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%.

Out today and so will sit back but I guess it depends on how long it is expected to complete the drilling of puk-puk 1? The excitement and speculation of imminent drilling updates last week generated large increases in sp only to be dampened when RIFT directors had to issue that RNS.
The research I have done on this suggests positive results here will transform this company and sub 10p share price will be gone very quickly.

Anyone any ideas on how long the drilling will take?

Has anyone had problems selling these shares(rift).?

Dont own any yet CWMAM so cant help you there but if you believe that RIFT could be transformed as a company if this drilling is positive why worry?
Depends whether you're trading or investing I suppose, traders could have done very well in the last few weeks. Investors will do well for years if RIFT prove up these reserves.

Thanks andysmith i dont own any but thinking about it.

Andy,

'it depends on how long it is expected to complete the drilling of puk-puk 1? '

June sometime - from home page of Rift website:-

'News
RIFT OIL PLC
Drilling to Start on 10 May 2008 at Puk Puk-1 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.'

I've had a small number of shares for a year or two, but I've just sold my Stanelco holding and bought in further to Rift with the proceeds.

cwmam
I was unable to obtain a firm selling price for the last two days,managed to sell some of my holding with a limit order which took about 30 mins to execute,
I will buy in again on any further dips,and happy to hold onto my reduced holding.
Good luck.

Thanks capetown ,i am keeping an eye on the price.

Oblo, thanks, decided lunchtime yesterday to take a leap of faith, hoping that I made the correct decision, today is looking ok but could easily come back again.

Here we go, lift off.

LONDON (Thomson Financial) - Oil and gas exploration company Rift Oil Plc. said it has reached an out of court settlement with its partner, Austral Pacific Energy Ltd., resulting in the company assuming 100 percent ownership of two licences for $5 million.

The company said the licences PPL 261 and PPL 235 include the Douglas and Langia gas discoveries as well as the Coral Sea Drilling Rig.

It said the settlement is dependent on ministerial consent.

Rift Oil said all debts to the company which currently exceed $5 million and future drilling and seismic cost obligations between Austral and Rift will be cancelled on successful completion of the transaction.

On May 6, the company had said it was pursuing legal rights through the New Zealand High Court to recover $2.9 million from Austral Pacific Energy Ltd., which had defaulted.

Well, writing off that debt to assume 100% ownership could be even better news if the drilling resuts confirm the huge potential of these licences.

It's nice to see a quick settlement.

RIFT now have 100% ownership of these huge Gas Blocks.
Completion of drilling due in two weeks to prove commercial.
This could be the best prospect in 2008 for any AIM stock.

Yes, very promising....before well completion might be as high as 9p or so !

With sp being held back while loads of trades going through at mid, I expect a huge rise near end of day.

With MM's in the mood they are, you have no chance I'm afraid.

Guess this thread will be quiet until more drilling news but I think that out of court settlement will be good news, what about the rest of you?

Apparently an article in The Times today saying Rift Oil as small company to watch, believe me we are!!!

Most interesting is the amount of sells yesterday,and so far today,
MMs collecting stock?

If they were not collecting stock the sp would be falling on these volume of sells.