M E M O R A N D U M

VICTORIA PETROLEUM N.L. QUARTERLY REPORT
FOR THE PERIOD ENDING JUNE 30, 1996.

Victoria Petroleum N.L. has scheduled an active drilling programme within Australia over the next seven months with up to ten wells to be drilled. Two major prospects are scheduled to be drilled in the onshore Carnarvon Basin, Western Australia, commencing October 1996.

The highlights of the report are:

1. 1. A two well drilling programme in the Carnarvon Basin on the Melanie and White Opal Prospects commencing October 1996, with Victoria Petroleum N.L. participating interest from 10% - 20%, representing a further exploration drive into the Carnarvon Basin on the North West Shelf, Western Australia.
2. 2. Upgrading of prospectivity of the Sage Prospect and offshore Carnarvon Basin permit WA 254 P with the hydrocarbons shows seen in Helicon 1.
3. 3. The definition of the 166 billion cubic feet / 95 million barrel Gouaro Prospect, onshore New Caledonia as a major oil and gas prospect for drilling in 1997.
4. 4. The 61% shareholding in NASDAQ publicly listed company, Kestrel Energy, Inc. with oil and gas production for the March 1996 quarter of 244 barrels oil equivalent per day.
5. 5. Planned participation in up to a 10 well drilling programme in the next seven months.

JOHN KOPCHEFF
MANAGING DIRECTOR
VICTORIA PETROLEUM N.L.

HIGHLIGHTS FOR THE QUARTER

EXPLORATION AND DEVELOPMENT

AUSTRALIA
PAPUA NEW GUINEA
NEW CALEDONIA
KESTREL ENERGY, INC.

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