Rift Oil Doubles Gas Potential Estimates in Puk Puk-1

Rift Oil PLC has provided an update to its announcement on July 21, 2008, regarding drilling for Puk Puk, which is located in Papua New Guinea. The Company estimates that the potential mid case contingent resource for Puk Puk of 430 BCF and 8.5 MMB of condensate are approximately double pre-drilling estimates.

This estimate, together with the 250 BCF already identified on the Douglas and Langia structures, brings the total mid case contingent resource estimate of these structures alone to approximately 700 BCF without establishing additional reserves from further untested adjoining structures.

The upper case estimates would have these structures already potentially in excess of 1 TCF.

A 2D seismic program totalling 210 km is now underway to assist in defining the size and extent of these structures and the adjoining structures, making projections of total field potential more easily calculable as well as identifying future drilling targets.

The testing program for the Puk Puk-1 well has been redesigned to take account of the greater than anticipated hydrocarbon column intercepted in the well. Due to the greater complexity of the well completion and test program, it has been rescheduled to commence in mid August, with the full testing program to be completed by end September.

Rift Oil’s Chairman commented, "The doubling of our estimates of contingent resource in Puk Puk confirms Rift's belief that at a minimum it can provide enough gas to commercially satisfy either Alcan or Flex LNG's requirements, or even both, subject to successful additional drilling."


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