ImageAnnual Report

QUARTERLY REPORT FOR THE PERIOD ENDING MARCH 31, 1999

HIGHLIGHTS FOR THE QUARTER

  1. First significant oil discovery for Victoria Petroleum N.L. with the discovery of oil in three zones in Sage-1 in offshore Carnarvon Basin permit WA-254-P with flow test of 2155 barrels of oil per day.
  2. Commencement of PNG drilling in April 1999 of the Tumuli Prospect with a most likely case 352 million barrel oil target up to a maximum 882 million barrel oil potential, if hydrocarbons are present. Successful farmout to Woodside Petroleum Limited, Bligh Oil and Minerals NL and Trans-Orient Petroleum Limited resulting in a near free-carried interest through the cost of Tumuli-1 for Victoria Petroleum NL.
  3. Confirmation of hydrocarbons prospectivity of PNG foreland permit PPL 202 with Toro sandstone discovery of probable 200 BCF Stanley gas condensate field on border of PPL 202 in adjacent PPL 157.
  4. Planned June 1999 drilling of highly prospective offshore Carnarvon Basin permit WA-254-P Prospect Argos with target oil potential of up to 17 million barrels.
  5. Planned July 1999 drilling of the Gouaro Prospect, subject to farmout. The Gouaro Prospect is a major oil and gas prospect, onshore New Caledonia, with the most likely case potential to contain 592 billion cubic feet of gas or 369 million barrels of oil, if hydrocarbons are present.
  6. Delineation in San Joaquin Basin Project, California of the Kingfisher and Raven Prospects with maximum case target potential of up to 186 billion cubic feet of gas and 12 million barrels of oil, if hydrocarbons are present. Drilling of the Kingfisher and Raven Prospects planned for June and August 1999, subject to farmout.
  7. 7 Net oil and gas production for the March 1999 quarter of 16,963 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.
  8. Planned participation in up to 6 well drilling program in next 8 months.
  9. Continuing active pursuit of petroleum exploration opportunities in Middle East.

Index
Highlights | Exploration

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