JUNE 2000- RELEASES

ONSHORE UK Keddington - 2 (ROC 100%)

The Keddington-2 well was completed on 22nd June. A pumping unit and rods will now be installed and the well hooked into the production system. Pumping production, from the same Basal Westphalian reservoir sands as Keddington-1, is expected to start on about 20th July.

Saltfleetby - 5 (ROC 100%)

The Explorer drilling rig, owned by Roc Oil (UK) Limited, is currently moving to the Saltfleetby 'B' Site, where it is scheduled to spud the Saltfleetby-5 well on 7th July. Saltfleetby-5 will be drilled to a planned total depth of 3,065 metres, with a horizontal section of more than 300 metres. The expected well duration is 80 days, including testing and completion.

Saltfleetby-5 has a primary target in Namurian sands, which are deeper than the Westphalian sands currently contributing all the field's gas production of 50 mmscf/day.

If successful in the Namurian, this well will add to field reserves and deliverability; otherwise it will be completed shallower, as a fifth Westphalian producer, to provide additional production flexibility and the potential to accelerate production.

OFFSHORE UK Kyle (ROC 12.5%)

As of Wednesday 28 June 2000 (UK Time) production from the extended well test on the Kyle 29/2c-12z well continued at approximately 13,000 barrels of oil per day with no water production and a stable gas/oil ratio.

MONGOLIA (ROC 100%)

On 28 June 2000 Roc Oil (Mongolia) Ltd (a wholly owned subsidiary of Roc Oil Company Limited) completed the delivery of approximately 7,600 bbls of crude oil to China under its crude oil sales contract with Sinochem International. It is planned to sell approximately 30,000 barrels of oil during June and July under this contract.

The crude oil being sold under this contract is priced in USD at international oil prices.

Dr John Doran
Chief Executive Officer
E-mail: jdoran@rocoil.com.au

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ONSHORE UK (ROC 100%)

As of noon on 21 June 2000 (UK time), the Keddington 2y sidetrack well had reached a final total depth of 2,634 metres in the basal Westphalian section. While pulling out of the hole prior to running the completion, the bottom of the drilling assembly became differentially stuck and subsequent fishing operations were unsuccessful.

For production, the lower 20 metres of the casing (2,369 to 2,389 metres) has been perforated across the oil bearing Unit 1 sandstone. The uncased portion of the hole above the fish has been left open to production. The current operation is running production tubing and preparing to move the drilling rig off-site.

Dr John Doran
Chief Executive Officer
E-mail: jdoran@rocoil.com.au

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ONSHORE UK (ROC 100%)

As of 12:00pm on 14 June 2000 (UK time) , the Keddington 2 well had reached a depth of 2,602 metres (2,201 metres TVD) and was tripping to change bits. Keddington 2 well is targeting oil productive sandstones in the basal Westphalian section.

Dr John Doran
Chief Executive Officer
E-mail: jdoran@rocoil.com.au

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1. FIRST SIGNIFICANT NORTH SEA OIL SALE - KYLE OIL FIELD (ROC: 12.5%)

On 7 June the Kyle Joint Venture sold its first cargo of crude oil produced during the Extended Well Test (EWT) at the 29/2c-12z well in the Kyle Oil Field in the UK North Sea. The first sale shipment was 169,793 barrels (net ROC: 21,224 bbls), sold at a modest premium to the prevailing Brent spot price. Since the EWT commenced on 24 May 2000, production has continued at a choked-back rate of 13,000 barrels of oil per day (BOPD) with a stable gas-oil ratio and no water cut.

2. DRILLING ACTIVITY - KEDDINGTON OIL FIELD (ROC: 100%)

As of mid-day 7 June 2000, Keddington-2, the first appraisal well in the Keddington Oil Field, was drilling ahead in a sidetrack at 2460 metres drill depth, with the intention of penetrating the top Dinantian seismic marker, which is expected at about 2470 metres. During the week the well drilled 205 metres of horizontal section, partially through a Basal Westphalian reservoir sand of relatively modest thickness and quality compared to the reservoir in Keddington-1. The decision to plug back and drill a "punch through" sidetrack hole into the top Dinantian was made in order to gain a better understanding of the local stratigraphy. When this "punch through" sidetrack has been drilled and logged, the well will be plugged back and a horizontal sidetrack will be drilled within the targeted Basal Westphalian reservoir section.

3. GAS PRODUCTION - SALTFLEETBY GAS FIELD (ROC: 100%)

Saltfleetby Gas Field production continues to out-perform Prospectus forecast producing approximately 47 MMSCFD for the month of May, approximately 44% above the Prospectus forecast (Attachment 1).

In addition to better than forecast gas production ROC is also deriving benefit from the current strong spot and forward gas prices in the UK as a result of having already fulfilled its current quarter contract sale obligations to Northern Electric and Gas Limited. Therefore, during June, ROC expects to sell approximately half of its gas production at prevailing spot gas prices which are currently about 19.5 pence per therm (A$5.57/MCF at a GBP:A$ currency exchange rate of 0.38) approximately 77% higher than ROC's internal May 2000 gas price estimates, which were used as the basis for the Prospectus forecast. The balance of ROC's June 2000 production has now been sold forward at a price approximating to 18.0 pence per therm (A$5.14/MCF), 64% above Prospectus price forecast for June 2000. The recent spike in UK gas prices saw prices climb by 70% during the last several weeks. Some industry observers anticipate that prices on both sides of the UK-Continental Europe Interconnector pipeline will remain high in the medium term, reflecting the oil price indexation of European gas contracts, despite the fact that there is no direct or formal linkage between UK gas prices and international oil price trends

4. NEAR TERM EXPLORATION PROGRAMME - MONGOLIA (ROC: 100%)

ROC is continuing with its preparations for the drilling of two exploration wells in the East Gobi Basin of southern Mongolia. The wells will be drilled on a back-to-back basis with the first one due to commence in August 2000. The two prospects to be tested have an estimated combined original oil in place potential considerably in excess of 200 million barrels, although neither prospect is more than 35 km from the Zuunbaayan rail head, which means that a discovery could generate revenue very quickly. ROC also continues to produce oil at a rate of approximately 130 BOPD from three wells in the East Gobi Basin. The oil is stored in ROC's tank farm at Zuunbaayan where a total of approximately 32,000 barrels of oil is currently awaiting export shipment and sale via rail car link to the Mongolian-Chinese border crossing. ROC expects the first export shipment for 2000 to be at the border sale point during July 2000.

Dr John Doran
Chief Executive Officer
E-mail: jdoran@rocoil.com.au

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1. COMPLETION OF SALE OF NON-CORE UK ASSETS

On 31 May 2000 (Australian time) ROC received from Star Energy Limited the £22 million/A$57 million (converted at 0.385 GBP/AUD exchange rate) proceeds from its previously announced sale of non-core onshore assets in the UK (see ASX release dated 2 May 2000).

In accordance with the Sale and Purchase Agreement, ROC will receive additional cash considerations in March 2001 and March 2002 if the average Brent oil price for each of these consecutive twelve month periods is more than US$18.50/bbl, provided that the producing assets sold by ROC meet certain realistic annual production targets. The maximum additional cash consideration payable to ROC is £5.2 million/A$13.4 million (at 0.385 GBP/AUD exchange rate). By way of illustration, if the Brent oil price for each of the twelve month periods to 28 February 2001 and 28 February 2002 averaged US$28.00/bbl, ROC would receive an additional cash consideration of £1.9 million/A$5.1 million in March 2001 and a further cash consideration of £2.6/A$6.8 million in March 2002. By way of further example, if the Brent oil price averaged US$22.00/bbl during the relevant periods the amounts to be received by ROC would be £0.9 million/A$2.4 million and £0.8 million/A$2.1 million in March 2001 and March 2002 respectively.

Following settlement of the sale - and without any reference to the potential additional benefits ROC would receive as a result of a continuing strong oil price - ROC is pleased to reaffirm that its after tax profit on the sale of these assets, which it held for seven months, is A$18 million.

2. KEDDINGTON-2 (ROC: 100%)

Keddington-2, the first appraisal well in the Keddington Oil Field, onshore UK, is currently preparing to drill ahead at 2411 metres to a total drill depth of 2700 metres including approximately 400 metres of horizontal section. During the last week, most of the operation was focused on changing out the mud system in preparation for drilling the reservoir section under-balanced so as to optimise the well's potential productivity.

3. SALTFLEETBY GAS FIELD (ROC: 100%)

The Saltfleetby Gas Field continues to outperform Prospectus expectations to the extent that the main surprise which it has produced thus far is that it did not come off its flush production plateau during April or May 2000. In fact, on 29 May 2000, five and a half months after production commenced, the field's cumulative production reached eight billion cubic feet of gas consistent with a cumulative production profile that is best described as a boring straight line (Attachment 1).

ROC's gas production from Saltfleetby is also benefiting from surprisingly strong Spring/Summer gas prices in the UK. Spot prices have spiked to US$2.80/mcf, approximately 60% higher than the spot price for the Summer period used to determine ROC's Prospectus forecast, while forward prices for the July-September period are in the order of US$3.40/mcf. In accordance with the terms of the gas sales contract with Northern Electric and Gas Limited, ROC is able to realise a gas sale price equivalent to the prevailing spot gas price for approximately 50% of its production in any particular calendar quarter with the balance of the production being sold at the contracted price as per the Prospectus forecast.

4. DISSEMINATION OF PUBLIC DATA

At a recent presentation to a small group of private client advisors ROC presented information that was already in the public domain, although two of the elements of the presentation were provided in a format that was new and, as such, they are provided here as Attachments 2 and 3 to ensure their further public distribution. The essential elements of these attachments are:

· (Attachment 2) catalogues ROC's achievements during the last ten months. All of these achievements have been announced to ASX but until now they had not been summarised in this form.

· (Attachment 3) highlights ROC's somewhat significant (413%) revenue increase from the time that the company publicly listed in early August 1999 to March 2000. For comparative purposes, ROC's revenue increase is presented in the context of the 100 fastest growing dot.com/telco/biotech stocks in the United States of America as ranked by Forbes ASAP magazine in its April 2000 edition. Forbes' ranking is based on increases in revenue achieved over a twelve month period for a sector where revenue growth appears to be more prized than profit. On this basis, ROC's revenue increase over the first eight months after its public listing would rank it at No. 39 on the Forbes' list - without any reference to ROC's $21.6 million after tax profit for the first quarter 2000 (after adjustment for the sale of the non-core UK assets) which compares to a Prospectus forecast of a full Calendar 2000 after tax profit of $13.1 million.

Dr John Doran
Chief Executive Officer
E-mail: jdoran@rocoil.com.au

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