36TH FLOOR, EXCHANGE PLAZA, 2 THE ESPLANADE, PERTH, WESTERN...

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
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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