ImageAnnual Report

QUARTERLY REPORT FOR THE PERIOD ENDING SEPTEMBER 30, 1997

HIGHLIGHTS FOR THE QUARTER

  1. Preparations for commencement of planned drilling early November 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 the 26 million barrel oil potential Greer Prospect, if oil is present.
  2. Free-carried direct and indirect 15-22.5% interest for Victoria Petroleum N.L. through drilling by Icon Oil N.L. of a three well program which commenced in the third week of October 1997 on the Springfield, Regeleigh and Bright Spot Gas Prospects in the Cooper Basin, South West Queensland.
  3. Two well near free-carried drilling program in the Carnarvon Basin planned to commence early December 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 33 million barrels of oil or 41 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 108 billion cubic feet of gas or 66 million barrels of oil, if hydrocarbons are present, with planned drilling in February 1998, subject to farmout.
  5. Net oil and gas production for the June 1997 quarter estimated at 23,500 barrels of oil-equivalent, equal to 258 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.

Index
Highlights | Exploration

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