ImageAnnual Report

QUARTERLY REPORT FOR THE PERIOD ENDING DECEMBER 31, 1996

HIGHLIGHTS FOR THE QUARTER

HIGHLIGHTS FOR THE QUARTER

  1. Planned drilling in late February 1997 to test the onshore Surat Basin Heather Downs Prospect, interpreted to have potential to contain up to 30 million barrels of oil, if oil is present, subject to farmout.

  2. Two well drilling program in the Carnarvon Basin planned to commence late March 1997 to test the 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 362 billion cubic feet of gas or 207 million barrels of oil, if hydrocarbons are present, with planned drilling in the second half of 1997, subject to farmout.

  5. Farmin by Apache Energy / Santos / Globex into WA-261-P, to provide a 4.23% free-carried direct and indirect interest for Victoria Petroleum N.L. through drilling of a well in 1997 on the Longhorn Prospect. The Longhorn Prospect is interpreted to have the potential to contain up to 171 million barrels of oil, if oil is present.

  6. Net oil and gas production for the September 1996 quarter estimated at 18,539 barrels of oil equivalent, equal to 206 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.

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