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%.

Short term I'm not sure that you will see that but either hold on or take a few more.

Good luck

Possible multi bagger this one ..when is the rig lease news due..?

moneyman,thx for your advice,i did buy some on recent lows @4.35 to average down so am HOLDING.

Out of sheer curiosity (not to mention a touch of boredom while waiting for a visitor) I have re-read the last RIFT drilling update.

I am mystified as to how a statement like "the excellent MFT (Multi-Formation Tester) results indicate that there are two reservoirs (Alene and Toro) of sweet gas with good deliverability and likely moderate condensate content" can go unrewarded by a market which accorded the company an SP of 12p (41.5 mil at the then share total) soon after the float but is now letting this languish at 4.25p (15 mil).

Due a re-rating? All will become clear when RIFT completes the drilling (probably Q1 2007 if we're lucky) to define the extent of the discovery. They need to do some seismic first, planned for Sep - Nov this year, hence the delay.

If this one comes off it might be a consolation for my apparently having missed out on GOO, but in some of my more thoughtful moments I have a feeling that this will leave GOO for dead, given a chance. The resource prospectivity is there, IMO.

Happy to hold what I got for 6.2p, may consider adding if I'm feeling rich and reckless.

depending on whether GOO ever drop back to 12p i may top up on RIFT.
am in at 5.7p so feeling the pinch a little at the mo but agree if everything goes to plan could be another GOO
ALex

SOULTRADERS
AFTER A QUICK LOOK LAST TIME AT RIFT, IT LOOKS LIKE A NICE LITTLE FISH TO FRY AFTER ITS SP FLIES. HANG IN THERE, MAY BE JOINING YOU SOON IN RIFT.
CAN YOU TELL ME THE MOST THINGS YOU LIKE ABOUT RIFT.

Alex, there'll always be ups and downs with these minnows - every time one shoots up I have to remind myself that most of them come back down again soon enough until big production really becomes a certainty (wish I'd been that disciplined when I bought RIFT at 6.2p!).

However, having re-read the entire RIFT thread in the past ten minutes or so, I am still convinced this one has a lot of potential and that I've bought well.

All IMO, PDYOR of course!

George, that's easily answered - I think RIFT has huge potential, albeit from a fairly narrow portfolio. Normally I tend to go for companies that have a lot of licences in different countries. In RIFT's case, it was the large amount of potential upside (possibly a fair bit of blue sky?!) from a company with a very small market cap that convinced me to take a bit more of a risk.

SOULTRADERS
THANKS FOR YOUR QUICK REPLY, I BET I NEED TO HARRY BEFORE IT MOVES UP. BEST LUCK

George, I'm inclined to think that this will only truly start running away with itself if positive and detailed results are (or seem to be) forthcoming from the further exploration at Douglas-1 - and Rift has to do the seismic first. There should still be a few opportunities to buy on weakness; the current SP is probably fair enough, but I wouldn't let myself be rushed into purchasing.

And I'm still waiting to get answers from the beetle on page 1 of this thread. Massive potential though, abit like SEO..

In the last RNS on 25th July it stated "The audited results for the year ended 31st March 2006 will be announced in late August, 2006" these have not been forthcoming and it's September tomorrow, are we perhaps looking at some bad news hence the delay? A few recent sells at high 3 and low 4p values doesn't inspire much confidence, the price is just going nowhere but then I suppose there has been no RNS updates. Any views appreciated as no sure whether to hold or get out.

robvernon

Not that many Trades to day so far ,sp holding steady for the moment BUT yes could do with some news soon, will see if I can find aything out to day !

thanks smiler o

robvernon

1200hrs rang rift oil ,but all directors in a meeting, Hmm ?? but will try later

smiler o
i like your style, thanks, will be interesting to see if anything turns up

Unlikely to have any news today.

How about today?

Naah.

Be at least 2 months before we hear the next important news.