Victoria to Re-Commence Cooper Basin Drilling in PEL111 &115

Victoria Petroleum N.L. as operator for the PEL 111 and PEL 115 Joint Ventures advises that exploration drilling is planned to re-commence in the South Australian Cooper Basin in early November 2009. Two exploration wells are planned to be drilled subject to the necessary approvals and farmin terms. The Snatcher-3 exploration well is planned to be drilled in PEL 111 to test the stratigraphic oil bearing potential of Birkhead channel sands that are oil productive one kilometre to the south in the Snatcher-1 and Snatcher-2 oil wells.

The second exploration well planned to be drilled, Fury-1, is situated 4 kilometres to the north east of the Vicpet operated Mirage Oil Field and will be drilled under the terms of the farmin Heads of Agreement entered into with Monitor Energy Limited (Monitor). Under the terms of the agreement, Monitor will earn a 75% interest in the Fury Prospect by paying 100% of the cost of drilling and casing the well. Monitor can earn a 75% interest in all of PEL 115 and its contained prospects by paying 100 % of the cost of drilling and casing a well on the Airacobra Prospect. Vicpet will retain a 25% interest in PEL 115 and operatorship.

Following the completion of the processing of the 268 square kilometre Mollichuta 3D seismic survey over the proven Western Margin oil trend, currently underway, an aggressive exploration, appraisal and development drilling program is planned to commence in December 2009/ January 2010 in the permits PEL 104/ PEL 111/ PRL 15. Vicpet holds a 40% interest in each of these permits and is the operator.