Victoria Petroleum (VPE) has made a move into the alternative energy field and currently owns a third share in a company called “GREENEARTH” which will generate power from geothermal “wet systems.”

GEOTHERMAL EXPLORATION PERMITS AWARDED TO GREENEARTH
ENERGY LIMITED

Victoria Petroleum N.L (Vicpet) has been advised by its fellow shareholder in Green Earth
Energy Limited, Lakes Oil N.L. (ASX Listing Code “LKO”) that Vicpet’s 33 1/3% owned
associated company Greenearth Energy Limited (”Green Earth”) has today been awarded
two geothermal exploration permits in the Victorian Government Geothermal Acreage
Release 2006.

Greenearth Energy Limited is a company which has been formed by Lakes Oil N.L. and
Victoria Petroleum N.L. and private investors to look for geothermal “wet systems” in
Victoria and the Pacific Rim.

It is envisaged that the Company will raise capital later this year with entitlements to both
Lakes Oil N.L. and Victoria Petroleum N.L. shareholders.

Lakes Oil N.L. through its active program in the onshore Gippsland Basin has long been
aware of geothermal activity in the region. Greenearth will now be in a position to
capitalise on this knowledge and to build on it.

When Lakes Oil N.L. drilled the Trifon-2 well in 2004, hot saline water was encountered at
2,200 metres which flowed to surface at approximately 90° C

Greenearth is investigating technology which by using a “binary plant” could generate
power at temperatures not far in excess of this level. Further testing will be required to see
if adequate volumes would be accomplished.

The Victoria Government should be congratulated in this exciting initiative particularly the
previous Minister, The Honourable Theo Theophanous who guided the legislation through
Parliament.

The locations of Geothermal Energy Exploration Permits GEP 12 and GEP 13 which have
been awarded to Greenearth Energy are significant in that the area encompasses the entire Latrobe Valley which is currently producing a very large percentage of Victoria’s electricity from brown coal.

With the adjacent established power distribution infra structure, any advances made by
Greenearth Energy in establishing geothermal power generation in its geothermal licences
will be beneficial for Victoria.

Commenting on the awarding of the Geothermal licences to Greenearth Energy and
Victoria Petroleum N.L.’s investment in Greenearth Energy, Victoria Petroleum N. L.
managing director John Kopcheff said;

“Victoria Petroleum N.L. is pleased to be a seed capital investor in Greenearth Energy, an
opportunity brought to us by Lakes Oil N.L.”

“With the bright future for geothermal energy as a renewable energy source, we see this
investment as a positive one for Vicpet shareholders”

“The awarding of the Geothermal Licences to Greenearth Energy is the first step for
Greenearth Energy in building a significant presence in the growing Australian and Pacific
geothermal industry”

Shareholders interests in Greenearth Energy Limited are:

Lakes Oil N.L
33 1/3%
Victoria Petroleum N.L. 33 1/3%
Private investors
33 1/3%




	
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