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%.

two 500,000 buys that is.

looking like its going to be a good day.come on up up up.

Yes once it gets past 9p it could go all the way..

mitzy
Promises promises

Well if its anything like MMG at 3p and Asos at 3p that will be great.

It should stabilise until 1st testing is completed....unless huge buys keep coming in which will push the sp up even further.....I would not want the sp to rocket to above 15p before testing because profit taking would happen....and heavens forbid if it is negative (I don't think so), the sp would then plummet....we must hope that they have the right equipment to do all the testing and no delays !.

Any Idea why many oil producing companies are still down?????

They are cashing in all the money lost everywhere in the world, even in mortgages etc. The Oil companies could move up by 100-200% by the next year when they receive the money from selling oil at $146 these days.

Too cheap to ignore, IMO.

hightech
I agree fill yer boots rift,ser, ive.

Times today:-

'Rift revealed that it had hit the targeted layer of gas in the well. Word is that tests indicating whether it is there at commercial pressure will be complete by the end of the week. '

http://business.timesonline.co.uk/tol/business/markets/article4340330.ece

a good day.

Crumbs !, it's up again !.

At the 10p barrier.

yes. its looking very good.

This is VOG in disguise (the up part only I hope)....oh dear !....the herd will be here soon if this carries on.....I just hope that this is not going to rocket and force people into profit taking before test results !.

Dont mention that word VOG to me again I lost plenty.

Made it on the way up and lost it on the way down too !.

It will be tricky trying to guess the sp in between pukpuk and douglas testing.

I'm not too bothered my mate has tipped MMG and ASOS over the years both 100 baggers from 3p I have every faith this will be 300p one day.

Mitzy

You talking about Goldfinger, the great man

If your mate is right...then this will turn out to be the best stock I have ever...ever bought...hope you are right mitzy !.