based in Beijing, as an Executive
Director effective 23 March 2007.

5.   FINANCIAL

At Quarter-end ROC had approximately $64.1 million in cash and debt of $170.8
million.

5.1  Production
+------------------------------+-------------+-------------+-------------+
|                              |   1Q 2007   |   4Q 2006   |   Change    |
|                              |    BBLS     |    BBLS     |      %      |
+------------------------------+-------------+-------------+-------------+
|Australia - Cliff Head        |      265,358|      300,030|    (12)     |
+------------------------------+-------------+-------------+-------------+
|China - Zhao Dong C & D Fields|      462,914|      476,514|     (3)     |
+------------------------------+-------------+-------------+-------------+
|Mauritania - Chinguetti       |       53,623|       69,895|    (23)     |
+------------------------------+-------------+-------------+-------------+
|Other                         |          649|          648|      -      |
+------------------------------+-------------+-------------+-------------+
|Total Production              |      782,544|      847,087|     (8)     |
+------------------------------+-------------+-------------+-------------+

Production quoted is ROC's working interest share of total production. ROC's net
entitlement production for the period was 747,938 (4Q 06: 790,344)

5.2  Sales
+--------------------------+---------------------+---------------------+
|                          |       1Q 2007       |       4Q 2006       |
+--------------------------+----------+----------+-----------+---------+
|                          |   BBLS   |  $'000   |   BBLS    |  $'000  |
+--------------------------+----------+----------+-----------+---------+
|Australia - Cliff Head    |   259,517|    19,124|    300,982|   21,401|
+--------------------------+----------+----------+-----------+---------+
|China - Zhao Dong C & D   |   314,242|    19,722|    620,191|   36,334|
|Fields                    |          |          |           |         |
+--------------------------+----------+----------+-----------+---------+
|Mauritania - Chinguetti   |         -|         -|    126,483|    8,366|
+--------------------------+----------+----------+-----------+---------+
|Other                     |       649|        47|        626|       45|
+--------------------------+----------+----------+-----------+---------+
|Total Sales               |   574,408|    38,893|  1,048,282|   66,146|
+--------------------------+----------+----------+-----------+---------+

ROC's net entitlement crude stock position increased by 173,530 BBLS during the
period and at the end of the 1Q 2007 ROC was in a net underlift position of
73,930 BBLS compare to a 99,600 BBLS overlift in the previous Quarter.

5.3  Expenditure
+-------------------------------------+--------------+--------------+
|                                     |   1Q 2007    |   4Q 2006    |
|                                     |    $'000     |    $'000     |
+-------------------------------------+--------------+--------------+
|Exploration                          |              |              |
+-------------------------------------+--------------+--------------+
|Angola                               |         7,578|        10,511|
+-------------------------------------+--------------+--------------+
|China                                |           614|            11|
+-------------------------------------+--------------+--------------+
|Mauritania                           |           145|         3,885|
+-------------------------------------+--------------+--------------+
|Australia                            |           130|           182|
+-------------------------------------+--------------+--------------+
|UK                                   |           105|            58|
+-------------------------------------+--------------+--------------+
|Equatorial Guinea                    |           102|            55|
+-------------------------------------+--------------+--------------+
|Other                                |           251|           949|
+-------------------------------------+--------------+--------------+
|Total Exploration                    |         8,925|        15,651|
+-------------------------------------+--------------+--------------+

+-------------------------------------+--------------+--------------+
|Development                          |              |              |
+-------------------------------------+--------------+--------------+
|Cliff Head                           |             -|           736|
+-------------------------------------+--------------+--------------+
|Zhao Dong C & D Fields               |         1,201|         (531)|
+-------------------------------------+--------------+--------------+
|Blane                                |        11,048|        16,772|
+-------------------------------------+--------------+--------------+
|Enoch                                |         5,883|         5,841|
+-------------------------------------+--------------+--------------+
|Chinguetti                           |         2,462|         1,664|
+-------------------------------------+--------------+--------------+
|Total Development                    |        20,594|        24,482|
+-------------------------------------+--------------+--------------+
|                                     |              |              |
+-------------------------------------+--------------+--------------+
|Total Exploration & Development      |        29,519|        40,133|
+-------------------------------------+--------------+--------------+

5.4  Hedging

During the Quarter ROC executed an additional 1,400,000 BBLS of crude oil price
swap contracts at a weighted average Brent oil price of US$66.22/BBL for the
period 1 January 2008 to 31 December 2011.

At Quarter end, ROC's oil price hedging for the period through to December 2011
was:

+---------+---------------------------+----------------------------+
|         |   Brent Oil Price Swaps   |    Brent Oil Price Puts    |
+---------+-------------+-------------+-------------+--------------+
|         |   Volume    |  Weighted   |   Volume    |   Weighted   |
|         |             |Average Brent|             |Average Brent |
|         |             |    Price    |             |    Price     |
|         |             |   USD/BBL   |             |   USD/BBL    |
+---------+-------------+-------------+-------------+--------------+
|  2007   |1,156,980    |67.17        |285,000      |51.79         |
+---------+-------------+-------------+-------------+--------------+
|  2008   |1,177,987    |71.40        |-            |-             |
+---------+-------------+-------------+-------------+--------------+
|  2009   |851,998      |70.01        |-            |-             |
+---------+-------------+-------------+-------------+--------------+
|  2010   |686,994      |68.46        |-            |-             |
+---------+-------------+-------------+-------------+--------------+
|  2011   |455,997      |66.31        |-            |-             |
+---------+-------------+-------------+-------------+--------------+
|         |4,329,956    |68.99        |285,000      |51.79         |
+---------+-------------+-------------+-------------+--------------+

6.   POST QUARTER EVENTS

6.1  On 23 April, ROC announced that, Frankland-1, the first well in a three well
exploration drilling programme in the offshore Perth Basin, was a gas discovery.
The well, drilled by the Premium Wilcraft jack-up rig, was plugged and abandoned
according to the well plan on 25 April, 2007.

6.2  During April 2007, a workover programme commenced at Cliff Head Oil Field 
which will not significantly disrupt production.

6.3  Drilling activities at Zhao Dong commenced in April 2007.

6.4  During April a high-resolution 3-D seismic survey was acquired over
the undeveloped Tiof Oil Field, in PSC Area B, offshore Mauritania.

6.5  On 26 April, ROC together with the Government of Madagascar and US-based
private company Marex, Inc signed a Production Sharing Contract ('PSC') covering
an exploration area of 13,770 sq km in the Mozambique Channel area offshore
Madagascar. The PSC is subject to Presidential Decree. ROC will operate the PSC
with an initial Working Interest of 75% which under certain circumstances may
rise to 100% over time. The initial mandatory work programme commitment relates
to 2-D and 3-D seismic acquisition.

7.   FURTHER INFORMATION

For further information please contact ROC's Chief Executive Officer, Dr John
Doran on:
Phone: [phone] Email: [e-mail]
Facsimile: [phone] Web Site: www.rocoil.com.au
Address: Level 14, 1 Market Street, Sydney, NSW 2000, Australia

definitions
BBL(S)        means barrel(s)
BCF           means billion cubic feet
BOE           means barrels of oil equivalent
BOPD          means barrels of oil per day
BOEPD         means barrels of oil equivalent per day
BCPD          means barrels of condensate per day
GWC           means gas-water contact
MCF           means thousand cubic feet
m BRT         means metres below rotary table
mTVDSS        means metres true vertical depth below sea level
MMSCF         means million standard cubic feet
MMSCF/D       means million standard cubic feet per day
MMBO          means million barrels of oil
MMBOE         means million barrels of oil equivalent
OWC           means oil-water contact
PSC           means Production Sharing Contract
Quarter       means the period 1 January 2007 to 31 March 2007
ROC           means Roc Oil Company Limited and includes, where the context
              requires, its subsidiaries
SCF           means standard cubic feet
TCF           means trillion cubic feet
US$           means US dollars
WI            Working Interest
$             means Australian dollars
£             Means Pounds Sterling




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