Geordie-1 Comes Up Dry

Victoria Petroleum reports that the wire line logs and side wall cores taken from the Geordie-1 exploration well have demonstrated no commercial hydrocarbons and the well will now be plugged and abandoned after having drilled to the total depth of 2,475.8 meters.

Geordie-1 is located in PEL 88 in the far north eastern corner of South Australia where Victoria Petroleum holds a 10% interest.

Geordie-1 is the first exploration well in Victoria Petroleum's planned eight well 2006 Cooper Basin exploration drilling program.

Commenting on the drilling results at Geordie-1, John Kopcheff, Managing Director for Victoria Petroleum N.L. said;

"While we are disappointed that commercial hydrocarbons were not discovered in Geordie-1, the minor shows that were seen show hydrocarbons are present within the permit area."

"The challenge going forward now is to select one of the many remaining prospects in the permit for drilling that contains all the right ingredients for a commercial oil pool. Vicpet remains confident that an oil pool will be discovered in PEL 88 with more drilling"

Participants in the drilling of Geordie-1 and their respective interests are Cooper Energy as operator with 30%; Victoria Petroleum N.L. with 10%; Sundance Energy Australia Ltd with 45%; Enterprise Energy N.L. with 10%; Liberty Petroleum Corporation with 5%;

Victoria Petroleum N.L. has a 10% interest in the Geordie-1 well and PEL 88 through its wholly owned subsidiary, Victoria Oil Exploration (1977) Pty Ltd.