Victoria Logs Pay with Mirage-1

Victoria Petroleum reports that the Mirage-1 well located in Australia is to be cased for production as a new oil field discovery as a result of favorable results from analysis of the wire line logs, sidewall cores and re-analysis of Drill Stem Test No.1.

Wire line logs, sidewall cores and down hole wire line formation sample testing run over the weekend indicate a gross oil column of 17 meters extending from 1,320-1,337 meters. A potential 6 meters of net pay is interpreted from the wire line logs and sidewall cores.

The results of Drill Stem Test No.1. carried out on December 12, 2004 over the interval 1,322-1,329 meters have undergone further interpretation. It now appears that the drill stem test was only partially successful as the tool plugged shortly after the tool was opened.

Prior to plugging of the tool, an initial oil influx into the drill pipe at a rate of 500 barrels of oil per day was observed. This rate is greater than the rate of 150 barrels of 54 API oil per day initially reported.

The total oil column of 17 meters within the Murta Formation of Mirage-1 will be tested through cased hole with completion and production testing planned to commence on January 11, 2005.

The determination of the recoverable oil reserves for the Mirage Oil Field will be subject to the production testing results and further development drilling on the Mirage oil Field.

Mirage-1 is 5 kilometers to the east of the Ventura-1 well that recovered 44 barrels of clean oil from the McKinlay-Namur sandstones with an indicated potential pump rate of 340 barrels of oil per day.

The Mirage Prospect is a robust conventional anticlinal prospect, similar in style to the Ventura structure.

The participants in the drilling of Mirage-1 and PEL 115 and their respective interests are Victoria Petroleum as operator with 40%; Roma Petroleum with 20%; Impress Ventures with 15%; Entek Energy with 12.5%; Tacnas Pty Ltd. with 12.5%.

Commenting on the Mirage-1 results, Victoria Petroleum Managing Director John Kopcheff Said:

"Victoria Petroleum N.L. is very pleased with the wire line results for the Mirage-1 well and the new interpretation of the earlier drill stem test that recovered oil.

These results indicate that the Mirage oil discovery is much better than we originally thought.

With our Ventura Oil Field discovery 5 kilometers to the west and now the Mirage Oil Field discovery, it appears that there is a highly prospective Murta oil trend present in the southern part of the permit.

This trend extends from west to east, from the Almonta Structure, shared with Beach Petroleum, through to Victoria Petroleum's Ventura-Mirage-Lightning structures. We await with interest the reported drilling planned by Beach Petroleum in early 2005 on the portion of the Almonta Prospect within the adjacent Beach Petroleum operated permit.

With the Mirage Oil Field discovery, Victoria Petroleum has achieved a 50% oil discovery success rate with the 2004 drilling program in PEL 115. This is a highly satisfactory exploration success rate in keeping with the phenomenal South Australian Cooper Basin "new players" overall exploration success rate of 47%"


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