14 February 2006Company AnnouncementsAustralian Stock Exchange...

14 February 2006
Company Announcements
Australian Stock Exchange Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000
DRILLING REPORT FOR MIRAGE-2 WELL, MIRAGE OIL FIELD, PEL 115 SA COOPER BASIN
Victoria Petroleum NL as Operator for the PEL 115 Joint Venture advises that at 0600 hours
Central Standard Time (CST) today, the operation was changing the drill bit at 1,537 metres
prior to drilling ahead towards total depth of 1,687 metres.
Two cores were cut through the objective Murta oil reservoir, with fluorescence and oil
shows being observed through the cored interval.
A preliminary interpretation is that the two cores cut over the interval 1,322 to 1,337 metres
have similar oil saturations to those seen in the currently producing Mirage-1 well to the
south with the best reservoir interpreted to be present in the interval 1,322 to 1,328.5
metres.
The significance of these oil shows will be further evaluated by wire line logs at Total Depth
and subsequent core analysis.
Mirage-2 is being drilled as a Murta sand development well on the Mirage Oil Field and is 580
metres north east of Mirage-1. The well will also test secondary targets in the McKinlay, Namur
and Hutton sandstones.
Commenting on the drilling at Mirage-2, Victoria Petroleum NL’s Managing Director John Kopcheff
said;
“Victoria Petroleum is pleased to have encountered oil shows in the targe for the first development
well, Mirage-2, on the Mirage Oil Field.”
“We look forward to the completion of Mirage -2 as a production well from the Murta reservoir.”
“The Mirage-2 well is the first of a three well development program on the Mirage Oil Field.”
“If our development program on the Mirage Oil Field is successful, as we hope it will be, we should
see an increase in production from the current gross 400 barrels of oil per day to a target 1,000
barrels of oil per day by mid 2006.”
“Any increase in oil production from the Mirage Oil Field would be timely in this current time of high
oil price.”
The participants in the drilling of Mirage-2 and PEL 115 and their respective interests are as
follows;
Victoria Petroleum N.L (Operator) 40%
Impress Ventures Ltd 40%
Roma Petroleum N.L. 20%
VICTORIA PETROLEUM N.L. A.B.N 50 008 942 827
Incorporated in Western Australia