Update: Offshore Chin

Roc Oil Company Limited
02 January 2008


2 January 2008

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

                DRILLING UPDATE: MULTI-WELL EXPLORATION/APPRAISAL
                  DRILLING PROGRAMME COMMENCES, OFFSHORE CHINA

Roc Oil (China) Company, a wholly owned subsidiary of ROC, is pleased to
announce the commencement of a multi-well exploration/appraisal drilling
programme in Block 22/12, Beibu Gulf, Offshore China.

At 0500 hrs (local time) on 1 January 2008 the Premium 'Murmanskaya' jack-up rig
commenced drilling the Wei 6-12W-1 well on the Wei 6-12 West Prospect, a
stratigraphic-structural feature approximately 2.5 kilometres northwest of the
Wei 6-12S-1 oil discovery which the Joint venture made in 2006.

The well, which is in 30 m of water, is expected to reach Total Depth of
approximately 2,425 metres later this month. The commencement of the drilling
programme was delayed by approximately two weeks because of rig equipment
malfunctions which have now been rectified.

As of 0600 hrs (local time) on 2 January 2007 the current operation was drilling
ahead in 171/2 inch hole at 560 metres.

The second well in the programme will test the Wei 6-12 East Prospect, a
structural-stratigraphic feature 1.7 kilometres east of the Wei 6-12S-1 oil
discovery.

The third well in the programme will be Wei 12-2-2 which will appraise a
structure in the southern part of the Block which tested oil in 1993.

There is a potential for a fourth well in the form of a sidetrack/step-out if
one of the first three wells makes a discovery which requires immediate
appraisal. All of the wells will be operated by ROC using the Premium
'Murmanskaya' jack-up drilling rig. The entire drilling programme is expected to
be completed by the end of 1Q 2008.

Commenting on the commencement of the drilling programme, John Doran, ROC's
Chief Executive Officer, stated that:

  • Between 2002 and 2006 the Joint Venture drilled two structures in the
    northern part of the Block and made two oil discoveries, both of which are
    now the subject of development planning studies. The first two wells of the
    current drilling programme are located in the same area but because they are
    testing targets that are primarily stratigraphic, not structural, there will
    be a commensurate increase in exploration risk - and potential commercial
    reward.

  • The proximity of the first two wells in the programme to the two oil
    accumulations already discovered by the Joint Venture means that a another
    discovery - or two - would be a healthy addition to the reserve base already
    established in this part of the Block. However, the commercial potential of
    the existing discoveries is not dependent upon the outcome of the 2008
    drilling programme.


Participating Interests in Block 22/12 Joint Venture are:

Roc Oil (China) Company..........40% (Operator)
Horizon Oil Limited..............30%
Petsec Petroleum.................25%
Oil Australia Pty Ltd*........... 5%

The above interests are subject to Government participation in developments of
up to 51%

* A subsidiary of First Australian Resources


                                         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]
                                     Mob: [phone]
                                                     Email:  [e-mail]
                                                                                
                                                                    Michael Shaw
                                    Oriel Securities Limited (Nominated Adviser)
                                                       Tel:  [phone]
                                                                                
                                                                     Bobby Morse
                                                         Buchanan Communications
                                                       Tel: + 44 (0)20 7466 5000
                                                       Fax: + 44 (0)20 7466 5001
                                                  E-Mail: [e-mail]
                                                        Mob: [phone]
                                                                                



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