Victoria Petroleum N.L.

FURTHER OIL SHOWS IN SNATCHER-3,PEL 111, SOUTH AUSTRALIAN COOPER BASIN

Victoria Petroleum N.L. (Vicpet) as operator for the PEL 111 Joint Venture advises at 0600 hours today, the operation was continuing to run wire line logs in Snatcher-3 to evaluate good oil shows observed while drilling over the gross 22 metre interval 1,766 to 1,788 metres in the target Birkhead sand.
The full significance of these oil shows is currently being evaluated by electric wire line logs as the well has been drilled to a total depth of 1,855 metres.
Snatcher-3 is testing the oil bearing potential of the Snatcher Prospect adjacent to the Santos
Limited operated Charo Field in PPL 177. The PPL 177 licence is wholly contained within PEL 111.
The Snatcher Prospect is situated on the Western Margin Oil Trend, with Snatcher-3 a test of
whether oil can be stratigraphically trapped within seismically interpreted discrete sand bodies in channel systems present within the Jurassic Birkhead Formation.
The target sand in Snatcher-3 produced oil from the recent Snatcher-2 oil discovery, 787 metres to the south east of Snatcher-3 at a rate of 207 barrels of oil per day.
The participants in the drilling of Snatcher-3, Snatcher-2, and PEL 111 and their respective interests through their wholly owned subsidiaries are as follows;

Victoria Petroleum N.L. (Operator) 40%

Impress Energy Limited 40%

Permian Oil Pty Ltd. 20%