Victoria Petroleum Wins Negotiating Rights on Permit ATP 794P in Queensland

Victoria Petroleum has received confirmation from the Queensland Department of Natural Resources and Mines that the Minister has signed the Right to Negotiate (RTN) Agreement covering the grant of ATP 794P.

The signing of the RTN agreement is a significant milestone, as it is the first agreement covering a Petroleum Authority to Prospect (ATP) to be signed in Queensland, pursuant to the Right to Negotiate process.

Victoria Petroleum N.L. as the operator of record for ATP 794P and the ATP 794P Joint Venture parties wish to acknowledge the contribution of the traditional owner groups represented by the Boonthamurra, Maiawali & Karuwali, and Mithaka Peoples and the various state government departments, for their respective contributions to finalizing this agreement

With this RTN Agreement now in place, ATP 794P can now be granted.

Following the granting of ATP 794P in the near future, exploration activity will commence in this permit highly prospective for oil and gas with the immediate focus on the Barcoo Junction and Moothandella areas where significant oil shows and oil recoveries have been made in the past.

Participants in ATP 794P and the various blocks present within the permit are Victoria Petroleum N.L., Oilex N.L., Icon Oil N.L. and Bow Energy Limited.