26 February 2007

Company Announcements
Australian Stock Exchange Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000

GAMMA-1 OIL EXPLORATION WELL DRILLING REPORTCOOPER-EROMANGA BASIN, ATP 752P, SW QUEENSLAND

Victoria Petroleum N.L. has been advised by the operator Bow Energy Limited, the Operator for
ATP 752P and the Gamma-1 oil exploration well, located in the Wompi Block of ATP 752P in the
Cooper-Eromanga Basin, Queensland, that the well has reached a depth of 1131 metres, and the current operation at 0600 hours EST today is preparing to carry out an off-bottom drill stem test.

Oil fluorescence in cuttings within the Murta sandstone with associated gas peaks of about 16 units were recorded between the interval 1124 and 1131 metres. The Murta sandstone is a secondary target in the well.

The well, to be drilled to a planned depth of 1504 metres, tests a mapped four-way closed structure with primary oil targets in Jurassic-aged Namur and Hutton sandstones. Secondary targets are sandstone reservoirs within the Murta, Adori and Westbourne units. Gamma-1 has the potential to contain up to 6.1 million barrels of recoverable oil within only one of the target zones, if oil is present.

There are 21 oil prospects and leads identified in the Wompi Block of ATP 752P which offer follow-up oil potential from any new oil discovery.

Two additional wells located in the Barta Block of ATP 752P are planned for later in the year. The Barta Block wells and the selection of final drilling locations are conditional on the results of the interpretation of 2D and 3D seismic programs acquired in the Block late last year. A preliminary interpretation of the new and reprocessed 2D seismic data has so far identified 19 oil prospects and leads in the Barta Block with commercial oil potential.

Victoria Petroleum N.L. is fully carried on the Cooper-Eromanga ATP 752P oil exploration drilling
program to casing point or P&A and retains a 25% direct working interest after all aspects of a
staged farmin program by Avery Resources (Australia) are completed.

Gamma-1 is the fifth well in Victoria Petroleum’s planned 16 well 2007 Cooper Basin exploration drilling program.

The interests in ATP 752P (following the completion of the Avery Resources (Australia) Farmin)
are: Victoria Petroleum 25% Avery Resources 50% Bow Energy 25%. (Operator)

TELOWIE-1 COMMENCES DRILLING IN PEL 94, COOPER BASIN SOUTH AUSTRALIA

Victoria Petroleum N.L. (”Victoria Petroleum”) has been advised by Beach Petroleum Limited, the
Operator for PEL 94, that the Telowie-1 exploration well commenced drilling at 1830 hours Central Daylight Time (CDT), Friday 23rd February 2007. At 0600 hours CDT today, the well had reached a depth of 586 metres and the current operation is nippling up BOPs prior to drilling ahead.

Telowie-1 is located in PEL 94 in the southwest portion of the Cooper Basin where Victoria
Petroleum holds a 15% interest. Telowie-1 is the sixth exploration well in Victoria Petroleum’s planned 16 well 2007Cooper Basin exploration drilling program.

Telowie-1 is programmed to be drilled to a Total Depth (TD) of 1367 metres and will take
approximately 7 days to drill from the start of drilling.

The Telowie Prospect is located on the southern flank of the Cooper Basin, approximately 90 km south of Moomba and will test a simple anticlinal structure located on the north-eastern end of the Milpera Horst. The primary objective is the Late Jurassic to Early Cretaceous Namur Sandstone and McKinlay Member, with strong secondary potential in the Early Cretaceous Murta Formation.

The nearest oil production is from the Dunoon Horst oil fields (~25 km to the north-east of Telowie) comprising, Harpoono and Revenue. These discovery wells are all oil productive from the Murta Member. Harpoono-2 and Revenue-1 also intersected oil in the McKinlay / Namur Formation.

Recently, Might & Power-1 was drilled and intersected a live oil column in the Murta.
These oil flows along with the shows in other nearby wells demonstrate the potential that could
exist for oil to occur in several reservoirs at the Telowie-1 location.

Potential reserves for the Telowie Prospect are 6.6 million barrels of recoverable oil, if oil is
present.

Commenting on the start of drilling at Telowie-1, John Kopcheff, Managing Director for
Victoria Petroleum N.L. said; “Vicpet is pleased to be continuing with its 16 well 2007 exploration program in the Cooper - Eromanga Basin with the Telowie-1 exploration well.”


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