Santos, Victoria Spud Hudson-1 in Australia

Victoria Petroleum N.L. has been advised by the Operator, Santos Limited, that drilling at the Hudson-1 oil exploration well commenced at 2400 hours (CST) July 7, 2008. At 0600 hours on July 8, Hudson-1 was at 177 meters and drilling ahead in 10 5/8" hole towards the 8 5/8" surface casing point of 762 meters. The Hudson-1 exploration well is located on the same structural trend as the recent Cuisinier-1 oil discovery well in the Barta Block of ATP 752P.

The next ASX announcement on this well will be the weekly drilling report.

Hudson-1, 20 kilometers to the south west of Cuisinier-1, will test a seismically defined prospect with the potential to contain a recoverable oil resource in the most likely range of 1.2 million barrels up to a P10 of 10 million barrels.

"The drilling program of up to 7 wells set out in the farmin agreement is part of Vicpet's strategy of being a major explorer and producer in the Cooper/Eromanga Basin in South Australia and Queensland," said Victoria Managing Director John Kopcheff.

This drilling complements Vicpet's exploration and drilling program in South Australia in PEL 115 and the PEL 104 /111 Western Margin Oil Project where the Growler Oil Field has commenced oil production against a background of continuing high oil prices.

"The experience gained in ATP 752P will be of value to Vicpet in its development as the operator of a similar style 'Cooper Oil Project' for the 'Jurassic Oil Fairway' being explored and developed in Vicpet's Cooper Basin Western Margin Oil Project permits in South Australia," Kopcheff continued.

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