QUARTERLY REPORT FOR THE PERIOD ENDING DECEMBER 31, 2003

HIGHLIGHTS FOR THE QUARTER

1. Commencement of first well in 2004 Surat Basin drilling program with early February 2004 drilling of North Giligulgul-1 with a target of 16 million barrels of oil, if oil is present.
2. Offshore Carnarvon Basin drilling in March 2004 of Vesta Prospect testing recoverable target of 23 million barrels of oil, if oil is present.
3. Follow on Surat Basin drilling program in April 2004 testing potential recoverable targets of 4 million barrels of oil in Don Juan North and 12 million barrels of oil in Rookwood South, if oil is present.
4. Planned development drilling of Jingemia-4 for April 2004 to increase oil production in second quarter 2004 to up to 4000 barrels of oil per day.
5. Victoria Petroleum NL holds the position of largest gross and net acreage holder in the Cooper/Eromanga Basin in South Australian and Queensland holding 13 permits with average VPE interest of 40%.
6. Victoria Petroleum now largest gross acreage holder in South Australian Cooper/Eromanga Basin with net acreage position second only to Beach Petroleum.
7. Successful completion of Jingemia Oil Field appraisal well Jingemia-2 and Jingemia-3 water injection well increasing Jingemia-1 production to 2000 barrels of oil per day.
8. Major exploration drilling program of up to 5 wells to be drilled in prospective South Australian Cooper Basin permits PEL 104, PEL 111 and PEL 115 against a background of industry drilling activity of up to 27 wells over the next 9 months.
9. Active farmout effort to seek partner to resume horizontal development drilling 24 million barrels of oil and 62 billion cubic feet of gas in the Eagle Oil pool Development in mid 2004.
10. Indirect interest in USA estimated oil and gas production for the three months ending December 31, 2003 of 63 million cubic feet of gas and 4,500 barrels of oil equal to 155 barrels of oil equivalent per day for 15% owned Kestrel Energy a US NASDAQ public company (KEST).
11. Farmin to earn 45% interest in Wyoming Coal Bed Methane Project with up to 1.2TCF gas in place and pipeline infrastructure to market.
12. Planned participation drilling and testing program of up to 14 wells in the next 9 months.

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