QUARTERLY REPORT FOR THE PERIOD ENDING SEPT 30, 2004

HIGHLIGHTS FOR THE QUARTER

1. Exploration success with two oil discoveries and one gas discovery.
2. Oil discovery in Rookwood South-1, Surat Basin Queensland with anticipated production rate of up to 300 barrels of oil per day.
3. Production testing of Rookwood South-1 oil discovery commencing early November 2004, with follow up appraisal drilling of up to three wells in Rookwood Oil Field in late November 2004.
4. Oil and gas discoveries in first two wells in five well South Australian Cooper Basin at Hornet-1 and Ventura-1.
5. Ventura-1 oil discovery resulting in oil recovery equivalent to 252 barrels of oil per day and Hornet-1 Permian gas discovery to be production tested late November 2004.
6. Commencement of drilling of Canberra-1 in late October 2004 testing stratigraphic/structural trap with potential to contain up to 161 billion cubic feet of gas and 4 million barrels of oil, if oil and gas is present.
7. Canberra Prospect associated with significant "spectral anomaly" seismic attribute interpreted to indicate presence of significant gas saturated Permian sandstones.
8. Planned increase in oil production in Jingemia Oil Field, North Perth Basin from current 3,000 barrels of oil per day to 3,500 barrels of oil per day in early November 2004.
9. Commencement of three well offshore Carnarvon Basin drilling program in late December 2004, commencing with drilling of the Champion Prospect with potential to contain up to 27 million barrels of oil, if oil is present.
10. Planned drilling in first quarter 2005 of Eagle-2 development well on California Eagle Oil Pool Development Project, with potential to contain up to 34 million barrels of oil and 58 billion cubic feet of gas.
11. Victoria Petroleum has 20.48% indirect interest in total proved reserves of NASDAQ listed company Kestrel Energy Inc of 367,700 barrels of oil and 4.74 billion cubic feet of gas with a 10% Net Present Value of A$19 million.
12. Planned exploration and development drilling program of up to fifteen wells over the next nine months.
13. Completion of successful fund raising of A$9.5 million in October 2004 leaving Victoria Petroleum NL well funded to carry out planned fifteen well exploration and development program.
14. Victoria Petroleum exploration, development and production activities in Australia and USA are being carried out against a background of historical high oil prices in the range of A$60-70 per barrel.

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