M E M O R A N D U M

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

Victoria Petroleum N.L. has scheduled an active drilling programme within Australia over the next twelve months with up to fifteen wells to be drilled. Two major prospects are scheduled to be drilled in the onshore Carnarvon Basin, Western Australia, commencing late January 1997.

The highlights of the report are:

1. A two well drilling programme in the Carnarvon Basin on the Melanie and White Opal Prospects commencing January 1997, subject to environmental approval, 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. Drilling of a well in both the Surat and Otway Basins commencing late November 1996, subject to farmout.
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 mid 1997.
4. The 61% shareholding in NASDAQ publicly listed company, Kestrel Energy, Inc. with oil and gas production for the June 1996 quarter of 231 barrels oil equivalent per day.
5. Planned participation in up to a 15 well drilling programme in the next twelve months.

Regards,

JOHN KOPCHEFF
MANAGING DIRECTOR
VICTORIA PETROLEUM N.L.

HIGHLIGHTS FOR THE QUARTER

EXPLORATION AND DEVELOPMENT

AUSTRALIA
PAPUA NEW GUINEA
NEW CALEDONIA
KESTREL ENERGY, INC.

Financial

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