QUARTERLY REPORT FOR THE PERIOD ENDING JUNE 30, 1997

HIGHLIGHTS FOR THE QUARTER

1. Preparations for commencement of planned drilling on August 6, 1997 in the San Joaquin Basin Project Joint Venture, onshore California, U.S.A. Victoria Petroleum N.L. holds a 63.3% direct and indirect interest in the 106 billion cubic feet gas potential Daisy Prospect and the 72 million barrel oil potential Greer Prospect, if oil and gas are present.
2. Free-carried direct and indirect 3.18% interest for Victoria Petroleum N.L. through drilling of a well in the third week of August 1997 on the offshore Carnarvon Basin, Longhorn Prospect. The Longhorn Prospect is interpreted to have the potential to contain up to 171 million barrels of oil, if oil is present.
3. Two well near free-carried drilling program in the Carnarvon Basin planned to commence November 1997 to test the Melanie and White Opal Prospects, subject to environmental approval. 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. 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.
4. 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 November 1997, subject to farmout.
5. Net oil and gas production for the March 1997 quarter estimated at 17,000 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 25 well drilling program in next 12 months.
7. Investigation of petroleum exploration opportunities in Africa and Middle East.

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