QUARTERLY REPORT FOR THE PERIOD ENDING MARCH 31, 2002.

HIGHLIGHTS FOR THE QUARTER

1. Commencement of drilling of San Antonio-1 in California in February 2002 with good oil shows in Monterey Formation targeting up to 106 million barrels of oil, if oil is present.
2. Planned California drilling in late May 2002 of the first development well on the Vallecitos Oil Field, targeting 5 million barrels of oil, if oil is present.
3. Farmout of 5.7685% interest in onshore North Perth Basin permit EP 413 adjacent to recent significant Roc Oil Cliff Head and Arc Energy Hovea oil discoveries to Voyager Energy Limited providing free carried 5.7685% interest for Victoria Petroleum through drilling of Jingemia-1.
4. Planned June 2002 drilling in EP 413 of Jingemia-1 targeting up to 12 million barrels of oil, if oil is present.
5. Recommencement of 2002 offshore Carnarvon Basin drilling program with planned August 2002 drilling of Ceres-1 in WA-261-P targeting up to 22 million barrels of oil, if oil is present.
6. Continuing offshore Carnarvon Basin drilling with planned late 2002 drilling of Argos-1 in WA-254-P adjacent to the Legendre Oil Field targeting up to 11 million barrels of oil, if oil is present.
7. Planned drilling in late 2002 of the Raven Prospect targeting multiple target oil and gas reserve of up to 75 million barrels of oil and 192 billion cubic feet of gas, if oil and gas is present, following farmout.
8. Industry interest in the Kingfisher Monterey horizontal drilling farmout opportunity planned for drilling in second half 2002.
9. The continuing Coalbed Methane development program in Queensland Surat Basin permit ATP 574P by farminee Queensland Gas Company Ltd in the quarter targeting potential Coalbed Methane reserves in ATP 574P of up to 650 billion cubic feet of gas.
10. Planned late 2002 drilling in Queensland, Surat Basin permit ATP 574P of North Giligulgul-1 targeting up to 23 million barrels of oil, if oil is present, following the February 2002 16km seismic survey to define the drilling location.
11. Net oil and gas production for the six months ending 31 December 2001 of 123 million cubic feet of gas and 11,637 barrels of oil equal to 180 barrels of oil equivalent per day for 18.4%-owned Kestrel Energy, Inc., a US NASDAQ public company (Code: KEST)
12. Continuing oil and gas production development activities in USA to increase oil and gas production in the USA producing properties in Louisiana, New Mexico, Oklahoma and Wyoming, to increase June 30, 2001 proved reserves of 2.6 million barrels of oil equivalent with a future undiscounted net cash flow of A$54 million and net present value of A$27 million at a discount rate of 10%.
13. Planned participation in a drilling program of up to fifteen wells in the next nine months.

[ Corporate ] [ Drilling Report ] [ ASX ] [ Quarterly Report ] [ Annual Report ]
[ Permit Inventory ] [ Prospect Drilling Schedule ] [ Farmin Opportunities ]
[ Internet Links ] [ Feedback ] [ Contact ]
[ Home ]