Company Information for VICTORIA PETROLEUM NL

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Company Statement

Victoria Petroleum N.L. is a Perth based company listed on the Australian Stock Exchange. The Company’s principal activity is Coal Seam Gas (CSG) development and oil exploration and production.

Operations and Technology

In 2008 the company put its US asset base up for sale to focus on its Australian oil and gas projects, which include modest but growing production from the Jingemia, Mirage, Ventura and Growler fields in the Perth and Cooper Basins. This revenue stream underpins an aggressive exploration programme The Cooper Basin is at the heart of the company. The company holds a huge tranche of acreage covering some 51,400 sq km of the Cooper Basin, which straddles South Australia and Queensland. This ensures a steady pipeline of drillable prospects targeting what the company calls a “Jurassic oil fairway” in the under-explored western margin of the basin, where Vic Pet has already had some success with the Growler-1 and Wirraway-1 oil strikes. There are also Permian gas and condensate prospects to be tested.

Come November 2010, the plans a two rig drilling programme with 10 exploration and development wells. These include up to seven exploration wells along the promising Growler-Wirraway-Warhawk-Snatcher trend of Jurassic oil discoveries. Victoria Petroleum has a 60 per cent interest in these wells.

Vic Pet also has coal seam gas (CSG) projects in the Surat basin of Queensland. CSG is an increasingly fashionable play that has transformed the fortunes of some of Vic Pet’s ASX peers. The company hopes to replicate their success and is busy drilling on its licences to prove up a commercial gas resource: initial results have been encouraging.

The company has also taken steps to diversify into the green energy business. In April 2007 Vic Pet announced it was providing seed capital for Greenearth Energy, a company that is looking at geothermal opportunities in Victoria. Greenearth has been awarded two geothermal exploration permits in Victoria’s onshore Gippsland Basin, an area where Lakes Oil’s drilled the Trifon-2 well in 2004, which produced hot saline water with surface temperatures of 90-degrees C. This is an interesting addition to an increasingly diverse and well-balanced portfolio. In January 2008 Greenearth Energy raised A$10 million in its IPO.

Board of Directors and Key Management

Non Executive Chairman	Denis Patten
Managing Director	Ian Davies
Non Executive Director	Robert James Pett
Non Executive Director	Bernard Wrixon
Non Executive Director	Ben McKeown
Alternate Director	Neil C. Fearis

Company Address 36th Floor Exchange Plaza 2 The Esplanade Perth, Australia 6000 Telephone: +61 8 9220 9800 Facsimile: +61 8 9220 9801 Email: admin[at]vicpet.com.au Website: http://www.vicpet.com.au

Additional Address/Key Contact Postal Address: PO Box Z5441 St. Georges Terrace Perth, Western Australia 6831

Related News

08/06/10 - Victoria Petroleum Slashes FY2011 Revenue Forecasts As Flood Waters Continue To Frustrate Its Cooper Basin Ambitions
03/03/10 - Rains Stops Play In The Cooper Basin As Vic Pet Prepares For Major Drilling Push In 2010
10/08/09 - Victoria Petroleum Headlines Its CSG Credentials And Continues To Make Real Progress With Its Oil Exploration In The Cooper Basin
01/07/09 - Vic Pet Announces Initial 2P Certified Gas Reserves For Don Juan CSG Project
20/04/09 - Vic Pet Has Turned The Corner As Coal Seam Gas Excitement Starts To Rub Off
11/03/09 - Victoria Petroleum Still Seeks Buyer For US Assets As It Embarks On Another Busy Year Down Unde

Most Recent Statement

01/09/10 - Drilling Report for Walloon Coal Measures CSG Project
27/08/10 - Drilling Report for Walloon Coal Measures CSG Project
17/08/10 - Drilling Report for Walloon Coal Measures Seam Gas Project
13/08/10 - Notice of Meeting and Proxy form
05/08/10 - Appendix 3B Issue of Unlisted Options
30/07/10 - VPE Quarterly Report for The Period Ending 30 June 2010