Vicpet: Wirraway-1 to Spud Soon

Victoria Petroleum NL, as operator for the PEL 104 Joint Venture, said that Hunt Rig-3 is rigging up on location at the Wirraway-1 exploration well drill site in PEL 104, Cooper Basin South Australia, and is expected to spud within the next few days. The announcement follows prolonged period of weather-related access issues that have delayed the PEL 104 drilling program.

Wirraway-1 will be drilled to a depth of 1991 meters to test a large four-way dip closed structure of 22 sq km on the western margin of the Cooper Basin.

The Wirraway structure is located 4 km northwest and up dip of the Growler-1 oil discovery that was drilled in September 2006. Growler-1, the first well drilled in PEL 104 by the PEL J.V, discovered a 15-meter oil column in the Birkhead Formation and recovered 35 barrels of oil during an open-hole Drill Stem Test.

The only other Jurassic target well, drilled in the western part of PEL 104, the 1990 Santos-operated Callabonna-1, recovered 17 barrels of oil in the Birkhead Formation and is 15 km to the east of Wirraway-1.

The Wirraway-1 structure has potential recoverable oil reserves in the range of 7.6 (P50) to 12.6 million barrels (P10) in the primary target, the Birkhead Formation, if oil is present. Secondary targets, not included in the above potential reserves, the Murta, Namur and Hutton sandstones, are also considered prospective.

In the event of exploration success at Wirraway-1, some 46 Jurassic prospects and leads have been mapped for follow up work to mature as potential drilling targets in the future.

Following Wirraway-1 the rig is expected to proceed to Growler-2, which will appraise the Growler-1 Birkhead oil discovery.

Participants in Wirraway-1 and PEL 104 are:

• Victoria Petroleum NL (Operator) 40%
• Impress Energy Ltd 40%
• Roma Petroleum 20%