Victoria Petroleum has managed to get an oil producer on the first hole drilled at this under-explored Jurassic area of the permit which covers the western up dip flank of the oil and gas productive Patchawarra Trough of the Cooper Basin.

This is also an important well for Vicpet as it is the first well in the 2007 eleven well exploration drilling program to take place over the next six months in Vicpet’s South Australian and Queensland Cooper Basin Permits”.

As per usual the market hasn’t taken any notice, so the share price hardly moved. Perhaps if they make some more discoveries then things might happen. We will have to be patient.

OIL RECOVERY ON OPEN HOLE DRILL STEM TEST AT WIRRAWAY-1, PEL 104, SOUTH
AUSTRALIAN COOPER BASIN

Victoria Petroleum N.L. as Operator for the PEL 104 Joint Venture drilling Wirraway-1 in PEL 104 on the western margin of the South Australian Cooper Basin advises that at 0600 hrs Central Standard Time today, the operation was conditioning the hole prior to the commencement of running 7 inch production casing after completing open hole Drill Stem Test #2 over the oil bearing Birkhead sandstone interval from 1,719 to 1,742 metres.

During the open hole straddle drill stem test 7 barrels of 47.5 degree API oil were recovered during a 2 hour flow period with a stabilised flow rate of 67 barrels of oil per day, with no formation water.

Wirraway-1 will now be completed as a Birkhead sand oil producer by the drilling rig with short term production testing to follow upon installation of the surface testing equipment.

Following the completion of Wirraway-1, the drilling rig will then move immediately to start the drilling of Growler-2, 4.7 kilometres to the southeast of Wirraway-1 and 705 metres north and up dip of the Growler-1 oil discovery well.

Wirraway-1 is the first well drilled by the PEL 104 Joint Venture in 2007 in this under explored Jurassic area of the permit which covers the western up dip flank of the oil and gas productive
Patchawarra Trough of the Cooper Basin.

Wirraway-1 is located 5 kilometres west of the PEL 104 Growler-1 oil discovery which recovered oil from the Jurassic Basal Birkhead sands on drill stem test.

The Wirraway-1 well is targeting the seismically defined four way dip closed Wirraway structure
interpreted to have the potential to contain a combined recoverable oil target of up to 4 million
barrels of oil.

Commenting on the testing results at Wirraway-1, Victoria Petroleum NL’s (Vicpet) Managing Director John Kopcheff said:

“Victoria Petroleum is pleased to have recovered oil on the open hole drill stem test of the 17 metre gross oil column in the target Birkhead sands in Wirraway-1.”

“Exploration success at Wirraway-1 maintains our 100% exploration success rate in PEL 104 and further confirms our belief that a new oil production province in the western part of PEL 104 and our adjoining PEL111 permit is present.”

“Also in PEL 104 we have three prospects in the vicinity of the Wirraway Prospect, such as the Beaver and Warhawk prospects and a further nine similar prospects including Ascender and Liberator in the immediately adjacent permit to the north, PEL 111.”

“Wirraway-1 is also an important well for Vicpet as it is the first well in the 2007 eleven well
exploration drilling program to take place over the next six months in Vicpet’s South
Australian and Queensland Cooper Basin Permits”.

“Given the current exploration success rate, Vicpet would expect to enjoy further exploration success in the ongoing eleven well Cooper Basin drilling program as encountered at Wirraway-1.”

The participants in the drilling of Wirraway-1 and PEL 104 and their respective interests through their wholly owned subsidiaries are as follows;

Victoria Petroleum N.L. (Operator) 40%
Impress Energy Limited
40%
Roma Petroleum N.L.
20%

Yours Sincerely,

JOHN KOPCHEFF
MANAGING DIRECTOR
VICTORIA PETROLEUM N.L.
Information in this report was completed by the Managing Director of Victoria Petroleum N.L, J T Kopcheff
BSc (Hons Eco.Geol), FAIMM, MAAPG, MSPE, MPESA, with 35 years experience in petroleum geology and
geophysics.
For information on Victoria Petroleum N. L. drilling activities visit our website at
www.vicpet.com.au




	
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