Vicpet: Jingemia-11 a Future Producer

Victoria Petroleum NL has been advised by Origin Energy Limited, operator of the L14 Joint Venture and Jingemia-11 oil development well that at 6 a.m. Western Standard Time Monday, after completing wire line logging operations over the weekend, the current operation was running 7-inch production casing to complete Jingemia-11 as a future oil producer.

The operator Origin Energy Origin has advised that interpretation of the wire line logs indicate Jingemia-11 has intersected the entire Dongara Sandstone oil reservoir over 31 meters from 2,489 metes to 2,520 meters. Within the 31 meters interval, logs and pressure measurement s indicate an oil column of 23 meters thick overlying an approximate 8-meter-thick partially swept oil zone.

Jingemia-11 was drilled as a directional well to intersect the oil-bearing Dongara Sandstone in a crestal location up dip from, and 140 meters to the east of the Jingemia-4 intersection.

The operator, Origin Energy, has also advised that the top of the oil sand in Jingemia-11 is 14 meters up dip of the previous highest producing well on the field.

Commenting on the drilling and wire line results from the Jingemia-11 development well, Victoria Petroleum N.L. Managing Director, John Kopcheff said:

"Wire line measurements confirm that the well is a successful oil development well in drilling the target oil producing sandstone for the Jingemia Oil Field.

"It is now anticipated that the successful completion of Jingemia-11 for production will both increase field reserves and enable Jingemia Oil Field production to aim for an increase from the current 3,000 barrels of oil per day to the target of approximately 5,000 barrels of oil per day to capitalize on the current high oil prices of US$60/bbl.

"Based on the seismic 3D mapping of the Jingemia Structure and the Jingemia Oil Field production history, the Jingemia Oil Field is interpreted to have the potential to contain up to 4.6 million barrels of recoverable oil."

Participants in Production License L14 and Jingemia-11 are:

• Victoria Petroleum Offshore Pty Ltd, 5.000%
• Origin Energy Developments Pty Ltd (Operator), 49.189%
• Arc Energy Limited, 44.141%
• Norwest Energy NL, 1.278%
• Roc Oil Pty Ltd, 0.250%
• J.K. Geary 0.142%