ImageAnnual Report

QUARTERLY REPORT FOR THE PERIOD ENDING MARCH 31, 1998

HIGHLIGHTS FOR THE QUARTER

  1. Preparations for commencement of planned three well drilling program early May 1998 in the San Joaquin Basin Project Joint Venture on the Sylvester, Dewey and North Tweetie gas prospects, subject to lease and rig availability, as part of ongoing active drilling program in the San Joaquin Basin, onshore California, U.S.A.. Victoria Petroleum N.L. holds a 63.3% direct and indirect interest in the Sylvester, Dewey North and Tweetie gas prospects.

  2. Two well near free-carried drilling program in the Carnarvon Basin in 1998 planned to commence mid June 1998 to test the Melanie and White Opal Prospects. The Melanie Prospect to be drilled in mid June 1998, is interpreted to have the most likely case potential to contain 33 million barrels of oil or 41 billion cubic feet of gas, if hydrocarbons are present. The White Opal Prospect planned to be drilled fourth quarter 1998 subject to environmental approval is interpreted to have the most likely case potential to contain 247 million barrels of oil or 880 billion cubic feet of gas, if hydrocarbons are present.

  3. Approval to drill the Gouaro Prospect, a major gas and oil prospect, onshore New Caledonia, with the most likely case potential to contain 474 billion cubic feet of gas or 295 million barrels of oil, if hydrocarbons are present, is planned to be drilled in August 1998 subject to farmout.

  4. Seismic confirmation of the Tumuli Prospect as a most likely case 363 million barrel potential target, if hydrocarbons are present, with drilling planned for the fourth quarter 1998, subject to farmout.

  5. Net oil and gas production for the December 1997 quarter estimated at 17,100 barrels of oil-equivalent, equal to 189 barrels of oil-equivalent per day for 26.5% owned Kestrel Energy, Inc., a U.S. Nasdaq public company.

  6. Planned participation in up to 12 well drilling program in next 12 months.

  7. Continuing investigation of petroleum exploration opportunities in Africa and Middle East.

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