ImageAnnual Report

QUARTERLY REPORT FOR THE PERIOD ENDING DECEMBER 31, 1998

HIGHLIGHTS FOR THE QUARTER

  1. Participation in the drilling evaluation of the Stanley and Tumuli Prospects in Papua New Guinea commencing mid-January 1999 through to April 1999.

  2. Adjacent drilling activity in February 1999 in PNG permit PPL 157 will test the 175 million barrel potential portion of the 955 million barrel oil Stanley Prospect extending into PPL 202. Drilling success at Stanley should impact favourably on the PPL 202 Champion Prospect, a most likely case 385 million barrel oil target, if hydrocarbons are present.

  3. Planned PNG drilling in late March 1999 of the Tumuli Prospect with a most likely case 352 million barrel oil target up to a maximum 882 million barrel oil potential, if hydrocarbons are present. Successful farmout to Woodside Petroleum Limited, Bligh Oil and Minerals NL and Trans-Orient Petroleum Limited resulting in a near free-carried interest through the cost of Tumuli-1 for Victoria Petroleum NL.

  4. Planned April / May 1999 drilling of highly prospective offshore Carnarvon Basin permit WA-254-P Prospects Sage and Argos with cumulative target oil potential of up to 50 million barrels.

  5. Planned June 1999 drilling of the Gouaro Prospect, subject to farmout. The Gouaro Prospect is a major oil and gas prospect, onshore New Caledonia, with the most likely case potential to contain 592 billion cubic feet of gas or 369 million barrels of oil, if hydrocarbons are present.

  6. Delineation in San Joaquin Basin Project, California of the Kingfisher and Raven Prospects with maximum case target potential of up to 140 billion cubic feet of gas and 18 million barrels of oil, if hydrocarbons are present. Drilling of the Kingfisher and Raven Prospects planned for June and August 1999, subject to farmout.

  7. Net oil and gas production for the December 1998 quarter of 18,274 barrels of oil-equivalent, equal to 199 barrels of oil-equivalent per day for 26.5% owned Kestrel Energy, Inc., a U.S. Nasdaq public company.

  8. Planned participation in up to 8 well drilling program in next 8 months.

  9. Continuing active pursuit of petroleum exploration opportunities in Middle East

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