ROC Adopts A-IFRS

Roc Oil Company Limited
23 June 2005




23 June 2005


                         ROC OIL COMPANY LIMITED ('ROC')

                             STOCK EXCHANGE RELEASE

                 ROC ADOPTS AUSTRALIAN-INTERNATIONAL FINANCIAL 
                         REPORTING STANDARDS ('A-IFRS')

                 
The Board of Roc Oil Company Limited ('ROC') has adopted A-IFRS effective 
1 January 2005. This is a requirement for all Australian Companies for financial
years commencing on or after 1 January 2005.


The impact of the adoption includes:


   • Changes to ROC's accounting policies including: taxation, functional
    currency, restoration and share based payments.


   • Preparation of revised 2004 financial statements to be used as
     comparative information in the 2005 half year and year end accounts.


   • Adjustments (for periods prior to 2004) applied directly to
     shareholders' equity.


   • A-IFRS compliant half year accounts for 2005 which are due to be
     released in August 2005

Adoption of A-IFRS does not have any material effect on ROC's cash flow;
business practices or activities.

The effects of adopting A-IFRS include:

1.   A reduction in shareholders' equity of $17.4 million (from $226.8
     million to $209.4 million) as at 31 December 2004.

2.   A restated full year loss after tax for 2004 of $31.6 million. This
     is a $7.2 million decrease compared with the previously reported loss after 
     tax of $38.8 million calculated using Australian Generally Accepted 
     Accounting Principles ('A-GAAP').

3.   An adjusted profit of $80.7 million from the Sale of Saltfleetby which has 
     been recognised in 2005.

The details of those adjustments will be disclosed in the 2005 half year
accounts.


Bruce Clement                            For further information please contact:
Chief Operating Officer                                         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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