Here is the latest report on what is happening with Victoria Petroleum(VPE) One of my long term stocks.As you can see they are very active in an area which has shown exploration success before .
The next six months look very promising for VPE.

EXPLORATION AND DEVELOPMENT ACTIVITY REPORT WITH PLANNED
2007 DRILLING SCHEDULE

Your company will shortly be commencing an exciting drilling campaign in our core
Australian exploration acreage in the Cooper Basin.

As per the Victoria Petroleum NL Planned 2007 Drilling Schedule, sixteen
exploration and development wells are planned to be drilled over the next six months.

Over the next three months, exploration and development drilling activity will be centred on the Cooper/Eromanga Basin in South Australia, and the Onshore Gulf Coast Texas USA.

Within the Cooper Basin, exploration activity will focus on Wirraway-1 to be drilled in early April 2007 and the follow on development well, Growler-2, on the 2006 Growler-1 oil
discovery.

Exploration success at Wirraway-1 will be of great significance to your company as it will
further confirm the importance of the Growler oil discovery and the presence of a new oil
production province in the northwest Cooper/Eromanga Basin

Of the four wells that have been drilled by your company in the Cooper Basin of South
Australia and southwest Queensland over the last 3 months, oil was recovered on drill
stem test from two wells, Wilpinnie-4 and Telowie-1.

The Wilpinnie-4 oil recovery has enhanced the oil bearing potential of the Tomcat Prospect in PEL 115, with Wilpinnie-4 to be production tested in June 2007 and drilling of Tomcat-1 planned for July 2007.

The recovery of oil from the Murta formation in Telowie-1 provides further encouragement for the potential presence of commercial oil discoveries, targets for drilling in mid 2007, in the northern part of PEL 94 on trend with the adjacent Harpoono oil fields.

Within the Texas onshore Gulf Coast basin Margarita Gas Exploration Project, all three
shallow gas wells drilled have encountered gas and have been completed for production.

Following on from the initial three well program, a further three shallow wells are planned to
be drilled in late April 2007 as a precursor to a deeper exploration program planned to
commence in the second half 2007.

Further exploration and development success in the forthcoming Cooper Basin and
Onshore Gulf Coast Basin drilling programs will add to Victoria Petroleum NL’s current net
production of 280 barrels oil per day, to achieve the near term target of approximately 500
barrels of oil per day with associated increase in oil and gas net revenue and net
recoverable oil reserves.

An independent report by “Stock Analysis” on the possible impact of exploration success
on Victoria Petroleum for any of the wells being drilled over the next six months is attached
for your review. The importance of the Wirraway-1 well results is highlighted.
(To see report this you will have to go to http://asx.com.au and research further)

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 36 years experience in petroleum exploration
geology and geophysics.




	
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