About Rift Oil PLC...

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 test work 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: 

• flow test the well;
• drill further appraisal well(s);
• shoot more seismic over the field; or
• 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%.

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Related Documents

• RPS Energy Report
• Results of Wireline Logs - Gas and Oil Find at Puk Puk-1
  

  The Directors of Rift are delighted to announce that Puk Puk 1 has now reached Target Depth and has been successful beyond our most optimistic expectations.

• Rift Finds Gas at PUK PUK-1
  

  Rift Oil PLC (LSE : RIFT), is pleased to announce that drilling on its PUK PUK 1 exploration well in
  PNG has now reached the upper reservoir objective at a depth of approximately 1760 metres,
  significantly higher than originally expected.

• Papua New Guinean Ministerial Consent Completes Agreement with Austral Pacific Energy Limited
  

  On 23 May 2008, Rift announced that it had reached an out of court settlement with Austral resulting in the termination of the agreement between the two parties and Rift assuming 100% ownership of Licenses PPL 261 and PPL 235 and the Coral Sea Drilling Rig for a total payment of US$5m. Part of the settlement (US$3m) was dependent on PNG ministerial consent. Rift is delighted to announce that this consent has been granted and the final payment to Austral has been made, thereby concluding the termination of their joint venture arrangements.

• Signs Heads of Agreement (HOA) for a floating liquefaction project offshore Papua New Guinea
  

  Rift Oil Plc (“Rift”), the oil and gas exploration company with assets in Papua New Guinea (“PNG”), is pleased to announce that the Company has signed a Heads of Agreement with FLEX LNG Ltd. (Oslo OTC: FLNG) where the parties will work together to commercialise the potential gas reserves from Rift’s acreage onshore PNG should sufficient reserves be established.

• Rift Assumes 100% Ownership of Papua New Guinea Assets
  

  Rift Oil Plc (“Rift”), the oil and gas exploration company with assets in Papua New Guinea (“PNG”), has reached an out of court settlement with its partner, Austral Pacific Energy Limited (“Austral”).

• Drilling to commence 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.

• Interim Report - for the six months ended 30 September 2007
• Rift Oil Plc -Twisting by the (Gas) Pool
  

  Royal Bank of Canada Europe Limited - Rift Oil Report.

• RBC - Rift Oil Report
  

  Royal Bank of Canada Europe Limited - Rift Oil Report, DECEMBER 11, 2007.

• Placing of up to 293,333,333 New Ordinary Shares
  

  Rift Oil PLC (AIM : RIFT), the oil and gas exploration company with assets in Papua New Guinea, is pleased to announce a proposed placing to raise £11m.

• Preliminary Results for the Year ended 31 March 2007
  

  Rift Oil PLC (AIM : RIFT), the oil and gas exploration company with assets in Papua New Guinea, is pleased to announce its preliminary results for the year ended 31 March 2007.

• Change of Broker and Nominated Adviser
  

  Rift Oil PLC, announces the appointment of RBC Capital Markets (“RBC”) as Nominated Adviser and broker to the Company with immediate effect.

• Alcan release - 20 March 2007
  

  Rift Oil PLC (LSE: RIFT), is pleased to announce that a non binding MOU with Alcan South Pacific has been concluded with its wholly owned subsidiary Foreland Oil Ltd.

• Share Placing Raises £1.425m
  

  The Directors are pleased to announce that application will be made for admission to trading on AIM for 47,500,000 new ordinary shares of 1p each, to be allotted by way of subscription at 3p per share to raise £1,425,000.

• Douglas Gas-Condensate Field : 2007 Appraisal and Development Strategy
  

  Douglas Gas-Condensate Field : 2007 Appraisal and Development Strategy

• Board Appointment
  

  Rift Oil PLC is pleased to announce the appointment of Dr David John Bennett as a non-executive director to the Board of the Company with immediate effect.

• Accepted offer from the Ministry of Petroleum and Energy in Papua New Guinea
• Annual Report and Accounts 2006
• Preliminary Results for the Year ended 31 March 2006
  

  Rift Oil PLC (AIM : RIFT), is pleased to announce its preliminary results for the year ended 31 March 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.

• Douglas-1 Update
  

  Rift Oil PLC (LSE :RIFT), wishes to update the market concerning progress with the Douglas-1 exploration well in Papua New Guinea.

• Drilling Update
  

  Drilling ahead at 1200 metres depth in Douglas-1, PPL 235, Papua New Guinea

• RIFT OIL PLC
  

  Placing of 22,200,000 Ordinary Shares of 1p each at 5p per share Admission of the Enlarged Share Capital to trading on AIM