RIFT OIL PLC
PLACING AND ADMISSION TO AIM


Rift Oil plc ("Rift" or "the Company") has raised 2.3 million before expenses,
through a private placing of 24,080,000 new Ordinary Shares and a placing on
admission to the AIM Market ("AIM") of 22,200,000 new Ordinary Shares, both at
0.05 per share, giving the Company a market capitalisation at the placing price
of 17.3 million. The shares will begin trading on AIM today (19 April 2006).
Insinger de Beaufort is the Nominated Adviser and Broker to the Placing.

Rift was established in November 2004 to acquire a 65% interest in an oil and
gas exploration licence, the petroleum prospecting licence number 235 ("PPL 235
Licence"), in western Papua New Guinea. It acquired this interest in December
2004 through its subsidiary Foreland Oil Limited ("Foreland Oil"), in return for
a commitment to spend US$6 million (approximately 3.2 million) on the
exploration and development of PPL 235. The remaining 35% interest in the PPL
235 Licence is held by Trans-Orient Petroleum (PNG) Limited ("TOPPNG"), a wholly
owned subsidiary of Austral Pacific Energy Ltd ("Austral"), a Yukon
incorporated, oil exploration company operating in New Zealand whose shares are
publicly traded in the United States of America, Canada and New Zealand.

In January 2005, the Company and Austral entered into a joint venture operating
agreement to constitute the joint venture between the Company and Austral (the "
Joint Venture") in relation to the exploration activities to be undertaken
within PPL 235. These include a commitment to drill one exploration well, which
has already commenced as set out below.

Between December 2004 and March 2005, the Company raised a total of 4,505,000
at 0.25 per share from a range of private investors pursuant to an offer for
subscription to enable it to meet its initial obligations in relation to PPL
235, and as general working capital. On 10 April 2006 the Company raised an
additional aggregate sum of 1,204,000 by way of a private placing also at 0.05
per share.

The Joint Venture experienced difficulties in securing an appropriate rig in
order to begin the proposed drilling program on PPL 235. This was due to the
current high demand worldwide for the hire of drilling rigs. This led to the
decision by the Joint Venture, in late July 2005, to purchase the Coral Sea-1
Rig, a heli-transportable, free standing double for the purposes of the Joint
Venture.

PPL 235 covers a total area of approximately 2,910 sq km and lies within the
Foreland Basin, an area southwest of the Papua New Guinea highlands
approximately 500 km west from the capital, Port Moresby. The Company has chosen
the Douglas Prospect and the Puk Puk-1 (previously known as 'Kamu') Prospect
("the Prospects") as the initial targets on PPL 235.

Following extensive commissioning work, drilling on the Douglas Prospect, the
first prospect on PPL 235, commenced on 4 April 2006. The Company expects to
reach the planned total depth of around 2,000m after approximately 20 days of
drilling. This will be followed by a 4 day wireline logging program to determine
what further testwork may be required. Further analysis and interpretation of
the results will be necessary during early May before an announcement can be
made. The Company will then decide whether the results are sufficiently
encouraging to either:

(i) flow test the well;

(ii) drill further appraisal well(s);

(iii) shoot more seismic over the field; or

(iv) drill the Puk Puk-1 Prospect, also on PPL 235.

Rift has lodged an application, together with Austral, for a further PPL (APPL
261) covering an area of some 3,958 sq km immediately north of PPL 235. This
application is in the name of Foreland Oil (for and on behalf of Rift) as to
50%, and TOPPNG (for and on behalf of Austral) as to 50%.

Rift Oil EPIC : RIFT

Web Site : http://www.riftoil.com

With their Joint Venture Partner Austral they already own a drilling rig outright and have the PPL 235 Licence in Papua New Guinea which covers 2910 sq km and could potentially hold up to 500 Million Barrels of oil, as per the Scott Pickford Independant Evaluation Report.

JV Partner Web Site : http://www.austral-pacific.com/

Latest Drilling Update :

Douglas-1 Update

May 11th 2006 - Drilling has reached a depth of 1280 metres and we are now lining the hole and cementing before drilling recommences. Results of all tests to date on the hole are in line with expectations. Within two days we expect to start drilling down to the primary reservoir targets which are between 1700 and 2000 metres.

Cool website, however couldn't see any seismic data...... Its a big IF on this one.... Only the beetle knows for sure whats down there!!

Threaten to pull its legs off unless it tells us :) !!!

Sorry, but though I know nothing about the company, this one does not feel right ..... There has been some enthusiasm (ramping!) expressed in recent weeks, including that the sp would be rocketing past 12p, presumably on the back of "120% certain" positive announcements due imminently ...... Hmm!

cynic, I would welcome your opinions of eo.?? please

cynic, there was a large amount of initial "ramping" of the SP up to 12p !

However, not taken it away from the company, they are carrying on with their plans. The SP softened when it was announced "one of the secondary targets hit water", from the tone of it, and saying its "just one of the secondary targets" I think the broker told them to put this out, to calm the price down and stop the ramping.

So, now we are heading towards the primary targets, the price has "cooled" down, and the upside is large on the primary targets hitting good hydrocarbons.

From the previous update :

"....The next 500 metres through the Ieru shale will bring the well to its main target, the Toro Sandstones, at approximately 1,800 metres, and the first pay sand is expected in the top Alene followed by further targets in the Imburu and other Toro type sands...."

and from todays update at the AP website :

AUSTRAL PACIFIC - Exploring New Frontiers
Drilling & Production Operations : Progress Reports
Douglas-1 ST1 PPL 235, Papua New Guinea

May 15 - As at 10:00am NZST Monday 15th May, Douglas-1 ST1 was drilling ahead in 6 hole at 1566m.

Looks like the big news is next week :) Drilling going well and now at the PZ depth......so what will they now find over today and the weekend ?


AUSTRAL PACIFIC - Exploring New Frontiers

Drilling & Production Operations : Progress Reports
Douglas-1 ST1 PPL 235, Papua New Guinea


May 19 - As at 07:00 hrs (NZ time) Friday 19th May Douglas-1 ST1 was drilling ahead in 6" hole at 1753m. Proposed total depth for the well is approximately 2050m.

Finally the beetle talks, anyone speak beetle?

In today with a very small holding as just my luck this will multiply

Explosive, I speak German, so can converse with a VW beetle.

And i eat beetles so can tell you if it tastes of oil or not?

He says his name is Douglas and is fleeing after his home was incased in concrete. I've questioned him about the oil and he says hes never dug down that deep.... Cheeky bugger also said if there is oil hes intitled to proceeds of profits as bought 5 inches of land on the drill site from the local flee market!!

Pull another leg off, show him you mean business . . .

Have a great weekend , my fingers are crossed for next week, stay lucky.

Will be interesting, if we get news of hydrocarbons next week we could break 20p........if its a duster we might see 5p.........

Risk and reward, but RIFT should be a hot stock to watch next week.

The risk is somewhat toned down as RIFT own their own rig, and will move of to drill Puk-Puk.......so short lived disappointment. Its great that RIFT own their own rig, that in itself is worth a lot.

I am sure there is loads of barrels there

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/05/20/cxmktrep20.xml

......................Rift Oil, which is exploring for oil and gas in Papua New Guinea, rallied 1.12 to 8.12p on rumours that it is about to publish a bullish drilling result..............................................

ExxonMobil are positive about oil and gas projects in P.N.G.

http://www.couriermail.news.com.au/story/0,20797,19132590-3122,00.html

May 15th 2006

".............The position exposed him to what he believes to be one of the most exciting oil and gas provinces in the world today Papua New Guinea.................."

You see the value of owning your own rig, as does the Rift/Austral JV.

http://www.oilonline.com/news/headlines/ephotline/20050812.Austral_.18799.asp

"......................Other parties in PNG have expressed interest in future use of the rig............... "