14 April 2010Company AnnouncementsASX limitedLevel 4, 20 Bridge...

14 April 2010
Company Announcements
ASX limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000
VICPET SHAREHOLDERS APPROVE COOPER BASIN OIL INTEREST ACQUISITION
Victoria Petroleum N.L. (Vicpet) is pleased to advise that Vicpet shareholders overwhelmingly voted at
the General Meeting (GM) held today in favour of the acquisition of Permian Oil Pty Ltd (Permian) from
BG International (Aust) Limited Partnership (BG).
As per the notice to shareholders, the sole asset of Permian is a 20% working interest in the SA Cooper
Basin permits PEL 104/ PEL 111/PRL 15 in the Western Margin Oil Project containing the Growler and
Snatcher oil fields and the Mirage and Ventura Oil fields in PPL213 and PPL 214.
In accordance with the Purchase and Sale Agreement with BG, Vicpet and BG can now move to final
completion of the sale with result of Vicpet then owning a 60% interest in the Western Margin Oil Project
permits PEL 104/ PRL 15/ PPL 213/ PPL 214 and contained Growler, Snatcher and Mirage and Ventura
oil fields and associated exploration areas.
Commenting on the shareholders support of the Permian acquisition, Vicpet managing director John
Kopcheff said;
Vicpet is very pleased shareholders have approved the acquisition of Permian. With this acquisition
Vicpet has increased by 50% its net oil reserves, net operating cash flow from production and proved,
probable and possible recoverable oil reserves present in the Growler and Snatcher Oil fields.
Vicpets net reserve position including Permian now stands at 4.4 million barrels of oil (3P).
Importantly for the future growth of Vicpet in the exciting Western Margin Oil Project, Vicpet also
increases by 50% its interest from 40% to 60% of the 25 prospects recently defined by the Mollichuta 3D
seismic survey.
On an unrisked basis, these prospects are interpreted to contain up to 12 million barrels of recoverable
oil net to Vicpet, if oil is present.
Seven of these prospects are to be drilled by Vicpet as operator in the 10 well drilling program planned to
commence in the Western Margin Project permits PEL 104 and PEL 111 in September 2010.
Vicpet looks forward to the drilling results to come from this third quarter 2010 development, appraisal
and exploration drilling program and the attendant increase to Vicpet in net oil reserves, production and
operating cash flow.
VICTORIA PETROLEUM N.L. ABN 50 008 942 827
Incorporated in Western Australia
2
Victoria Petroleum N.L. and Permian hold a combined 60% interest in PEL 104/ PRL15/ PEL 111.