Victoria Petroleum Begins 2004 Drilling Campaign

Victoria Petroleum has scheduled an active exploration, appraisal and production testing program within Australia and the USA over the next three months with the drilling of one well in the offshore Carnarvon Basin with Apache Energy, one development well in the Perth Basin with Origin Energy and the commencement of the first of 5 wells in the South Australian Cooper Basin.

The active exploration program will continue over the following six months with up to a further ten wells to be drilled for a total of 14 wells over the next nine months.

The timing of the drilling of each well and the Victoria Petroleum NL interest in each well and permit is subject to rig, lease availability and farmout and government approval to drill.