Vicpet Confirms 1,673 BOPD Flow at Growler-3 in South Cooper Basin

Victoria Petroleum N.L. (Vicpet), as Operator for the PEL 104/PRL 15 Joint Venture, has advised that Growler-3 reached total depth of 1,837 meters on September 4, 2008. Wire line logs run indicated that the well has intersected a 19 meter oil column in the Birkhead Formation reservoir which has much better than anticipated reservoir characteristics with logs indicating 13 meters of net pay in an interpreted well developed channel sandstone.

An open hole straddle Drill Stem Test, DST-1 was carried out on Sunday, September 7, over the interval 1,717 meters to 1,740 meters and flowed 47degree API oil to surface at the rate of 1,673 barrels of oil per day with no water on a one inch choke.

The well will now be completed for production and then tied into the main Growler Oil Field production facility 800 meters to the east.

Growler-3 was drilled as an appraisal well on the Growler Oil field to test the 16 meter oil column discovered in the Jurassic Birkhead Formation in Growler-1. Growler-3 is 600 meters northwest of Growler-1 and interpreted to be a flank test of the Growler Oil Field as currently mapped. Growler-3 is being drilled on 80 acre spacing to the west of Growler-1 and Growler-2. Growler-3 is the second successful Growler well in the current program
after the successful Growler-4 development well.

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 oil-in-place for the Growler structure alone is estimated to be 5.7 million barrels and most likely recoverable oil is estimated to be 1.4 million barrels.

Vicpet's Managing Director, John Kopcheff, commenting on the drilling and testing results for Growler-3 and the previous development well Growler-4 said, "Vicpet is pleased to have such good results for these two Growler development wells.

"With their close proximity to the existing production facilities, we anticipate bringing these two wells on stream in October 2008, following the necessary regulatory approvals.

"The drilling rig will now move to the Warhawk-1 exploration site in the adjacent permit PEL 111, 8.5 kilometers to the north of the Growler Oil Field production facilities. The target for Warhawk-1 will be the same Birkhead sandstone oil productive in the Growler Oil Field wells."

The participants in Growler-3, PRL 15, PEL 104 and in Warhawk-1, PEL 111 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%