Rift Helium Regulatory News (RIFT)

8 May 2006 11:40

Rift Oil PLC08 May 2006 For immediate release 8 May 2006 Rift Oil PLC ("Rift" or "the Company") Drilling Update Drilling ahead at 1200 metres depth in Douglas-1, PPL 235, Papua New Guinea Rift Oil plc (AIM: RIFT) the oil and gas exploration company, focussed on PapuaNew Guinea, today provides an update to its drilling of the Douglas-1 well. PPL 235 is in the western province of Papua New Guinea, south of the StricklandRiver, in the flatter foreland area of the country. As had been anticipated as a possibility, at an earlier stage in the drilling,near total losses of drilling fluid occurred while drilling through the DaraiLimestone, causing delays to the drilling program. However, the well is now at 1200 metres and drilling will continue toapproximately 1300 metres before intermediate logging will be conducted in openhole, prior to running and cementing 7" casing. The next 500 metres through the Ieru shale will bring the well to its maintarget, the Toro Sandstones, at approximately 1,800 metres, and the first paysand is expected in the top Alene followed by further targets in the Imburu andother Toro type sands. Commenting on the drilling, Jenni Lean, Chief Executive of Rift said: "The progress of this well is being watched with interest in Papua New Guinea asRift seeks to discover a new Foreland reserve which would establish a furtheroil province in the country. "Rift Oil has invested in this wildcat well based on sound analysis, anddrilling Douglas-1 is the culmination of many years of work. It is an excitingtime and we hope our efforts pay off for our investors and the people of PapuaNew Guinea". For further information please contact: Rift Oil plc 020 7499 1400David Lees, Finance Director Buchanan Communications 020 7466 5000Tim AndersonBen Willey Notes to the Editors Rift listed in London on the AIM market, floating on the 19th April 2006. Riftholds 65% of both PPL 235 and the drilling rig, the Coral Sea-1. Peter Mikkelsen FGS, AAPG, as the qualified non-executive Director has reviewedthis statement and authorised its release. This information is provided by RNS The company news service from the London Stock Exchange