ImageAnnual Report

QUARTERLY REPORT FOR THE PERIOD ENDING SEPTEMBER 30, 1996

HIGHLIGHTS FOR THE QUARTER

  1. Planned drilling in late November 1996 to test the onshore Surat Basin Heather Downs Prospect, interpreted to have potential to contain up to 20 million barrels of oil, if oil is present, subject to farmout.

  2. Two well drilling program planned to commence late January 1997 to test the onshore Carnarvon Basin, White Opal and Melanie Prospects, subject to environmental approval. 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. 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.

  3. Farmout of White Opal and Melanie Prospects to give Victoria Petroleum N.L. near free carried interest through drilling.

  4. Seismic definition of the Gouaro Prospect, onshore New Caledonia as a major gas and oil prospect with the potential to contain up to 166 billion cubic feet of gas or 95 million barrels of oil, if hydrocarbons are present, with planned drilling in mid 1997 subject to farmout.

  5. Acceptance of a seismic and drilling option farmin offer from Apache Energy as operator for the WA-209-P Joint Venture, which if exercised provides a 7.5% free carried interest for Victoria Petroleum N.L. through drilling of a well in early 1997.

  6. Net oil and gas production for the June 1996 quarter of 20,771 barrels of oil equivalent equal to 231 barrels of oil equivalent per day for Kestrel Energy, Inc. and Victoria Exploration Inc., the U.S. subsidiaries of Victoria Petroleum N.L..

  7. Planned participation in up to 15 well drilling program in next 12 months.

  8. Investigation of petroleum exploration opportunities on east coast of Africa in Mozambique and Middle East.

Index
Highlights | Exploration

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