vpe san antonio, page-3

re: vpe san antonio - ASX announcement Victoria Petroleum NL has been advised by the Operator for the San Antonio Exploration Project,
Trio Petroleum Inc, that the San Antonio-l well has reached a total depth of 3,025 metres and has
run electric wireline logs to evaluate the oil and gas shows recorded while drilling the well.
The wireline logs are curreatly being evaluated to provide a decision with a view to a cased hole
testing program.
San Antonio-l is the first well of Victoria Petroleum's ongoing 2002 California drilling program
The San Antonio anticlinal Prospect is a dual target oil prospect interpreted to have the potential to
contain up to 106 million barrels ofrecoverable oil in the target V-acqueros Sand and Montcrey
Shale horizons, if oil is present.
Although Victona Petroleum NL considers the San Antonio-l well drilling 10 be exploratory in
nature, the potential for oil to flow from the target horizons is considered encouraging in vicw ol'the
oil shows and oil flows o f up to 500 barrels of38" API oil per day cutting 20% waler observed in a
down dip 1983 well drilled on the flanks o f the San Antonio anticline thee kilomctres to the
northwest of h e San Antonio-l location,
Further encouragement for the presence of oil in the San Antonio Prospect area is provided by
adjacent production of 500 million barrels of oil from the San Ardo Field, 12 kilometres to the north.

Well Name: San Antonio-l (Anvil Bar #75-26)
Basin: Salinas Basin
County: Monterey
Total Depth: 3,025 metres
Reservoir Targets: Vacqueros Sand and Monterey Shale
Time of Reporting: 0600 hours, 12"' May 2002, California Pacific Time
Well Depth: 3,025 metres
Hydrocarbon Indications: Held confidential by Operator
not available for release
Operations last period: Drilled ahead to total depth of 3,025 metres and ran wireline logs
Operations next 24 hours: Evaluate wireline logs and decide on cased hole testing program.

Victoria Petroleum NL has a S%* working interest in the San Antonio-l well through its wholly-
owned subsidiary Victoria Petroleum, Inc.
* After h e recovery of drilling and completion costs from production from San Antonio-l, Victoria Petroleum's
contributing interests in ongoing development and production will be 3.75%.
Any hydrocarbons discovered in the San Antonio-l well and prospect are cornmcrcially very
attractive as an oil and gas pipeline runs within 400 metres of the San Antonio-l well site.
Rcgards,

JOHN KOPCHEFF
MANAGING DIRECTOR
VICTORIA PETROLEUM NL


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