This farmout of a 15% interest to Impress is in keeping with Victoria Petroleum's stated aim of Victoria Petroleum having after farmout of its initial 100% interest, a 40% stake in these five prospective South Australian Cooper Basin permits.
The farmout of the 15% interest in permit PEL'S 86,87, 89, 111 and 115 to Impress is subject to execution of formal documentation and the relevant approvals of ACOC and the South Australian government.
With the remaining 85% interest in this important South Australian Cooper Basin acreage position, Victoria Petroleum NL remains a key exploration player in the South Australian Cooper/Eromanga Basin. Victoria Petroleum's South Australian Cooper Basin/Eromanga Basin acreage position combined with Victoria Petroleum's large permit holdings in Queensland provide Victoria Petroleum, after farmout, with an average 40% interest in a total gross South Australian and Queensland Cooper/Eromanga Basin acreage position of 45,300 sq km (11.2 million acres).
Victoria Petroleum remains excited as a major exploration player in the Cooper Basin in South Australia and commencing with the immediate drilling of Eucalyptus-1 in PEL 88 and the following 3 well drilling program planned to kick off in March 2004 in PEL 104 and PEL 111 will participate in a South Australian Cooper Basin drilling program over the next three years of up to a further 11 wells.
A portion of the funds raised from Victoria Petroleum's current Rights Issue to shareholders, as well as funding development of the Jingemia Oil Field in the North Perth Basin, Western Australia will also be utilized in the planned seismic and drilling program for permits PEL 104, 111 and 115.
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