QUARTERLY REPORT FOR THE PERIOD ENDING MARCH 31, 1997

HIGHLIGHTS FOR THE QUARTER

1. Acquisition in March 1997 of a 50% interest in the San Joaquin Basin Project Joint Venture, onshore California, U.S.A., with 63.3% direct and indirect interest in the drilling of the 72 million barrel oil potential Greer Prospect and 106 billion cubic feet gas potential Daisy Prospect, if oil and gas are present, planned to commence in July 1997.
2. Free carried 24.1% direct and indirect interest in planned May 1997 drilling of the onshore Surat Basin Heather Downs Prospect, interpreted to have potential to contain up to 20 million barrels of oil, if oil is present.
3. Farmin by Apache Energy / Santos / Globex into WA-261-P, to provide a 3.18% free-carried direct and indirect interest for Victoria Petroleum N.L. through drilling of a well in June 1997 on the Longhorn Prospect. The Longhorn Prospect is interpreted to have the potential to contain up to 171 million barrels of oil, if oil is present.
4. Two well near free carried drilling program in the Carnarvon Basin planned to commence October 1997 to test the White Opal and Melanie Prospects, subject to environmental approval. The White Opal Prospect is interpreted to have the potential to contain up to 247 million barrels of oil or 880 billion cubic feet of gas, if hydrocarbons are present. The Melanie Prospect is interpreted to have the potential to contain up to 60 million barrels of oil or 74 billion cubic feet of gas, if hydrocarbons are present.
5. Seismic definition of the Gouaro Prospect, onshore New Caledonia as a major gas and oil prospect with the potential to contain up to 362 billion cubic feet of gas or 207 million barrels of oil, if hydrocarbons are present, with planned drilling in the second half of 1997, subject to farmout.
6. Net oil and gas production for the December 1996 quarter estimated at 18,000 barrels of oil equivalent, equal to 200 barrels of oil equivalent per day for 61.3% owned Kestrel Energy, Inc., a U.S. Nasdaq public company.
7. Planned participation in up to 22 well drilling program in next 12 months.
8. Investigation of petroleum exploration opportunities on east coast of Africa in Mozambique and Middle East.

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