Voyager Acquires Interest in EP-413 in Australia

Voyager Energy Limited has reached agreement with Victoria Petroleum to acquire via farmin a 5.7685% interest in the exploration license EP-413 in the onshore Perth Basin.

This license is primarily located on the western, coastal side of the basin with its northern extent between TP/15 offshore, which contains an extension of the Cliff Head geological trend and L1 onshore, which includes the Hovea oil discovery.

Voyager will earn its interest by funding on a promoted basis the cost of drilling Jingemia-1. The cost to Voyager is expected to be approximately A$200,000.

Voyager considers the Jingemia Prospect to be the most prospective of several structures mapped in EP-413. It is located approximately 5 km southwest of the Hovea oil discovery and will target the same geological play type. Voyager estimates mean, recoverable reserves potential for the prospect of approximately 6 million barrels of oil. Jingemia-1 is expected to be drilled in June following the Hovea-2 well scheduled to begin drilling in May.

Chairman, Peter Leonhardt said: "We are continuing to build our asset holdings in the evolving Perth Basin oil province and have acquired all the equity in EP-413 that was available to us on a competitive basis. We like the Jingemia Prospect on its merits but also believe that participation in this licence will help us with important data control for the exploration of our other licenses."

The farmin agreement with Victoria Petroleum is subject to completion of formal farmin and standard joint venture and regulatory documentation.