Operation Update: Angola/Aust

Roc Oil Company Limited
23 October 2006


23 October 2006

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

                    OPERATIONAL UPDATE - ANGOLA & AUSTRALIA

1. Cabinda South Block, Onshore Angola (ROC: 60% & Operator)

ROC is pleased to advise that it has signed a two-year contract with Simmons
Drilling Overseas Limited ('Simmons') for the Simmons 80 Rig, which is expected
to start drilling onshore Cabinda between March and May 2007. The 1,200
horsepower rig is currently being upgraded in Dubai, and is capable of drilling
to 4,000 metres in conventional hole sizes. Under the terms of the contract, ROC
has the ability to terminate the arrangement early by paying a break fee and to
assign the rig to other operators in the region.

In addition, to the arrangement with Simmons, ROC is continuing to investigate
the merits of bringing the 100% ROC-owned 750 horsepower Explorer rig from the
UK to Angola which could allow drilling to start prior to end-2006.

Commenting on the Angolan rig contract, ROC's Chief Executive Officer, Dr John
Doran, stated that:

'As everybody knows, the rig market is tight. It is particularly tight when you
are looking for a rig to drill in an area where nobody has drilled for 34 years.
ROC is pleased to have secured a two-year rig contract for its drilling
programme onshore Cabinda. Our sincere hope is that once the rig arrives in
Angola, we will have every reason to keep it busy for the following two years
although, of course, that goal will be a lot easier to achieve if our first
three or four wells provide a bit of encouragement.'

The Cabinda South Block Joint Venture comprises: 
                                        Equity             Contributing Interest
Roc Oil Companies                       60.0% & Operator   75.0%
Force Petroleum Limited                 20.0%              25.0%
Sonangol P&P S.A.                       20.0%               --

2. Cliff Head Oil Field, Perth Basin, Offshore Western Australia (ROC:
37.5% & Operator)

Further to its Stock Exchange Release on 17 October regarding the temporary
shut-in at Cliff Head Oil Field, ROC advises that production recommenced 21
October. Current production from the field is 9,000 to 10,000 BOPD from three of
the six production wells. Trucking of oil to the BP Refinery at Kwinana
recommenced on 23 October. The remaining production wells will be brought on
stream in due course.

The Cliff Head Joint Venture comprises:
                                                         Equity
Roc Oil (WA) Pty Limited                                 37.5% & Operator
AWE Oil (Western Australia) Pty Ltd                      27.5%
Wandoo Petroleum Pty Ltd                                 24.0%
ARC (Offshore PB) Limited                                 6.0%
CIECO Exploration and Production (Australia) Pty Ltd      5.0%


Michelle Manook
General Manager - Corporate Affairs

                                         For further information please contact:
                                                                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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