new drilling program

VICTORIA PETROLEUM N.L. PLANS 4 WELLS IN NEXT THREE MONTHS -
PLANNED 2004 DRILLING SCHEDULE UPDATE

27 February 2004

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


[u]VICTORIA PETROLEUM N.L. PLANS 4 WELLS IN NEXT THREE MONTHS -
PLANNED 2004 DRILLING SCHEDULE UPDATE[/u]



Please find attached Victoria Petroleum NL's updated "Planned 2004 Drilling Schedule".

Victoria Petroleum NL has scheduled an active exploration, appraisal and production testing
program within Australia and the USA over the next three months with the drilling of 2 wells in the
offshore Carnarvon Basin with Apache Energy, 1 development well in the Perth Basin and the

commencement of the first of 5 wells in the South Australian Cooper Basin.


The active exploration program will continue over the following six months with up to a further ten
wells to be drilled for a total of 14 wells over the next nine months.


The timing of the drilling of each well and the Victoria Petroleum NL interest in each well and
permit is subject to rig, lease availability and farmout and government approval to drill.


Yours faithfully,


JOHN KOPCHEFF
MANAGING DIRECTOR

VICTORIA PETROLEUM N.L.


For information on Victoria Petroleum N. L. drilling activities and to view this release

visit our website at

www.vicpet.com.au