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%.

Hi Darrendav.

Is it 15% I wasnt too sure still shows the directors have the faith including the newest one who has bought 600K odd.

If the gas resources prove to have the potential already announced then Rift is a snip with a market cap of only 28million. Looking ahead they will have to find a major to j/v with to finance construction of the pipeline to AUS.

By my 'sums', 50K each by the big fellas; IGS and DL, 5K by PM and 25K by the ex FAO chap. All subject to shareholder approval at the EGM of course. :-)

Agreed halifax but if there is as much gas as they say then the pipeline will become economically viable.

Yes but amajor might want to buy Rift out.

ps. just bought 50k and as usual MM showed it as a sale.

Maybe halifax but not for a while yet.
Well done mate.
Thinking about the 500k trade could it be a buy and not a sell and is there someone slowly building a stake.

Well as you know

As you know Nigel Wray has 8% and Cantor Fitz has 3%. After the imminent placing presumably a few more institutions will be joining us as shareholders.

Guess so halifax its like a rolling snowball once the Insto's join us.

Morning all, better weather in UK at the moment, so hopefully no snowballs. :-) Mind you, it's 50+ in some parts of the ME, a bit OTT the other way.

Anyway, had a think about the additional shares issue last night. Any views about Jenni Lean (CEO) and Dr David Bennett (Non Exec director). I didn't see their names as part of the additional shares placing.

Will post this on the 'other side' for comment also.

I guess they never particapated in the placing for some reason.

Todays RNS re Nigel Wray has he incresed his holding or decreased..?

It appears his shareholding remains the same but in % terms is reduced by the recent share placing.

Thanks halifax.

This could well be a 100 bagger in 2008 unless the management blow it.

mitzy,thats why i have topped up at these prices and very happy to hold.

Same here capetown it all depends on the management and how they proceed with the drilling in 2008 the placing is a good sign and Nigel Wray has increased his holding I have done a few calculations and estimate a share price of between 40p and 800p a share.

mitzy,i would be very happy with 40p!!!!

I guess most people would be capetown and if they can prove up the gas reserves that would be the minimum they could expect to get should they sell their licences to a big Oiler.