Vicpet to Complete Tigercat-1 as Oil Producer

Victoria Petroleum, as operator for the PEL 104 Joint Venture, advised that on October 17, the operation was running 7 inch production casing to complete Tigercat-1 as a future oil producer.

Wire line logs and side wall cores have been run and confirm a net 7 meters of oil pay over the gross 18.5 meter interval from 1,752 meters-1,770.5 meters over which oil shows were observed in the target Birkhead sandstone Tigercat-1 in PEL 104, drilled 7.54 kilometres east of the Growler Oil Field, targeted the same Birkhead sandstone reservoir oil productive in the Growler Oil Field, but in a separate structure.

The Tigercat prospect is interpreted to contain a mean (P50) recoverable 0.7 million barrels of oil 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 running and cementing of production casing at Tigercat-1, the drilling rig will immediately move to drill Tigershark-1, 3 kilometers to the west of the Wirraway-1 oil discovery and 6 kilometers northwest of the Growler Oil Field.

Tigershark-1 is targeting the same Birkhead sands oil productive in the Growler Oil Field, currently producing a gross 899 barrels of oil per day. The Tigershark structure is interpreted to have the potential to contain a P10 unrisked recoverable oil resource of 4.7 million barrels in the target Birkhead sands, if oil is present.

Drilling reports for Tigershark-1 will be made on the start of drilling and thereafter on a weekly basis to the ASX with additional releases in the event of significant activity.

The participants in Tigercat-1 and Tigershark-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%