Worth a punt?, page-4

I'll enter the debate...

I think that for a smallllll specccciieeee it has more prospects than 10 others combined:
VICTORIA PETROLEUM NL 2002-04-30 ASX-SIGNAL-G

HOMEX - Adelaide

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SALINAS BASIN
VICTORIA PETROLEUM NL INTEREST 5-22.5%
SAN ANTONIO PROSPECT - 5% INTEREST

During the quarter Victoria Petroleum NL commenced the drilling of
its first well in the Salinas Basin, California, 50 kilometres to the
west of the San Joaquin Basin, San Antonio-1.

San Antonio-1 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 of recoverable oil in the target Vacqueros Sand and Monterey
Shale horizons, if oil is present.

Although Victoria Petroleum NL considers the San Antonio-1 well
drilling to be exploratory in nature, the potential for oil to flow
from the target horizons is considered encouraging in view of the oil
shows and oil flows of up to 206 barrels of 38deg API oil per day
observed in a down dip 1981 well drilled on the flanks of the
anticline three kilometres to the northwest of the San Antonio-1
location and already observed in the Monterey Formation in San
Antonio-1.

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.

Victoria Petroleum NL has a 5%* working interest in the San Antonio-1
well through its wholly-owned subsidiary Victoria Petroleum, Inc.

* After the recovery of drilling and completion costs from production
from San Antonio-1, Victoria Petroleum's contributing interests in
ongoing development and production will be 3.75%.

Any hydrocarbons discovered in the San Antonio-1 well and prospect
are commercially very attractive as an oil and gas pipeline runs
within 400 metres of the San Antonio-1 well site.

VALLECITOS OIL FIELD - 22.5% INTEREST

Within the California area of operations, Victoria Petroleum NL will
commence the drilling of the first well of up to a four well
development drilling program in the Vallecitos Oil Field in May 2002.

Drilling of the first well, West Vallecitos-1 was to commence in late
January/early February 2002 but has been delayed to April/May 2002
due to winter rains affecting the roads in the area.

Development drilling on the relatively shallow Vallecitos Oil Field
has the potential to increase oil reserves by up to 5 million barrels
and increase oil production rates to up to 1,200 barrels of oil per
day assuming a successful four well development program.

The recent 2001 drilling program and the planned 2002 San Joaquin
Basin drilling program is an appropriate culmination of Victoria
Petroleum's detailed study and generation of prospects in the San
Joaquin Basin prospect area over the last 5 years.

With the current price of oil around US$20 per barrel (A$38 per
barrel) and the price of gas in the San Joaquin Basin of US$3.20 per
thousand cubic feet (A$6 per thousand cubic feet) with the strong
likelihood of higher gas prices being revisited in the future,
commercial success is most likely for any sustained oil and gas flows
discovered in any of the wells in the California drilling program.

KESTREL ENERGY, INC
VICTORIA PETROLEUM NL INTEREST - 18.4%

The Company, through Kestrel Energy, Inc, ("Kestrel"), has an
indirect interest in Kestrel's net current proved oil and gas
reserves as at June 30, 2001, of 2.6 million barrels of
oil-equivalent, composed of 13.4 billion cubic feet of gas and 0.36
million barrels of oil with an undiscounted net future cash flow
estimated at A$54 million and Net Present Value of A$27 million at a
discount rate of 10%.

For the six months ending December 31, 2001 total Kestrel and
Victoria Exploration Inc nett oil and gas production was 123 million
cubic feet of gas and 11,637 barrels of oil for an average daily
production of 180 barrels of oil equivalent per day.

DEVELOPMENT ACTIVITIES

GREENS CANYON PROJECT - GREEN RIVER BASIN, COAL BED METHANE PROJECT -
POWDER RIVER BASIN, WYOMING, NE AMBER GAS FIELD DEVELOPMENT,
OKLAHOMA, USA AND LAKE BOUEF GAS FIELD DEVELOPMENT, LOUISIANA.

Victoria Petroleum NL through its 18.4% shareholding in Kestrel
Energy Inc remains confident that the gas development activity by
Kestrel Energy Inc in Wyoming, in both the Greens Canyon Project,
Green River Basin and Coal Bed Methane development drilling in the
Powder River Basin and in the North East Amber Gas Field, Oklahoma,
coupled with the relatively high price of domestic US gas and even
higher Australian dollar value, will result in the investment in
Kestrel Energy Inc becoming a significant asset for your Company.

AUSTRALIA

EP 413
ONSHORE NORTH PERTH BASIN, WESTERN AUSTRALIA
VICTORIA PETROLEUM NL INTEREST - 5.7685%

During the quarter, Victoria Petroleum NL entered into a farmout
agreement with Voyager Energy Ltd whereby Voyager Energy Ltd will
earn a 5.7685% interest in EP 413 by paying for Victoria Petroleum
NL's share of the AFE drilling costs of the forthcoming Jingemia
No 1 well planned to be drilled in early June 2002.

The Voyager Energy Ltd farmin is subject to the normal joint venture
and regulatory authority approvals.

Voyager Energy Ltd is an active North Perth Basin Explorer and is a
participant in the Cliff Head oil discovery 15 kms to the west in the
adjacent offshore Permit WA-286-P.

Victoria Petroleum NL considers the permit EP 413 to be very
prospective and well placed for the presence of oil and gas, an
opinion supported by the recent Arc Energy Hovea No 1 oil discovery
5 kms to the north east and the Roc Oil Cliff Head No 1 oil
discovery 15 kms to the west in the adjacent offshore permit
WA-286-P.

Regional structural mapping indicates a major structural trend and
prospect to the west of the permit branching of the Cliff Head
structural trend comes onshore to EP 413. Similarly the onshore Hovea
structural trap style to the north east of the permit is mapped as
present in EP413.

Within EP 413, the 60 km November 2001 seismic survey and recent
January 2002 7 km seismic survey in the northern part of EP 413, has
confirmed the Jingemia prospect approximately 5 kms to the south west
of the Hovea Oil Field, as a target for drilling in EP 413.

Based on the recent January 2002 seismic survey and subsequent
interpretation and mapping, the Jingemia Prospect is interpreted to
have the potential to contain up to 12 million barrels of recoverable
oil, if oil is present.

Jingemia No 1 will drill the Jingemia Prospect, a tilted fault block
prospect similar in structural style to the Hovea Oil Field discovery
5 kilometres to the northeast.

Jingemia No 1 is planned to be drilled immediately following the
drilling of Hovea No 2, the appraisal well on the potentially
significant Arc Energy NL Hovea Oil Field discovery, 5 kilometres to
the north east of Jingemia No 1.

Victoria Petroleum NL will have an effective free carried 5.7685%
interest through the drilling of Jingemia NL.

Victoria Petroleum NL considers it has a prospective permit in the
North Perth Basin, in an exciting reemergent area of exploration
activity surrounded by the significant Cliff Head and Hovea oil
discoveries and associated infrastructure.

Origin Energy is the Operator of EP 413.

WA-254-P
OFFSHORE CARNARVON BASIN, WESTERN AUSTRALIA
VICTORIA PETROLEUM NL INTEREST - 9.31% (Part 2), 6.17% (Parts 1, 3
& 4)

The permit comprises four graticular blocks of 322 square kilometres
in area on the Legendre Fault trend in the offshore Carnarvon Basin.

In April 1999 the Sage WA-254-P (Part 2) block provided Victoria
Petroleum NL's first offshore oil discovery Sage-1, with the testing
of 2,155 barrels of 48.8 degree API oil per day.

A review of the Sage Prospect by Operator Apache Energy concluded
that the mean oil reserve was 3.8 million barrels of oil, which
despite the current oil price is still below the economic threshold
for a stand-alone development. An independent seismic interpretation
and velocity model indicates that the Sage Prospect may have the
potential to contain up to 26 million barrels of oil.

The potential also remains for a Sage Oil Field tie-in to any nearby
development in adjacent permits, should a significant oil discovery
be made in these adjacent permits.

The planned drilling in July 2002 of Nicol-1 by Apache Energy between
parts 2 and 3 of WA-254-P, if successful, may provide an opportunity
for the commercial development of the Sage Oil Field.

Additional prospects generated over the year include the Argos
Prospect (potential for 11 million barrels of oil), the Cerebus
Prospect (potential for 15 million barrels of oil), the Collier
Prospect (potential for 10 million barrels of oil) and a number of
additional leads that require additional work.

The Argos Prospect is particularly significant in that it lies
immediately to the south of the producing 40 million barrel Legendre
Oilfield, and its associated platform and production infrastructure.
Drilling of Argos-1 is currently planned for late 2002/first quarter
2003.

Victoria Petroleum NL concludes that further exploration drilling
will take place in WA-254-P within the next 12 months given the
proved presence of oil within the permit and the number of remaining
prospects. Victoria Petroleum NL plans to participate in this
drilling at its current level of interest.

Apache Energy NL is the Operator of the WA-254-P Joint Venture.


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