Victoria Petroleum Spuds Lancer-1

Victoria Petroleum NL as Operator for the PEL 115 Joint Venture advises that Lancer-1 commenced drilling at 1200 hours Central Standard Time (CST) on August 27, 2007. As of 0600 hours August 28, 2007 the operation was drilling ahead at 357 meters.

Lancer-1 is located on the Lancer Prospect in the southern part of PEL 115 in the South Australia Cooper Basin. The Lancer Prospect is defined by the Mirage 3D Seismic Survey with multiple reservoir objectives. The prospect is within the Mirage development zone and as such within close proximity to the Mirage production facilities 5 kilometers to the south.

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

"Victoria Petroleum is pleased to have started drilling at Lancer-1 to test for the presence of possible oil in the multiple Jurassic target horizons in the Lancer Prospect, oil productive in the Santos Narcoonowie Oil Field 4 kilometers to the northwest."

"Exploration success in the deeper Permian section, if oil, would prove up a new significant Permian oil resource in the southern part of the permit."

"Any producible oil discovered in the Lancer Prospect can be easily tied into the Mirage Oil Field production facilities, close at hand, 5 kilometers to the south."

The participants in the drilling of Lancer-1 and PEL 115 and their respective interests are as follows:

Victoria Petroleum N.L (Operator) 40%
Impress Energy 40%
Roma Petroleum N.L. 20%

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