Vicpet Encounters Oil Shows at Growler-4, Drilling to Total Depth

Victoria Petroleum N.L. as Operator for the PEL 104/ PRL 15 Joint Venture has advised that the current operation at the Growler-4 development well is drilling ahead in 8 1/2 inch hole at 1,804 meters to revised total depth of 1,835 meters measured depth.

The primary target, the Birkhead Formation sandstone was intersected at 1,722 meters as prognosed and good oil shows of fluorescence associated with elevated mud gas readings encountered over the 18 meter interval from 1,722 meters to 1,740 meters. The oil shows seen in Growler-4 are similar to those observed while drilling the adjacent producing Growler-1 and Growler-2 wells.

The full significance of the oil shows in the target horizon is required to be evaluated by wire line logs to be run following the completion of drilling to total depth.

Growler-4 is being drilled as a development well on the Growler Oil field to test the 16 meter oil column discovered in the Jurassic Birkhead Formation in Growler-1. Growler-4 is 400 meters north of Growler-1 and interpreted to be a crestal test of the Growler Oil Field as currently mapped.

Growler-4 is being drilled on 40 acre spacing between Growler-1 and Growler-2. Growler-3, the second Growler well in the current Growler Oil Field development drilling program, is to be drilled immediately following Growler-4.

At the P50 level, the Growler structure is mapped at the P50 level as a four way dip closed feature covering approximately 900 acres located on the western margin of the Cooper Basin. The P50 most likely recoverable oil is estimated to be 1.1 million barrels.

The participants in Growler-4 and PEL 104 and their respective interests through their wholly owned subsidiaries are as follows:

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