Cliff Head Oil Field

Roc Oil Company Limited
21 July 2005





21 July 2005

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

           ACTIVITY UPDATE: CLIFF HEAD OIL FIELD DEVELOPMENT PROJECT

KEY POINTS

•   The Cliff Head Oil Field Development Project in the offshore Perth
    Basin, Western Australia, remains within budget and on schedule for first
    oil production during first quarter 2006.

•   Four months after project sanction 75% of the A$227 million budget
    committed and about 40% of the engineering procurement, construction and
    installation part of the project completed.


1. PROJECT

ROC's wholly-owned subsidiary Roc Oil (WA) Pty Ltd, Operator of the Cliff Head
Oil Field Development Project is pleased to provide the following update with
regard to the project's progress.

•   The project remains on schedule for first oil production during the
    first quarter 2006.


•   Approximately 75% of the A$227 million budget has been committed and the
    engineering procurement, construction and installation (ie non-drilling)
    part of the project is about 40% complete.


•   There are no outstanding material steel purchases to be made. All
    primary and secondary steel has been delivered to the jacket and deck
    fabrication site in Malaysia and all line pipe has been bought and coated.


•   The Field Development Plan and an application for a Production Licence
    have been submitted to the relevant Government authorities in Western
    Australia and Canberra. Timely receipt of regulatory approvals continues to
    be an important element of the project's schedule and, in this regard, ROC
    continues to work closely with the relevant Government authorities.

•   At the onshore Arrowsmith Plant, 18km south of Dongara, the two onshore
    pipelines have been fully welded and trenching and laying is about to
    commence. Horizontal directional drilling of the beach crossings for the
    pipelines is in progress.

•   The ENSCO 67 jack-up rig is still scheduled to arrive on site in late
    October 2005, to install the wellhead platform and deck prior to commencing
    the drilling of the development wells.

•   Jacket and deck fabrication has progressed well and remains on schedule
    for load out during the first half of October 2005.

•   The accommodation barge and the pipeline lay barge, both presently in
    Indonesia, have been engaged and are due on site in September 2005.

•   Other key elements of the Cliff Head project include the manufacture of
    down hole pumps in the United States, power generators in Austria and
    pressure vessels and chemical injection equipment in Australia, all of which
    are also on schedule.

•   ROC continues to liaise very closely with the local community in and
    around Dongara and has commenced recruitment of local staff for the
    operational and maintenance aspects of the production phase of the project.
    Cliff Head production will be managed by Mr Barry Ashwin who will be based
    in Perth. Mr Ashwin has more than 20 years of relevant industry experience
    mainly in senior production and operating positions with BHP Billiton. Most
    recently, Mr Ashwin was Production Manager for Arc Energy's operations in
    the north Perth Basin.

2. CEO'S COMMENTS

Commenting on the current status of the project, ROC's Chief Executive Officer,
Dr John Doran stated that:

'Until first oil production is achieved, every offshore field development
project is best viewed on a one-day-at-a-time basis and the Cliff Head
Development Project is no exception. Progress to date has been good, but with
less than nine months to go before targeted production start-up we shouldn't
gloss over the significant amount of work that still remains to be done. None of
the project's 300 workforce, located in various parts of the world, is under any
illusion about the importance of this project to the participants - particularly
the three small to medium sized Australian companies which collectively own 71%
of the project. Everybody will need to stay fully focussed if both the schedule
and budget are to be achieved'.

3. JOINT VENTURE

The Cliff Head Joint Venture comprises Equity

    Roc Oil (WA) Pty Ltd (Operator)...........................37.5%
    AWE Oil (Western Australia) Pty Ltd ......................27.5%
    Wandoo Petroleum Pty Ltd .................................24.0%
    Voyager (PB) Limited.......................................6.0%
    CIECO Exploration and Production (Australia) Pty Ltd ......5.0%



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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