time to get onboard ! toot-toot!, page-8

re: when is drilling ? All systems go............

From VPE.

20 August 2004
Company Announcements
Australian Stock Exchange Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000

TWO WELLS TO BE DRILLED IN PEL 115 - SOUTH AUSTRALIAN COOPER BASIN
DRILLING ACTIVITY UPDATE

Victoria Petroleum NL is pleased to announce that the first two wells of the planned five wells for
the 2004 Drilling Program in the South Australian Cooper Basin have been confirmed by the
PEL 115 Joint Venture partners as Hornet-1 and Ventura-1 located in PEL 115 in the Cooper Basin,
South Australia.

OD&E Rig-20 has been contracted to drill the Hornet and Ventura wells with an option for an
additional two wells in PEL 115.

Site and access work for the Hornet-1 drilling location have been completed and OD&E Rig-20 is
currently in the process of being mobilised to the Hornet-1 well site with the anticipated
commencement of drilling on 23 August 2004.

Hornet-1 will test the Hornet Prospect, which is interpreted from 3D seismic to have the potential to
contain, mean recoverable reserves of 47 billion cubic feet of gas and 2 million barrels of liquids in
a combined structural and stratigraphic trap within lower Patchawarra sands, if oil and gas is
present.

The target Permian sands in Hornet-1 have flowed gas at up to 5.5 million cubic feet and 220 barrels
of condensate per day in the Santos Unit partners Allambi Gas Field 2 kilometres to the north-west.

Hornet-1 is planned to be drilled to a total depth of 2,850 metres, in 20 days.

Following the completion of the drilling at Hornet-1, the drilling rig will be immediately moved to
the Ventura-1 drill location to test the Ventura Prospect which is seismically interpreted to have the
potential to contain a mean recoverable reserve of 4.6 million barrels of oil and 4.2 billion cubic feet
of gas in the target Jurassic Hutton and Namur Sandstones and Permian Patchawarra Formation, if
oil and gas is present.

The target Jurassic sands in Ventura-1 have flowed oil at up to 1,275 barrels of oil per day in the
Jurassic Narcoonowie Oil Field, 3 kilometres to the north east.

Ventura-1 is planned to be drilled to a total depth of 2,030 metres in 15 days.

During drilling, Victoria Petroleum as Operator will issue daily drilling reports giving the status of
the well including current depth and hydrocarbon shows. This should enable all investors to be fully
informed as to the status of the well.

Investors may be aware that all the wells in the current PEL 115, 111 and 104 five well 2004 South
Australian Cooper Basin Drilling Program are named after military aircraft.
For further details on the Hornet and Ventura prospects and follow up drilling candidates in the
2004 South Australian Cooper Basin Drilling Program, please visit the Victoria Petroleum website
at www.vicpet.com.au and view the “Technical Presentation-Cooper Basin”.

Participants in the drilling of Hornet-1 and PEL 115 and the respective interest are as follows:
Victoria Petroleum N.L (Operator) 40%
Roma Petroleum N.L. 20%
Impress Ventures Ltd 15%
Entek Energy Ltd 12.5%
Tacnas Pty Ltd 12.5%
Regards,
JOHN KOPCHEFF
MANAGING DIRECTOR
VICTORIA PETROLEUM NL