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%.

Lack of sp movement may suggest an overhang or large seller in the background.

After spudding announcement shouldn't make much difference. IMO.

oilyrag
Are you in SER.

No I'm not, there are just too many to cover. In oil and gas sector I hold, HAWK, TOM, XTR, RIFT, AMER, and QFI. I sold out EME long ago for more than the current price and feel that them only holding 7.5% of their current find, the rise may be overdone.

oily
You should take a fresh look at SER it's breaking out and could see 10-15p over he coming months.

i have tried to get some more RIFT a few weeks ago over the phone via igmarkets, and again today over their website... but each time they won't allow me to cos of "only Closing positions for this stock is allowed"... or words to that effect...

f__ers !!! that tells me that these outfits are probably soaking up all the sells, and are waiting for a little while, when they will then sell into the market at much higher prices... cos why else would they only allow you to Close your existing position, and not open more of the same stock...

why else won't they give me my p_ssy order ??!!??

Lot of people in this one it seems (including myself) !.

" alt="" />

Crosses looking nice, lets hope RSI doesn't fall back anymore or we're going down.

SP rises must be due to yesterdays buys.

oil now $120 and heading to $123 soon I just wish Rift would get their act together

Should Rift find say 50 mbo at PPuk I guess the discovery of oil would put Rift in a better light.

Have they started drilling?

No they have not halifax thats the big problem although to be fair they have said there are no delays in the drilling programme..it is almost 2 years since they drilled Douglas so I am hoping they commence drilling PPuk very soon.

weren't they supposed to have spudded in April ??

Its still April.

So good news by Wednesday?

Dropped in price due to no news on spudding.

mitzy,i cant believe how stubborn the SP is,i would have expected 5p by now in lead up to anticiapated news.Cheers re BA.

Hi capetown

It should be 5p by now but there is I believe a problem with AP re the cost of the drill which should be sorted out pretty soon.

RNS Number:7308T
Rift Oil PLC
06 May 2008


For immediate release 6 May 2008



Rift Oil plc


Drilling to Start on 10 May 2008 at Puk Puk-1


Rift Oil Plc ("Rift"), the oil and gas exploration company with assets in Papua
New Guinea ("PNG"), is pleased to advise that drilling of Puk Puk-1 will
commence on 10th May 2008. This is a major milestone in the development and
exploitation of the Douglas gas discovery area in PPL 235, PNG, via its wholly
owned subsidiary, Foreland Oil Limited. Flow testing will follow leading to an
assessment of the size of the field. Depending on drilling and testing
progress, the results of Puk Puk should be known in June and of the Douglas-1
flow test in July...


Puk Puk-1 is Rift's second well in this drilling phase. The Company's
independent expert has advised that this exploration target has a mean
recoverable resource of 226 BCF gas in the event of success, and that the
Douglas discovery, Langia and the un-risked prospects in PPL 235 are estimated
to have a most likely potential recoverable resource in the order of 800 BCF
with the possibility of up to 1.3 trillion cubic feet recoverable, in the event
of success.


Background


The Department of Petroleum and Energy ("DPE") of PNG has approved Puk Puk-1 as
an obligatory exploration well, which is a separate structure located 25
kilometres from Douglas-1.


The Douglas discovery was made in May 2006. In March 2007, Rift and its joint
venture partner, Austral Pacific Energy Limited ("Austral"), signed a
non-binding memorandum of understanding ("MOU") with Alcan to further
investigate the supply of approximately 40 BCF per annum of gas to the Gove
Alumina plant in Northern Territory, Australia for a period of 20 years
following initial production. Supply is proposed to be via a direct pipeline
from the Douglas discovery to Gove, subject to the joint venture establishing
sufficient reserves. Under the terms of the tri-partite MOU, the joint venture
stated its intention to carry out an active drilling programme during the first
six months of 2008.


More recently we have been approached by several parties offering alternative
methods of gas delivery to the wider world market. Discussions are continuing
with all parties but our first objective is to drill and test (if warranted) Puk
Puk-1, and flow test Douglas-1, to quantify economic reserves.


Rift has been pursuing Austral for its share of the costs of the agreed minimum
work programme and remains in discussions to amicably resolve the current
dispute however, regrettably Austral is in default of the outstanding AFE's,
currently totalling some US$2.9 million, and Rift is pursuing its legal rights
to recover this through the New Zealand High Court.


Rift has sufficient funds to cover 100% of the costs of drilling and flow
testing of Puk Puk 1 and the flow testing of Douglas 1 and will therefore
continue the programme.



Ian Gowrie-Smith, Chairman of Rift, commented :


"The start of drilling is a major step forward as it will rapidly lead to a more
accurate estimation of the size of the field and its valuation. We have high
hopes that Puk Puk will prove to be a significant discovery, and that the flow
tests from it and Douglas-1 will confirm reserves to the standard required for a
supply agreement which will transform Rift."


Further enquiries:


Rift
David Lees, Ian Gowrie-Smith 020 7340 9970


Buchanan Communications
Tim Anderson, Isabel Podda 020 7466 5000


RBC Capital Markets
Andrew Smith, Sarah Wharry 020 7653 4000



The information presented in this announcement has been reviewed and verified by
Peter Mikkelsen FGS, AAPG, non-executive Director. Mr Mikkelsen is the
Qualified Person for the purposes of the AIM Guidance Note on Mining, Oil and
Gas Companies dated March 2006. Mr Mikkelson is a geologist with 30 years of
upstream oil industry experience, including 15 years at exploration manager
level or equivalent. He received a Bsc (Hons) degree in Geology from Oxford
University in 1976.




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

At last drilling to commence.