ImageAnnual Report

QUARTERLY REPORT FOR THE PERIOD ENDING DECEMBER 31, 1997

HIGHLIGHTS FOR THE QUARTER

  1. Preparations for commencement of planned three well back to back drilling program early March 1998 in the San Joaquin Basin Project Joint Venture on the Sylvester, North Tweetie and Dewey gas prospects, subject to lease and rig availability, as part of ongoing active drilling program in the San Joaquin Basin, onshore California, U.S.A.. Victoria Petroleum N.L. holds a 63.3% direct and indirect interest in the Sylvester, North Tweetie and Dewey gas prospects.

  2. Two well near free-carried drilling program in the Carnarvon Basin in 1998 planned to commence March 1998 to test the Melanie and White Opal Prospects, subject to environmental approval. The Melanie Prospect to be drilled in March 1998, is interpreted to have the most likely case potential to contain 33 million barrels of oil or 41 billion cubic feet of gas, if hydrocarbons are present. The White Opal Prospect planned to be drilled second half 1998 is interpreted to have the most likely case potential to contain 247 million barrels of oil or 880 billion cubic feet of gas, if hydrocarbons are present.

  3. Approval to drill the Gouaro Prospect, a major gas and oil prospect, onshore New Caledonia, with the most likely case potential to contain up to 166 billion cubic feet of gas or 95 million barrels of oil, if hydrocarbons are present, is planned to be drilled in May 1998 subject to farmout.

  4. Net oil and gas production for the September 1997 quarter estimated at 18,458 barrels of oil-equivalent, equal to 201 barrels of oil-equivalent per day for 26.5% owned Kestrel Energy, Inc., a U.S. Nasdaq public company.

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

  6. Investigation of petroleum exploration opportunities in Africa and Middle East.

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