Vicpet Completes Warhawk-1 for Production

Victoria Petroleum N.L., as Operator for the PEL 111 Joint Venture, has completed the Warhawk-1
exploration well for production with the running and cementing of 7 inch casing to a total depth of 1,868 meters.

During the drilling of Warhawk-1, oil shows were observed over the gross interval of 1,729-1,748 meters in the target Birkhead Sandstone. Initial analysis of the wire line logs indicated that the Birkhead Formation reservoir section is oil bearing but that the reservoir section is not as well developed as encountered in several of the Growler oil wells in the Growler Oil Field, 10 kilometers to the south.

Several attempts to open hole test the Birkhead oil zone with straddle drill stem tests were made over the weekend, but were unsuccessful due to equipment failure. A wire line pressure and sampling program
was then carried out and confirmed the presence of thin permeable oil bearing sandstones within the
Birkhead Formation. The PEL 111 joint Venture has elected to complete the well for future production.

Warhawk-1 is the first well in the current exploration program of four exploration wells to be drilled on a continuing basis with Century Rig #3. The drilling rig will be released today from Warhawk-1 and move
immediately to the Tigercat Prospect drill location in PEL 104, 8 kilometers east of the Growler Oil Field,
with Tigercat-1 targeting the same Birkhead sandstone reservoir oil productive in the Growler Oil Field.
The Tigercat prospect is interpreted to have the potential to contain up to a maximum recoverable 1.1
million barrels of oil (P10), if oil is present.

Following the drilling of Tigercat-1, the drilling rig will then move to drill Tigershark-1 followed by Stormbird-1, a new Jurassic exploration well. Stormbird-1 is a replacement well for Fokker-1 which was to have been drilled by Odin Energy under the terms of the Tempest Permian Farm-in agreement which has been terminated by the PEL 104 Joint Venture as of September 29, 2008.

The participants in Warhawk-1 and PEL 111 and the ongoing exploration program in PEL 104 and their respective interests through their wholly owned subsidiaries are as follows:

  • Victoria Petroleum N.L. (Operator) 40%
  • Impress Energy Limited 40%
  • Roma Petroleum N.L. 20%

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