KEY POINTS

· Testing at the East Tsagaan Els-1 well in Mongolia continues but, as anticipated, without yielding any significant results. ROC is free carried through the well.

· Two seismic surveys completed in the Perth Basin.

· Production Sharing Contract in Senegal allowed to lapse in good standing.

1. EXPLORATION

1.1 DRILLING

1.1.1 East Gobi Basin Mongolia, East Tsagaan Els-1 (ROC:50% and carried)

As at 28 November 2002 Dongsheng Jinggong Petroleum Development Group Co. Limited ("Dongsheng") continues to test the East Tsagaan Els-1 well. The first test was of a 7.7 m interval in a depth range of 1,558 m to 1,586.5 m in the Early Cretaceous Tsagaan Tsav formation and did not yield any hydrocarbons. The second test of a 2 m interval at a depth of 1,439.7 m to 1,441.8 m in the same formation is currently being carried out. Depending on the result of that test, further tests may be carried out. ROC would be surprised if any further tests proved to be commercially significant in the context of ROC's other activities elsewhere in the world. ROC is being carried through the cost of the well, including testing, by Dongsheng.

1.2 SEISMIC

1.2.1 WA-325-P and WA-327-P, Perth Basin, Offshore Western Australia (ROC: 37.5% and Operator)

Recording of the 2,106 km 2D Rita Marine Seismic Survey in WA-325-P was completed on 16 November 2002.

Recording of the 570 km 2D Cheryl Marine Seismic Survey in WA-327-P commenced on 16 November 2002 and was completed on 22 November 2002.

1.3 PORTFOLIO

1.3.1 Casamance Blocks I, II and III, Offshore Senegal (ROC: 46.25% and Operator)

After reprocessing 3,000 km of 2D seismic data and carrying out a 1,500 km 2D seismic survey over the past three years, ROC and its co-venturer, Woodside Energy (Senegal) Pty Ltd, have decided to let the Production Sharing Contract for these blocks lapse in good standing when its current term expires on 31 December 2002.

Commenting on ROC’s exit from Senegal, the Company’s Chief Executive Officer, Dr John Doran, stated that:

“ROC has been associated with exploration in Senegal for more than four years and throughout that time it has enjoyed excellent relationships with the relevant Government authorities in that country. Therefore, the decision to allow ROC’s Casamance blocks to lapse in good standing was not taken lightly but rather reflects the Company’s need to concentrate on other areas where it has experienced recent exploration success, Mauritania, Australia and China, and in the UK which continues to be a core area for ROC. As a result of ROC exiting Senegal, the Company anticipates writing off exploration expenditure to the value of approximately A$2.5 million at end 2002".

Robert Gerrard
General Counsel & Company Secretary
E-mail: rgerrard@rocoil.com.au

Under separate cover, ROC is mailing out to all of its shareholders a hard copy of its twice yearly “Shareholders’ Update” in accordance with the Company’s practice of maintaining a maximum level of direct communication with all shareholders.

Most of the Shareholders’ Update is based upon information already released by ROC to ASX, including the Company’s Report to the ASX on Activities for the Quarter ended 30 September 2002 released on 31 October 2002. However, the update also provides some new financial information and additional commentary on the Company’s activities.

An A4 copy of the Shareholders’ Update is attached.

Dr JOHN DORAN
Chief Executive Officer
E-mail: jdoran@rocoil.com.au

ANALYST BRIEFINGS

ROC will be conducting a series of analyst briefings over the next two days. All information being provided has been disclosed to the market with the exception of the typical net ROC reserves potential and after tax dry hole drilling costs information shown in the attachment to this fax.

Kind Regards

Robert Gerrard

General Counsel & Company Secretary
E-mail: rgerrard@rocoil.com.au

KEY POINTS

· The “Deepwater Discovery” rig has been released from the Chinguetti-6-1 exploration well location after drilling a previously reported dry hole on the Thon Prospect, approximately 150 km north of the Chinguetti and Banda discoveries, offshore Mauritania.

· The East Tsagaan Els-1 exploration well in Mongolia has started a testing programme although the results are not expected to be commercially significant to ROC which is free carried through the programme.

· A 2,111 km 2D seismic survey underway in WA-325-P, in the northern part of the offshore Perth Basin, is 77% complete.

· As foreshadowed in previous ASX releases, an improvement of the terms of the Production Sharing Contract for Blocks H15 and H16 in the Rio Muni Basin, offshore Equatorial Guinea, has resulted in ROC’s equity in these areas being reduced from 60% to 35% with no change to its status as “Technical Operator”.

· New and/or modified presentation material, including ROC’s latest drilling programme and a list of current activity priorities, is attached.

1. EXPLORATION

1.1 DRILLING

1.1.1 PSC Area C, Offshore Mauritania (ROC: 5%, of which 1.25% carried)

On 7 November 2002 the “Deepwater Discovery” rig was released from the Chinguetti-6-1 exploration well location after drilling a dry hole on the Thon Prospect, approximately 150 km north of the Chinguetti Oil Field and the Banda gas and oil discovery, offshore Mauritania. The well was the last in a sequence of four wells drilled during the July-November 2002 period. ROC anticipates that further drilling will occur during 2003, although the Joint Venture is yet to meet to consider and, if appropriate, approve a drilling programme for next year.

1.1.2 East Gobi Basin Mongolia, East Tsagaan Els-1 (ROC: 50% and carried)

As at 13 November 2002, Dongsheng Jinggong Petroleum Development Group Co Limited ("Dongsheng") was testing the East Tsagaan Els-1 well. Based on the drill data and log analysis, ROC would be surprised if the test results proved to be commercially significant in the context of ROC's other activities elsewhere in the world. The first of several tests did not yield any hydrocarbons. ROC is being carried through the cost of the well, including testing, by Dongsheng.

1.2 SEISMIC

1.2.1 WA-325-P, Perth Basin, Offshore Western Australia (ROC: 37.5% and Operator)

Recording of the 2,111 km 2D Rita Marine Seismic Survey commenced on 30 October 2002. As of midnight 13 November 2002, the survey was 77% complete.

1.3 PORTFOLIO

1.3.1 Blocks H15 and H16, Rio Muni Basin, Offshore Equatorial Guinea (ROC: 35% and Technical Manager)

Consistent with ROC’s previous releases to ASX, particularly those dated 5 September 2002 and 31 October 2002, ROC is now able to confirm that the discussions which have been taking place between Atlas Petroleum Ltd, the designated operator of Blocks H15 and H16, and the relevant government authorities in Equatorial Guinea regarding the terms of the Production Sharing Contract (“PSC”), were concluded earlier this week when all relevant parties signed the final documents in London. As a result, the terms of the PSC have been improved so that, according to ROC’s current understanding, they are now more closely aligned to the terms contained in other PSCs covering deepwater areas offshore Equatorial Guinea. Also, as foreshadowed in ROC’s previous ASX releases, as a result of the PSC terms being improved, ROC’s equity has been finalised at 35%, as opposed to the 60% which ROC held prior to the PSC modifications. There has not been any change to the Company’s status as “Technical Manager”.

2. NEW PRESENTATION MATERIAL

Attachments 1 through 9 represent new and/or modified presentation material that will be available on ROC’s website later today/tomorrow. The main point to note is:

· The attachments include a list of “ROC’s Activity Priorities”, an updated Drilling Programme and a summary of the results of the 14 wells which ROC participated in during 2001 and 2002.

Robert Gerrard
General Counsel & Company Secretary
E-mail: rgerrard@rocoil.com.au

Dr John Doran, Chief Executive Officer of Roc Oil Company Limited ("ROC"), has formally advised the Australian Stock Exchange that Celtic Energy Pty Limited, a company associated with Dr Doran, sold 270,665 ROC shares on market at an average price of $1.43/share yesterday, 5 November 2002.

Commenting on the transaction Dr Doran stated:

· The shares sold represent a tiny (ca 5.6%) portion of the fully paid ordinary ROC shares in which I have an ownership interest.

· I do not intend to undertake any further share sales in the foreseeable future.

· These are the first shares I have sold to an unrelated party since ROC was founded six years ago and, by definition, since it was publicly listed more than three years ago.

· The precise timing of the share sale does not reflect my personal perception of ROC's upside potential; rather it is a consequence of ROC's rigorous approach to corporate governance. The Company provides executives with only a few very brief periods each year during which share transactions can be undertaken without the need to seek special approval from within the Board: two weeks immediately subsequent to publishing the Quarterly Report, provided that ROC is not concurrently undertaking any activity which could impact upon the share price.

· I sold at a slight discount to market to ensure that it was a one-off, clear-cut, transaction, which would neither dent the share price nor send mixed messages to ROC shareholders.

· If any ROC shareholder has any queries about the rationale behind the sale of this very small part of my shareholding they should feel free to call me direct.

Dr JOHN DORAN
Chief Executive Officer
E-mail: jdoran@rocoil.com.au

KEY POINTS

· The Chinguetti-6-1 exploration well, which tested the Thon Prospect, offshore Mauritania, will be plugged and abandoned as a dry hole.

· Preparations continue for testing the East Tsagaan Els-1 exploration well in Mongolia.

· Recording of a 46.7 km 2D Seismic Survey in WA-286-P completed and recording of a 2,111 km 2D seismic survey commences in WA-325-P.

1. EXPLORATION

1.1 DRILLING

1.1.1 PSC Area C, Offshore Mauritania (ROC: 5%, of which 1.25% carried)

On 2 November 2002 the Chinguetti-6-1 exploration well reached a total depth of 3,294 metres. Preliminary indications from wireline logs run to total depth indicate that there are no significant hydrocarbons and therefore preparations will be undertaken to plug and abandon the well.

All reported depths are referenced to the rig rotary table.

1.1.2 East Gobi Basin Mongolia, East Tsagaan Els-1 (ROC: 50% and carried)

As at 3 November 2002, Dongsheng Jinggong Petroleum Development Group Co Limited ("Dongsheng") was continuing its preparations to test the well. Depending
on how long these preparations take, it may be necessary to postpone some or all the testing during the Northern Hemisphere winter. Based on the drill data and log analysis, ROC would be surprised if the test results proved to be commercially significant in the context of ROC's other activities in the rest of the world. ROC is being carried through the cost of the well, including testing, by Dongsheng1.2 SEISMIC

1.2 SEISMIC

1.2.1 WA-286-P, Perth Basin, Offshore Western Australia (ROC: 30% and Operator)

Recording of a 46.7 km 2D seismic acquisition programme (the Jean Marine Seismic Survey) commenced on 28 October 2002 and was completed on 30 October 2002. The survey was carried out over the Cliff Head structure to aid in defining well locations for the multi-well drilling programme scheduled to start in January 2003.

1.2.2 WA-325-P, Perth Basin, Offshore Western Australia (ROC: 37.5% and Operator)

Recording of a 2,111 km 2D seismic acquisition programme (the Rita Marine Seismic Survey) commenced on 30 October 2002. The recording programme is expected to be completed by the end of November 2002.

Robert Gerrard
General Counsel & Company Secretary
E-mail: rgerrard@rocoil.com.au