VPE 0.00% 41.5¢ victoria petroleum nl

This baby has A LOT going for it...

  1. Uzi
    13 Posts.
    I know - I know its a speccie

    But as far as speccies goes - its got more irons in the fire than some poster got nics!!!!


    VICTORIA PETROLEUM NL 2002-04-30 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    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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