Victoria Issues Update on Well 103, Further West Medvezhye Development

Victoria Oil & Gas Plc, which has operations in the former Soviet Union, said that it has made progress on Well 103 at its 100% owned West Medvezhye gas and condensate project in Russia and plans for its 2007 development program.

Well 103
Well 103 is located in the central part of the license area and is targeting six potential gas- and gas condensate-bearing intervals. These are in the lower Neocomian, Achimov, and Upper Jurassic horizons between depths of 3,200 - 3,880 meters. In their most recent resource volume statement, independent reserve auditors DeGolyer & MacNaughton (D&M) report a best-estimate gross prospective resource volume for these intervals of 144 million barrels of oil equivalent.

Drilling has reached a depth of 3,090 meters, and coring operations will now commence because each of these intervals is intersected.

Program for 2007
Victoria, in conjunction with D&M, has identified three additional prospects for drilling within the project license area:

--Well 105: Located in the northwestern section of the project targeting the Lower Neocomian and Upper Jurassic between 2,800 - 3,700 meters. D&M's best-estimate gross prospective resource volumes are 114 million barrels of oil equivalent.
--Well 107: Located in west of the license area targeting three potential intervals in the Lower Neocomian, Upper Jurassic and Achimov between 3,100 - 3,500 meters. D&M's best estimate gross prospective resource volumes are 264 million barrels of oil equivalent.
--Well 109: Located northeast of the license area targeting the Lower Neocomian and Achimov between 3,200 - 3,600 meters. D&M's best-estimate gross prospective resource volumes are 158 million barrels of oil equivalent.

These three wells, together with Well 103, cover 68% of D&M's total best-estimate gross resource volume of approximately 1 billion barrels of oil equivalent for the entire project.

Drilling is anticipated to commence at these locations in early 2007 when conditions permit the mobilization of equipment.

“We are drilling into the upper horizon at 103 and are now beginning coring operations,” said William Kelleher, Victoria’s managing director. “We have seen gas shows at intervals immediately above 3,200 meters, which is very encouraging, but we cannot know whether this is an indication of commercial gas until drilling and evaluation is complete.”

“We have also finalized our 2007 drilling program to give us exposure to recoverable prospective resource volumes of 680 million barrels of oil equivalent using D&M's best-estimate figures,” concluded Kelleher.


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