www.vicpet.com.au (Asx VPE)
28 June 2007

Announcements
Australian Stock Exchange Limited
GAS DISCOVERY AT AGAVERO-1, MARGARITA GAS EXPLORATION PROJECT, ONSHORE GULF COAST, TEXAS


Victoria Petroleum N.L. (Vicpet) is pleased to advise that the second of the three wells in the Phase 2 drilling program of the Margarita Gas Exploration Project, Agavero-1 has reached total depth of 1,341 metres after intersecting the target Frio V sand. Wire line electric logs have been run and petrophysical analysis suggests 5.5 metres of gross gas pay on rock with no water from 889.4 meters depth.

The Operator has recommended perforation of the whole gross pay zone; the upper 4.0 metre laminated sand first to evaluate its reserve potential and then adding perforations to the base 1.5 metre sand interval to evaluate overall reserve potential.

Current activity at Agavero-1 is completion of running casing to carry out back to back testing of Agavero-1 with Donna Carlota-1. Interpretation of the Donna Carlota-1 wire line logs indicate the target Frio 1.33 sand in Donna Carlota #1 has a gross gas zone of 13.9 metres and net gas pay of 5.6 metres over the interval 1,423.2 to 1,437.1 metres with gas on rock and no water.

The Agavero Prospect is the second of the three prospects that are being drilled in the current program which are analogues of historic prolific Frio and Vicksburg sands production in the project area at <2,000 meters depth.

As with the successful wells in the first program, the tie in of any commercial discovery made on these prospects in this current three well program will be rapid as the project area is crossed by a number of gas pipelines with access rights and available capacity.

The prospects have the following mean recoverable gas reserve potential and total depths;
Prospect Name Mean Recoverable Reserve Total Depth
Donna Carlota 0.62 billion cubic feet of gas 1,524 metres ¬ drilled -
gas discovery

Agavero 0.7 billion cubic feet of gas 1,341 metres ¬ drilled ¬
gas discovery

Climaco 1.6 billion cubic feet of gas 1,980 metres

The drilling program is expected to run until mid July 2007 with the next well to be drilled Climaco Participants Working Interest in the three shallow gas program wells are:

Victoria Petroleum NL#20.00%
Sun Resources NL#20.00%
Empyrean Energy PLC*44.00%
Wandoo Energy LLC +16.00%
Total 100.00%
#ASX listed, *AIM listed ,+ Gulf Coast Texas

MARGARITA & REDBACK GAS EXPLORATION
Frio-Wilcox 1-200 BCF targets using 3D seismic - 25 prospects VPE 20 - 37.5%% WI drilling 3 shallow wells June 2007 to follow 2 gas producers (0.5 million cubic
feet per day) drilled Jan 2007 drilling 1 deep Wilcox well late 2007

FLOUR BLUFF GAS FIELD DEVELOPMENT
established 170 BCF 3P gas reserves producing 1.5 million cubic feet per day VPE 12.5 - 16.7% WI Flour Bluff Gas Field Project 12.5 ¬ 16.7% 170 BCFe Potential Frio ¬ Wilcox Gas trend
Margarita & Redback Gas Exploration Project 1 - 200 BCF Potential: Donna Carlota-1 & Agavero-1 gas discoveries

VPE/ SUR/ STX/ AZZ/ AUT/ GGP/ ADI/ TXN

USA Private Interest
JOHN KOPCHEFF
MANAGING DIRECTOR
VICTORIA PETROLEUM N.L.

For information on Victoria Petroleum N. L. drilling activities visit our website at
www.vicpet.com.au
VICPET USA PROJECTS




	
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