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%.

:)

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


May 26 - As at 07:00 hrs (NZ time) Friday 26th May Douglas-1 ST1 well in Papua New Guinea (Austral 35%) was at a total depth of 1978 metres and drilling operations are set to cease shortly. The target sands were encountered over a significant interval. Wireline logs will be run immediately with some information expected to be available as soon as early next week.

Be wary with this stock you may get burnt (remember ELP).

Thankyou for your advise , but i only bet with money i can afford to lose, with ELP the only lossers are the people who sold.

ELP with rise again when it starts its next target drill, as for rift i nice high reward high risk gamble.

Surely thats half the fun.

Well RIFT got some coverage from the after hours uk-analyst.com email markets summary today, that will highlight it to plenty more potential buyers for next week :

"Drilling news from explorer Rift Oil helped lift its shares by 0.625p to 7.625p. The group issued an update on progress with its Douglas-1 exploration well in Papua New Guinea. Drilling was reported to have reached a total depth of 1,978 metres and drilling operations are set to cease shortly. The target sands were encountered over a significant interval. Wireline logs will be run immediately. A further progress report is set to be released in the near future."

Previous Austral updates have been on Friday's (19th, 26th May) and so therefore expectation will be for this Friday 2nd of June, however, as the wireline results will contain price sensitive information, if completed and initial signs known prior to Friday, they should release a.s.a.p.

Old article of interest, please note speculation only however does highlight size and potential of this field.

WELLINGTON, New Zealand, April 4 /PRNewswire/ -- Austral Pacific Energy Ltd. (TSX- V and NZSX: APX; AMEX: AEN) --

Austral Pacific Energy Ltd. announced today that the Douglas-1 exploration well commenced drilling at 5pm (local time) on 4th April 2006. Douglas-1 is located in PPL 235 (Austral 35%, operator) in the onshore Papuan Foreland Basin, Papua New Guinea.

Douglas-1 will test the seismically defined Douglas structure and will take approximately three weeks to drill to a depth of 2000m (6,500 feet). Primary reservoir targets for the well are the Jurassic aged Alene, Toro and intra Imburu sandstones. In offset locations within the Papuan Fold belt and Foreland Basin, these sandstones provide the reservoir for in excess of 500 million barrels of oil and 10 TCF of gas. Sandstones developed within the Oligocene aged Sirga Formation are also mapped within closure and constitute a secondary target for the well.

In making the announcement, Chief Executive Officer Rick Webber said "The well is located on a well defined structure that in the oil case could hold 150 million barrels of reserves. All the indicators are positive and I am very optimistic."

Web site: http://www.austral-pacific.com/ Email: ir@austral-pacific.com Phone: Rick Webber, CEO +64 (4) 476 2717

None of the Exchanges upon which Austral Pacific's securities trade have approved or disapproved the contents hereof. This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of applicable legislation. Other than statements of historical fact, all statements in this release addressing future production, reserve potential, exploration and development activities and other contingencies are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements, due to factors such as market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions.

See our public filings at http://www.sedar.com/ and http://www.sec.gov/edgar/searchedgar/webusers.htm for further information.

Web site: http://www.austral-pacific.com/

Nice 1+ million buy there and now L2 up now 2 v 1 @6.5/7.25

800K T as well, delayed, so I would say that was a buy too.

So an 800K buy and a 1+million buy so far today.........

Looking very interesting now, news tomorrow ?

A hyrdrocarbon strike :) :) :)

http://www.austral-pacific.com/newsdetail.php?ID=201

Austral Pacific To Test Douglas Wildcat
Wellington, New Zealand Thursday 1st June, 2006


Austral Pacific Energy Ltd. announced today that Austral Pacific (35%) has determined to flow-test its wildcat exploration well Douglas-1 located in PPL 235 in Papua New Guinea. The well will need to be cased in order that a production test can be conducted. Austral Pacific has notified Rift Oil, a 65% participant in the well, of this intention and will sole-risk the flow-test if necessary.

The well reached a total depth of 1978 metres on Friday 26th May. Wireline logs run over the weekend indicate that the well has intersected two gas bearing columns, the first in the Alene sand from 1785 metres to 1789 metres (4 metres gross; 4 metres net) and the second in the Toro sand from 1838 metres to 1855 metres (17 metres gross; 12 metres net). Formation pressure measurements were also recorded.

Commenting on the announcement Austral Pacific Energy Ltd.s Chief Executive Officer Rick Webber said, We are very encouraged by the results we have seen so far in Douglas-1 although we recognize that the prospects for successfully commercialising the resource will require a lot of further evaluation. The results of the production test, particularly the condensate to gas ratio, as well as the outcome of any subsequent appraisal drilling, will be keys to determining the commerciality of the resource. The Douglas-1 well is located on one of three structural highs that comprise the Douglas prospect. In addition there are a number of other prospects within the permit which taken together constitute significant follow-up potential.

The drilling rig is currently conditioning the well prior to running production casing. The decision on when production testing will commence will be taken once the availability of production testing equipment has been ascertained and a testing programme and budget have either been agreed by the joint venture or the sole risk rovisions of the agreement are in effect, which in either case will likely mean several weeks before the test results are available.

Do not forget that this structure could contain 10 TCF of gas ! If the sands have hydrocarbons in (and they do we know now) then estimations were for possible 500 MMBO of oil and 10 TCF of gas. This first well and the finding of gas and condensates is major news, I am more than sure a few more wells will now be required after more seismic to firm up the potential of this block and build up an idea of the total holding of oil and gas. Its also good they have made application for block APPL261 to the north of this block PPL235.

That they can flow test the well and potentially produce from it is great for the short term, for me the major news is the structure contains hydrocarbons and is in a region that has potential for Giant structures, its going to be an interesting ride now.

On the map below the Kamu-1 is also in the same class as Douglas-1, ie a significant drilling prospect. You can also see that APPL261 which has been applied for by RIFT JV is directly north of PPL 235 where we are now.

An exciting day ahead I think, and an exciting few months ahead now, which could lead to an exciting few years ahead.

VOG were at this stage with a 5 TCF structure a long time ago and nobody was interested then until the final well results came out.

RIFT.......well, its smaller, and the potential is bigger ;)

Rift Oil PLC
01 June 2006


For immediate release 1 June 2006


RIFT OIL PLC ANNOUNCES
GAS DISCOVERY AT DOUGLAS-1 WELL

Rift Oil PLC (LSE : RIFT), is pleased to announce a gas discovery on the wildcat exploration well Douglas-1, located in the area PPL 235 of Papua New Guinea('PNG
'). Rift has a 65% interest and its joint venture partner, Austral Pacific Energy Ltd. a 35% interest in Douglas-1. The discovery has been deemed by the operator Austral Pacific Ltd. to warrant casing and production testing.

The well reached a total depth of 1,978 metres on Friday 26th May. Wireline logs run over the weekend indicate that the well has intersected two gas bearing columns, the first in the Alene sand from 1,785 metres to 1,789 metres (4 metres
gross; 4 metres net) and the second in the Toro sand from 1,838 metres to 1,855 metres (17 metres gross; 12 metres net). Formation pressure measurements were also recorded, which suggested very good quality reservoir.

Commenting on the discovery Rift Oil PLC's Chief Executive Jenni Lean said: 'We are very encouraged by the results we have seen so far in Douglas-1 although we recognise that the prospects for successfully commercialising the resource will
require a lot of further evaluation. The results validate the anticipated hydrocarbon potential for the licence. The Douglas-1 well is located downdip from one of three structural highs that comprise the Douglas prospect. In
addition there are a number of other prospects within the permit which taken together constitute significant follow-up potential.'

The drilling rig is currently conditioning the well prior to running production casing. The operator's decision on when production testing could commence will be taken once the availability of production testing equipment has been
ascertained and a testing programme and budget have been agreed.

Jenni Lean added :'PPL235 covers 2,910 sq.km. Seismic mapping of the Douglas structure had indicated a large closure, measuring some 50 sq.km. Taken with
several other structures in PPL 235, we could potentially have a significant new gas province. Advanced plans to pipe gas to Australia from Papua New Guinea demonstrate that potential markets do exist for gas discovered in PNG. PPL 235
is closer to the proposed pipeline than current potential suppliers. It is however, very early days.'

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

Ends
Contacts:
Rift Oil plc 020 7499 1400
Ian Gowrie-Smith, Chairman
Buchanan Communications 020 7466 5000
Tim Anderson
Ben Willey

Lots of shakes..........they really must be short of stock and sellers...... :)

Buy and hold for 6 months for the biggest returns here I think :)

Stabilised and hopefully now a good run to the close now the hot money is all out :)

20% up is a great result for end of day, looks like profit takers have started to sell also.

Some crazy people around, this news is major.......but people are just looking for quick returns and out ;) LOL

Remember all those people who sold out of VOG on the move from 40p to 50p.......nice 20% they made............and how much did they lose by not holding ? :)

I would say hold RIFT for 6 months and it will be way way above where it is now.

Very true, theres also the very good possibility of a further oil discovery! I'm thinking all this will take more like 12-18 months.

Good news from NewZealand press coverage:

Explorer hits gas in PNG
02 June 2006

Wellington-based oil and gas explorer Austral Pacific has hit gas at its 35 per cent-owned wildcat exploration well Douglas-1 in Papua New Guinea.


The company will flow-test gas volumes and expects test results to take several weeks.

Chief executive Rick Webber said they were "very encouraged" by the results, but prospects for commercialising the well would take more work.

The well reached a depth of almost 2000m last week, and testing showed two gas-bearing columns, one 4m deep and the other about 12m.

Austral told Rift Oil, which owns 65 per cent of the Douglas-1 well, that Austral would meet the cost of the flow testing if Rift did not want to share it.

The success of the well would depend particularly on the ratio of gas to gas condensate, as well as the outcome of any further appraisal drilling, Mr Webber said.

A number of other prospects in the permit had "significant follow-up potential", he said.

Austral shares last traded at $2.70, after falling from more than $3.70 late in April.

Late last week Austral said testing at the McKee interval in the Cardiff 2A well onshore in Taranaki had resumed.

The well was producing from the McKee interval at a gas rate of 1.25 million cubic feet a day and a condensate rate of 40 barrels a day. More testing of the deep zone, believed to contain a much larger reservoir than the McKee, was expected later this year.

RIFT is looking enticing, particularly if the hoped-for 10 TCF is anything like achievable, but one possible question mark is its cash position. Press releases state that they have raised cash with the intention of covering obligations on PPL 235, but should Douglas turn out to be non-commercial they will surely be looking at another placing, and that on the back of a reduced SP.

Any thoughts?

As a confirmed VOG-fan I am definitely giving this the watch-and-wait treatment in hopes of good things coming to pass.

EDIT - I see that the SP has dropped quite a bit today, certainly more than I would have expected after yesterday's positive update:

RIFT Bid: 6.5p Offer: 7.25p Change: -1.25

A bit of a shake going on so the MM's can take advantage of a nervous market?

Rift Oil PLC
06 June 2006


For Immediate Release 6 June 2006



RIFT OIL PLC

("Rift" or the "Company")

PLACING TO RAISE 540,000


Rift Oil PLC (LSE : RIFT), is pleased to announce that it has raised 540,000
(before expenses) through a placing of 10,800,000 new ordinary shares in the
Company at 5p each. The new ordinary shares represent 3.0 per cent. of the
enlarged issued share capital. Following the recent gas discovery at the
recently drilled Douglas-1 exploration well, these funds will help fund the
ongoing appraisal of the well. Rift has a 65% interest and its joint venture
partner, Austral Pacific Energy Ltd. a 35% interest in Douglas-1. The discovery
has been deemed by the operator Austral Pacific Ltd. to warrant casing and
production testing.

Application has been made for the 10,800,000 new ordinary shares to be admitted
to trading on AIM. The new shares will rank pari passu with the existing
ordinary shares in the Company, and trading is expected to commence on Monday 26 June 2006.