QUARTERLY REPORT FOR THE
PERIOD ENDING MARCH 31, 1996

HIGHLIGHTS FOR THE QUARTER

1. Up to five well drilling program commencing first week February through into July 1996 in onshore Perth and Eromanga Basins.

   First well in program commencing February 7, 1996 Rosslyn-1, drilling 1.8 million barrel oil prospect in North Perth Basin Permit EP 111.

   Second well in program McIver-1, commencing March 21, 1996 will test the McIver Prospect in Eromanga Basin Permit ATP 560P. The McIver Prospect is interpreted to contain up to 87 million barrels of oil within the target Hutton and Basal Jurassic Sandstones.

   Third well in program, Ueleven-1, planned to commence mid April 1996, drilling 46 million barrel Hutton Sandstone oil prospect in Eromanga Basin Permit ATP 560P.

   Fourth well in program, Barcoo Junction-2, commencing mid May 1996 drilling 45 million barrel Hutton and Basal Jurassic Sandstone oil prospect in Eromanga Basin Permit, ATP 589P.

   Fifth well in program, North Fraserburgh-1 commencing mid June 1996, drilling 34 million barrel Hutton Basal Jurassic Sandstone oil prospect in Eromanga Basin Permit ATP 589P.

   Victoria Petroleum N.L. plans to farmout the major portion of the drilling costs for the above wells in accordance with the Company’s exploration strategy to minimise wherever possible the financial exposure to drilling costs.

2. Targeting of the Helicon and Sage prospects in offshore Carnarvon Basin Permit WA-254-P as a high priority exploration target for drilling in second quarter 1996. The Helicon Prospect which contains a major “flat spot” seismic amplitude anomaly, a possible hydrocarbon effect indicator, is interpreted to contain up to 252 million barrels of oil in the target Jurassic sands, if oil is present.

3. Awarding of a 33.3% interest in offshore Carnarvon Basin Permit WA-261-P, adjacent to the Stag Oil Field Permit WA-209-P, to Victoria Petroleum N.L..

4. Net oil and gas production for the September quarter of 21,671 barrels of oil equivalent equal to 238 barrels of oil equivalent per day held directly through Kestrel Energy, Inc. and Victoria Exploration Inc..

5. Planned participation in up to 14 well drilling program in next 8 months.

Index
Highlights | Exploration

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