Tigercat-1 Spudded and on Prowl Near Growler Oil Field

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Victoria Petroleum N.L. as Operator for the PEL 111 Joint Venture, has advised that the Tigercat-1 exploration
well in PEL 104 commenced drilling on October 3, 2008. At 0600 hours CST today, the operation was testing the Blow Out Preventers after setting 9 5/8 inch casing at 644 meters measured depth prior to drilling ahead in 8 1/2inch hole.

Tigercat-1 is planned to be drilled to a total depth of 2,100 meters in 11 days.

Tigercat-1 in PEL 104, is 8 kilometers east of the Growler Oil Field, with Tigercat-1 targeting the same Birkhead sandstone reservoir oil productive in the Growler Oil Field. Secondary targets are sandstones of the Namur, Hutton and Poolawanna formations. The Tigercat prospect is interpreted to have the potential to contain up to a maximum recoverable 1 million barrels of oil (P10), if oil is present.

Tigercat-1 is the second well in the current exploration program of four exploration wells to be drilled on a continuing basis with Century Rig #3. Following the drilling of Tigercat-1, the drilling rig will then move to drill Tigershark-1 followed by Stormbird-1.

The participants in Tigercat-1 and the ongoing Jurassic oil exploration program in 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%
   

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