Positive announcement!

Drilling Report for San-Antonio-1 - Salinas Basin California

VICTORIA PETROLEUM NL 2002-04-26 ASX-SIGNAL-G
HOMEX - Adelaide

+++++++++++++++++++++++++
Victoria Petroleum NL has been advised by the Operator for the San
Antonio Exploration Project, Trio Petroleum Inc, that the San Antonio-1
well is preparing to drill ahead at 2,768 metres.

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.

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-1
Basin: Salinas Basin
County: Monterey
Proposed Total Depth: 3,000 metres
Reservoir Targets: Vacqueros Sand and Monterey Shale
Time of Reporting: 0600 hours, 25 April 2002, California
Pacific Time
Well Depth: 2,768 metres
Hydrocarbon Indications: Held confidential by Operator - not
available for release.
Operations last period: Drill ahead and trip out of hole for rig
maintenance.
Operations next 24 hours: Run back in hole, ream and drill ahead.

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.

J Kopcheff
MANAGING DIRECTOR

For information on Victoria Petroleum NL drilling activities visit our
website at www.vicpet.com.au