These are two updates of (VPE ) Victoria Petroleum, one of my long term stocks, who are experiencing drilling success in the USA and also in Australia.

22 February 2007
Company Announcements
Australian Stock Exchange Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000

MILAGRO #1 REACHES TOTAL DEPTH AND POTENTIAL OIL PAY ENCOUNTERED -
SHALLOW PROGRAM PROJECT MARGARITA, ONSHORE GULF COAST, TEXAS, USA

Victoria Petroleum N.L. advises that the Milagro #1 well, the second in the shallow onshore Texgulf coast drilling program, has reached Total Depth and wire line logging operations commenced at approx.9:00 PM WST February 20, 2007

Wire line log operations, including sidewall cores were conducted over a period of 20 hours. Initial interpretation indicates there is potential oil pay of 4.3 meters (14 feet) within the target sands.

Preparations will commence immediately for the Milagro #1 well to be cased with 4 ½ inch
production liner using the current rig in anticipation for completion and production testing. An
Update will be provided as the timing for the production test becomes certain.

El Viejito #1 WellEl Viejito #1, the 1st well in the Margarita shallow drilling program, is waiting on testing equipment to arrive at the well site.

Participants in the shallow gas program wells are:
Victoria Petroleum NL # 20.00%
Sun Resources NL # 20.00%
Empyrean Energy PLC * 44.00%
Wandoo Energy LLC (operator) + 16.00%
Total 100%

23 February 2007

GAMMA-1 OIL EXPLORATION WELL DRILLING REPORT
COOPER-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 current operation at 0600 hours EST today is
testing the blow-out preventers prior to drilling ahead.

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 farm in 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) Farm in)
are:
Victoria Petroleum 25%
Avery Resources
50%
Bow Energy
25% (Operator)
Total100%


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