Vicpet Observes Good Oil Shows at Tigercat-1 Well in Cooper Basin

Victoria Petroleum N.L., as operator for the PEL 111 Joint Venture, has advised that on October 13, the operation at Tigercat-1 in Australia's Cooper Basin was drilling ahead in 8 1/2 inch hole at 1,782 meters after the misrun over the weekend of open hole off bottom Drill Stem Test #1 over oil shows observed in the target Birkhead sandstone from 1,750 meters-1,769 meters.

Good oil shows were observed in the target Birkhead sandstone over a net 9 metre interval in the gross 19 meter interval from 1,750 meters-1,769 meters. The off bottom open hole drill stem test run over the interval 1,742 meters-1,770 meters was a misrun due to packer failure.

The full significance of these oil shows will be evaluated with wire line electric logs to be run after the well has drilled to the planned total depth of 2,100 meters.

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 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) in the target Birkhead sandstone.

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%