Roc Oil to Raise Funds Through Share Placement

ROC is pleased to announce that after the markets had closed in London and Australia on Friday, January 21, 2005, it agreed to place 9,900,990 fully paid ordinary shares at a price of $2.00 per share. The placement price represents an approximate 11% premium to the weighted average price of ROC's shares traded during the last 10 trading days. The placement will raise US$15 million/A$19.8 million from two established institutional investors.

The placement, which will be managed by Canaccord Capital (Europe) Limited, ROC's nominated advisor/broker on the UK Alternative Investment Market (AIM), is expected to be completed on Thursday, 27 January, 2005. The shares to be issued under the placement represent about 5.3% of the 185,939,693 enlarged issued share capital of the Company. Application has been made to AIM and to the Australian Stock Exchange for admission to trading of the new shares. Further details on this share issue are set out in Appendix 3B.

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

The primary purpose of the placement is to allow ROC to fund potential new exploration ventures offshore West Africa without recourse to either the proceeds generated by the sale of the Saltfleetby Gas Field or the funds raised by the April 2004 Rights Issue.

In the event that ROC does not identify appropriate new West African opportunities which meet its investment criteria, it is expected that the funds raised by the placement will be applied to the Company's current African portfolio.

The placement will substantially increase the number of ROC shares held by investors based in Europe and, in this context, ROC's Board of Directors is very pleased to welcome these new shareholders to the Company's share register.

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