Victoria Petroleum Issues Mirage-4 Update

Victoria Petroleum, the operator of the Mirage-4 well in PEL 115 SA of Australia's Cooper Basin, reported Tuesday morning that the operation was preparing to run 9 5/8-inch casing to 650 meters. The primary target for Mirage-4 is the Murta oil sands at 1,325 meters, producing 700 meters to the northwest at Mirage-1.

"Victoria Petroleum is pleased to be drilling the third development well, Mirage-4, on the Mirage Oil Field after the initial discovery well Mirage-1," said Victoria's managing director, John Kopcheff. "If our development program on the Mirage Oil Field is successful, as we hope it will be, we should see an increase in production from the current 400 barrels of oil per day to a target of up to 800 barrels of oil per day by mid-2006. Any increase in oil production from the Mirage Oil Field would be timely in this current time of high oil price."

Victoria has a 40-percent interest in the drilling of Mirage-4 and PEL 115. Other participants include Impress Ventures (40 percent) and Roma Petroleum (20 percent).