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%.

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.

Mitzy - News from the beetle mate, I reckon its gonna talk very soon!!

Results out today.

The good bits (IMO):

* Gas discovery at Douglas: "We have excellent electric log data which shows that the gas discovered is sweet gas in two zones with good deliverability and likely moderate condensate content."

* Acquistion of seismic over PPL 235, including Puk Puk.

* "Although the Douglas 1 well did not encounter oil we have however found a potentially large reserve of gas, with some condensate, at a time when gas deposits, even those located in more remote locations relative to market access, have become valuable assets. It will be a challenge to commercialise but the PNG forelands area, where Douglas is located, is near a navigable river and also a route to the coast would be over reasonably flat terrain. Obviously the main challenge is to achieve cash flow from the gas asset and we are focussed on prioritising this."


* And there's more: (quoted from the results report)

THE COMPANY HAS OTHER VALUABLE ASSETS:

We have a further 12 identified structures in PPL 235, and we are expecting to
be awarded PPL 261 which will provide us with a further approx 4,000 sq km in a
highly prospective zone. This area is immediately to the north of PPL 235, to
the north, and will result in a consolidated block of prospective acreage of
approximately 7,000 sq km for us to explore and develop. Once awarded, the
ownership of PPL 261 will be in the name of Foreland Oil Limited (for and on
behalf of Rift) as to 50% and Trans-Orient Petroleum (PNG) Limited (for and on
behalf of Austral) as to 50%.

We have lodged another separate application, APPL 289, for acreage adjacent and
to the east of PPL 235 in the expectation that we may continue to explore this
area in a rational and effective manner. This will be owned 100% by Rift.

Lastly, the Coral Sea-1 drilling rig has performed admirably in the drilling of
Douglas. Negotiations are underway as to its future deployment. Ideally, we
would like to lease it to parties where we earn an interest in other areas (not a bad idea IMO), and
have it available to return to PPL 235 when we are ready to drill again.

Bad bits:

* they don't have much cash, with net cash standing at 668,000 at end of March 2006. However, given their slow rate of cash burn at present this may not be too bad.



Still holding, not worried by the doubters.

Soon to be under 1p!

Good, put me in for another 200,000 !!

Me too, let the buying begin

whats with the sudden late rise do you think? Up 14%

whats up with these? is it just nervous PI's not getting any news and bailing ?
anyones thoughts
Alex

no idea, glad I coincidentally sold these last week @ 3.25p cos I needed some readies.

must be dropping cos of lack of news.... but they did say that the best time for them to fulfill their 2D seismic committments was between Sep and Nov-06.... so the next drillhole will probably be sometime next year - at the earliest....

so perhaps as this one keeps drifting - it might be a nice time to get in...

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Rift Oil PLC
16 November 2006


For immediate release 16 November 2006



RIFT OIL PLC

('Rift' or the 'Company')



New Rift Oil Licence



Rift Oil Plc is pleased to announce that it has accepted the offer from the
Ministry of Petroleum and Energy in Papua New Guinea ('PNG') of exploration
licence PPL 261. This area covers approximately 4,000 sq km immediately north
of PPL 235 in which Rift Oil has a 65% interest. The ownership of the lease is
in the name of Foreland Oil Limited (for and on behalf of Rift Oil Plc) as to
50% and Trans-Orient Petroleum (PNG) Limited (for and on behalf of Austral) as
to 50%.



This increases the area in which Rift Oil has a significant interest to
approximately 7,000 sq km.



Chairman, Ian Gowrie-Smith, said: 'This is an important development for Rift
Oil. PPL 261 is on the migration pathway to PPL 235 in which we discovered
potentially significant reserves of gas with Douglas-1. The granting of this new
licence materially increases our acreage in this new gas province.'



Ends



Contacts:
Rift Oil plc 020 7340 9970
David Lees, Finance Director

Buchanan Communications 020 7466 5000
Tim Anderson



Notes to the Editors



Rift listed in London on the AIM market, floating on the 19th April 2006.



Peter Mikkelsen FGS, AAPG, as the qualified non-executive Director has reviewed
this statement and authorised its release.




This information is provided by RNS
The company news service from the London Stock Exchange ODD





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