Vicpet Encounters Oil Shows at Warhawk-1

Victoria Petroleum N.L., as Operator for the PEL 111 Joint Venture, has advised that the Warhawk-1 exploration well is drilling ahead in 8 1/2 inch hole at 1,880 meters.

Oil shows have been observed over 9 meters in the gross interval from 1,729-1,748 meters in the target Birkhead Sandstone. The full significance of these oil shows will be evaluated once the well has reached total depth of 2,030 meters by wire line logs and a planned open hole straddle drill stem test.

Warhawk-1 is being drilled to test the Warhawk Prospect which is interpreted from seismic data to have the potential to contain up to 1.48 million barrels of recoverable oil in target Birkhead sandstones, if oil is present.

The target Birkhead sandstones are oil productive at rates of up to 2,040 barrels of oil per day in the Growler Oil Field 10 kilometers to the south.

Warhawk-1 is planned to be drilled to a depth of 2,030 meters.

Warhawk-1 is the first well in the current exploration program of four exploration wells to be drilled on a
continuing basis with Century Rig #3 after the successful Growler-3 development well.

The participants in Warhawk-1 and 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%