Activity Update

Roc Oil Company Limited
27 February 2006



27 February 2006

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

KEY POINTS

•   Oil production commenced from the Chinguetti Oil Field, offshore Mauritania.

•   Topside installation successfully completed at the Cliff Head Oil Field,
    offshore Western Australia; the field remains on schedule for first oil by
    end-March 2006.

•   Drilling and seismic contracts executed for offshore China and onshore
    Angola, respectively.

1.  Chinguetti Oil Field Produces First Oil (ROC: 3.25%)

Oil production from the 123 MMBO, Chinguetti Oil Field, offshore Mauritania,
commenced on 24 February, 2006. Production is via the 275,000 tonne floating
production, storage and offloading vessel, Berge Helene, moored in about 800
metres of water, 80 km southwest of the capital Nouakchott. The vessel has a
storage capacity of 1.6 million barrels. Production is expected to increase
steadily up to 75,000 barrels of oil per day. The US$720 million development
comprises six oil production wells, five wells for water re-injection and one
well for gas re-injection into the nearby Banda Gas Field.

The first load out of 60,000 barrels (net ROC) of Chinguetti oil is scheduled
for end-March 2006. ROC has funded its 3.25% share of this ca A$1 billion deep
water development from internal funds so that, as first oil flows, ROC remains
debt-free.

2.  Cliff Head Oil Field Development Milestone (ROC: 37.5% & Operator)

Another significant Cliff Head Development project milestone has been achieved
with the Ensco 67 jack-up drilling rig lifting the 498 tonne topside deck onto
the jacket.

The Arrowsmith Processing Plant is 92% mechanically complete and commissioning
has begun. First oil is expected at end-March 2006.

The new $6.4 million BP Crude Oil Unloading Facility at Kwinana has been
completed and officially opened by the Western Australian Minister for
Resources, The Honourable John Bowler, MLA. The Facility was purpose-built to
handle the increase in oil deliveries when the Cliff Head Oil Field comes on
stream. All oil production from the field is being sold to BP at its Kwinana
refinery.

3.  CEO Comment

Commenting on the Chinguetti and Cliff Head developments, ROC's Chief Executive
Officer, John Doran, stated that:

'The start-up of oil production from the Chinguetti Field and the planned
start-up of oil production from the Cliff Head Field in about a month's time are
important milestones for all concerned. Not only do they mark the onset of fresh
production revenue, but they also represent a change in the nature of project
risk as development risk gives way to production risk. ROC's attitude to these
field start-up moments is that while the importance of first production should
be acknowledged, it is not the time to celebrate because that is best left until
after production has been established and the productive capacity of each new
field thoroughly understood.'

4.  2006 Angolan Seismic Survey Contract Awarded (ROC: 60% and Operator)

A seismic contract has been executed with the Geophysical Institute of Israel
(GII) to acquire a firm 250 sq km 3D and a contingent 200 km 2D seismic
programme in the Cabinda South Block, onshore Angola. The survey will commence
during 2Q 2006. The planned 2006 exploration drilling programme, scheduled to
commence in September 2006, subject to rig availability, will be based on 2005
seismic data, also acquired by GII.

5.  Exploration Drilling, Offshore Western Australia

The Jacala-1 exploration well in WA-351-P (ROC: 20.0%), offshore Carnarvon Basin
is now scheduled to commence drilling in mid-March 2006, due to prolonged
operations at its current location (Attachment 1*).

On completion of development drilling operations at the Cliff Head Oil Field,
the Ensco 67 jack-up drilling rig will drill at least two exploration wells, in
the offshore Perth Basin: Frankland-1 in WA-286-P (ROC: 37.5%) and Moondah-1 in
TP/15 (ROC: 20.0%) (Attachment 1*). Both the WA-286-P and TP/15 Joint Ventures
are actively considering drilling wells additional to the planned exploration
programme.

6.  China Drilling Rig Contract Executed (ROC: 40% and Operator)

ROC has executed a contract with China Oilfield Services Limited ('COSL')
securing the COSL 931 jack-up drilling rig which will be used to drill the Wei
6-12 South exploration well in Block 22/12 in the Beibu Gulf. Drilling is
expected to commence in April 2006 (Attachment 1*).

7.  North Sea Field Developments

Development drilling at the Blane Oil Field (ROC: 12.5%) is now expected to
commence in late April 2006, four weeks later than the most recent previous
estimate. For internal planning purposes, ROC is now anticipating first oil from
Blane in 1Q 2007. First oil from the Enoch Oil and Gas Field (ROC: 12.0%) is
still expected during 4Q 2006.

(* Attachment 1 attached to the copy of this release on ROC's website:
http://www.rocoil.com.au/Public/Announcement/2006/Activity_Update_270206.aspx)

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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