Vicpet Spuds Stormbird-1 Near Tigercat-1 Oil Discovery

Vipet, as operator for the PEL 104 Joint Venture, advised that Stormbird-1 commenced drilling on November 10, 2008. At 0600 hours CST today, the operation was drilling ahead in 12 1/4 inch hole at 391 meters.

Stormbird-1 is the fourth 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 2,280 meters in 15
days. Stormbird-1 is 4.5 kilometers to the south of the Tigercat-1 oil discovery and 8.1 kilometers east of
the Growler Oil Field.

Stormbird-1 is targeting the same Birkhead sands oil productive in the Growler Oil Field, currently producing approximately gross 930 barrels of oil per day. The Stormbird structure is interpreted to have the potential to contain a P10 unrisked recoverable oil resource of up to 1.1 million barrels in the target Birkhead sands, if oil is present.

The participants in Stormbird-1, the Growler Oil Field (PRL 15) and the Jurassic oil 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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