Vicpet Spuds Tigershark-1 Well Near Growler Oil Field

Victoria Petroleum, as operator for the PEL 104 Joint Venture, advised that the Tigershark-1 exploration well commenced drilling on October 21, 2008. At 0600 hours today, operation was drilling ahead in 12 1/4 inch hole at 196 meters.

Tigershark-1 is the third well in the current exploration program of four exploration wells to be drilled on a continuing basis with Century Rig #3 and is planned to be drilled to a total depth of 2,070 meters in 15 days. Tigershark-1 is 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 902 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.

The participants in Tigershark-1, Wirraway-1, the Growler Oil Field 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%