36TH FLOOR, EXCHANGE PLAZA, 2 THE ESPLANADE, PERTH, WESTERN AUSTRALIA 6000 TELEPHONE: (08) 9220 9800, FACSIMILE: (08) 9220 9801, EMAIL: [email protected] WEBSITE: www.vicpet.com.au CORRESPONDENCE TO PO BOX Z5441, ST GEORGES TERRACE, PERTH, WESTERN AUSTRALIA 6831 h:\louisa\louisa\ase\cooper basin\pel 115\mirage-4\asx mirage-4 06 27 march 2006.doc 27 March 2006 Company Announcements Australian Stock Exchange Limited Level 4, 20 Bridge Street SYDNEY NSW 2000 MURTA OIL SANDS INTERSECTED IN MIRAGE - 4 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 drilling ahead in 8 ½ inch hole from 1,328 metres to 1,337 metres. Upon reaching 1,337 metres, two metres above the interpreted lowest known oil in the Mirage Oil Field. An open hole drill stem test will be carried out in the Murta Formation to test the oil shows observed in the Murta sands within the interval 1,319 metre to the present depth of 1,328 metres and expected to continue to 1,337 metres. The current drill results, indicate that Mirage-4 is the highest drill intersection of the Murta oil sands in the Mirage oil Field with the top of the Murta pay zone 20 metres above the lowest known oil. This interpretation is required to be confirmed by wire line logs to be completed after the completion. The primary target for Mirage-4 is the Murta oil sands producing 700 metres to the northwest at Mirage-1. Commenting on the drilling at Mirage-4, Victoria Petroleum NL’s Managing Director John Kopcheff said; “Victoria Petroleum is pleased that third development well, Mirage-4 on the Mirage Oil Field, has come in high to prognosis with oil shows in the Murta pay zone.” “If our Murta development program on the Mirage Oil Field and the Greater Mirage area to be tested by the follow on Lightning and Jindivik wells is successful, as we hope it will be, we should see an increase in production from the current 400 barrels of oil per day to a target of up to 1000 barrels of oil per day by mid 2006.” “Any increase in oil production from the Mirage Oil Field and the Greater Mirage area would be timely in this current time of high oil price.” The participants in the drilling of Mirage-4 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 2 H:\Louisa\Louisa\ASE\Cooper Basin\PEL 115\Mirage-4\ASX Mirage-4 06 27 march 2006.doc JOHN KOPCHEFF MANAGING DIRECTOR VICTORIA PETROLEUM N.L. Information of this report was completed by the Managing Director of Victoria Petroleum N.L, J T Kopcheff BSc (Hons Eco.Geol), FAIMM, MAAPG, MSPE, MPESA, with 35 years experience in petroleum, geology and geophysics. For information on Victoria Petroleum N. L. drilling activities visit our website at www.vicpet.com.au
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