Voyager Energy Limited ("Voyager")

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    VOY`s ann: Increases Perth Basin Assets

    Document date: Fri 26 Apr 2002 Published: Fri 26 Apr 2002 13:32:26
    Document No: 215048 Document part: A
    Market Flag: N
    Classification: Progress Report

    HOMEX - Perth

    Voyager Energy Limited ("Voyager") announces that it has reached
    agreement with Victoria Petroleum NL ("Vic Pet") to acquire via
    farmin a 5.7685% interest in the exploration licence EP-413 in the
    onshore Perth Basin.

    This licence is primarily located on the western, coastal side of the
    basin with its northern extent between TP/15 offshore, which contains
    an extension of the Cliff Head geological trend and L1 onshore,
    which includes the Hovea oil discovery.

    Voyager will earn its interest by funding on a promoted basis the
    cost of drilling Jingemia-1. The cost to Voyager is expected to be
    approximately A$200,000.

    Voyager considers the Jingemia Prospect to be the most prospective of
    several structures mapped in EP-413. It is located approximately 5 km
    southwest of the Hovea oil discovery and will target the same
    geological play type. Voyager estimates mean, recoverable reserves
    potential for the prospect of approximately 6 million barrels of oil.

    Jingemia-1 is expected to be drilled in June following the Hovea-2
    well scheduled to begin drilling in May.

    Chairman, Peter Leonhardt said:

    "We are continuing to build our asset holdings in the evolving Perth
    Basin oil province and have acquired all the equity in EP-413 that
    was available to us on a competitive basis.

    We like the Jingemia Prospect on its merits but also believe that
    participation in this licence will help us with important data
    control for the exploration of our other licences."

    The farmin agreement with Vic Pet is subject to completion of formal
    farmin and standard joint venture and regulatory documentation.

    Participants in EP-413 post the farmin will be:

    Origin Energy Developments Pty Ltd* 49.189% (Operator)
    Hardman Resources NL 22.376%
    Australian Worldwide Exploration Ltd 15.245%
    Victoria Petroleum NL 5.7685%
    Voyager Energy Limited 5.7685%
    Pancontinential Oil and Gas NL 1.278%
    Private Interests 0.375%

    * A wholly owned subsidiary of Origin Energy Limited

    For further information, please contact:


    Telephone (08) 9388 6722
    Facsimile (08) 9388 6733
    Email [email protected]

    ASX Codes VOY (shares) VOYO (options)


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