Victoria Petroleum Spuds Jindivik-1

Victoria Petroleum has begun drilling operations on the Jindivik-1 well which will test the Greater Mirage Murta oil pool concept of a potential 23 million barrels of oil in place over the Mirage-Lightning-Jindivik area.

The primary target for Jindivik-1 is the Murta sands at 1,313 meters, oil productive in the Mirage OilField four kilometers to the southwest.

Secondary targets are the sands of the McKinlay, Namur, basal Birkhead and Hutton formations.

Jindivik-1 is planned to be drilled to a total depth of 1,683 meters in 11 days from the start of drilling.

Commenting on the start of drilling at Jindivik-1, Victoria Petroleum NL's Managing Director John Kopcheff said:

"Victoria Petroleum is pleased to have started drilling at Jindivik-1 to prove that the shallow Murta formation in this well, if oil is present, is part of the Greater Mirage Murta oil pool."

"In the event of exploration success, oil production from Jindivik-1 can be quickly connected to the Mirage Oil Field production facilities."

The participants in the drilling of Jindivik-1 and PEL 115 are Victoria Petroleum as operator with 40%; Impress Ventures with 405 and Roma Petroleum with the remaining 20%.