Victoria Petroleum Confirms Hudson-1 Well Will be Spud in August

Victoria Petroleum N.L. has been advised by the operator Bow Energy Limited that Avery Resources (Australia) Pty Ltd has confirmed that its exercising its option to drill the first of three farmin oil exploration wells in the Barta and Wompi Blocks of ATP 752P in the Cooper-Eromanga Basin, Queensland.

The farmin well called Hudson-1 is a 2,550 meter deep test located between the Cook and James oil fields as illustrated in the attached figure and has multiple reservoir target zones.

The Hudson oil prospect has the potential to contain up to 11 million barrels of recoverable oil in one zone.

The current plan is for Bow to take Ensign Rig 30 immediately after Innamincka Petroleum's three well drilling program which is to commence in July depending when the rig mobilises to their first location. Assuming no weather or mechanical issues with the Innamincka program, Hudson-1 should spud in late August.

Avery has options to drill two additional wells in the Barta and Wompi Blocks in ATP 752P prior to January 31, 2008.

A 3D seismic survey is being acquired in the Wompi Block over several prospects including the Nora Prospect, which has up to 6 million barrels of recoverable oil potential in one zone.

The interests in ATP 752P after all drilling options are exercised by Avery will be Bow Energy as operator with 25%; Victoria Petroleum with 25% and Avery Resources with 50%.