Santos, Vicpet Continue Drilling at Hudson-1

Victoria Petroleum N.L. has been advised by the Operator, Santos Limited, the operator of the ATP 752P
Farmin Joint Venture, that the Hudson-1 oil exploration well was at 2,262 meters and drilling ahead in the Basal Jurassic sandstone. Minor oil shows were encountered in the Namur, Westbourne, Birkhead, Hutton and basal Jurassic sandstones. The deeper Triassic age Doonmulla sandstone primary target has yet to be penetrated.

Current operations are to drill to the proposed total depth (TD) of 2,434 meters with any testing program
to be determined after the total depth of the well is reached and wire line logs have been run and
reviewed.

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. 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.

Vicpet is fully carried through Hudson-1 and retains a 15% interest in the well and ATP 752P after the
multiwell farmin is completed.