Vicpet Recovers Oil from DST at Tigershark-1

Vicpet, as operator for the PEL 104 Joint Venture, advised that the operation at Tigershark-1 in South Australia's Cooper Basin was preparing to run back into the hole to drill ahead in the target zone at 1,732 meters after successfully carrying out open hole Drill Stem Test #1 over the interval 1,712 meters to 1,732 meters to test oil shows observed in the target Birkhead sandstone from 1,716 meters to 1,725 meters.

Drill Stem Test #1 recovered approximately 2 barrels of oil and 33 barrels of drilling mud over a 170
minute flow period. The full significance of this recovery of oil from the Birkhead sand will be evaluated by
wire line logs to be run after the well reaches the planned total depth of 2,070 meters. The oil recovered
in the Drill Stem Test tool is a light crude oil very similar to that produced from the Growler Oil Field.

Tigershark-1 is the third well in the current exploration program of four exploration wells to be drilled on a
continuing basis with Century Rig #3 and is planned to be drilled to a total depth of 2,070 meters. Tigershark-1 is 3 kilometers to the west of the Wirraway-1 oil discovery and 6 kilometers northwest of the
Growler Oil Field.

Tigershark-1 is targeting the same Birkhead sands oil productive in the Growler Oil Field, currently producing a gross 1,029 barrels of oil per day. The Tigershark structure is interpreted to have the potential to contain a P10 unrisked recoverable oil resource of up to 4.7 million barrels in the target Birkhead sands, if oil is present.



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