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VPE 41.5¢

VPE info

  1. As posted on OzeStock,
    JK replies - or VPE speaks,
    NB:as you won't have blue text I have put and ** around my queries (x)**, and ## [x] at John's response##.

    There are a few issues here and without puting my spin on things I would like to invite comment on them.

    {To: me from JK}
    ##I can provide the following information already released to market and will interpose my response in your email below in blue text.
    I cannot answer all questions, but trust response provides what you need.
    Regards,
    John kopcheff##

    -----Original Message---]
    Subject: Anvil Bar & Kingfisher project status
    >
    **Dear John,
    Thank-you for your last reply to my query.

    Information released publicly Victoria Petroleum's activities, has been
    sparse lately and so I am requesting an update directly.
    In the news release by Denstone Ventures {Production Testing of the Anvil Bar 75 26 Well Under way 28/5/02 9:43:00 AM}, indicated that two things (a) 2 weeks production testing of Anvil Bar well and also (b)finalised negotiations on pipeline and storage facilities at San Ardo.
    Could you update me as to the progress/results of the testing. **
    ##[a]Private operator trio is assessing results but only advice received is that full testing of vaqueros not yet completed. Testing operation suspended for this zone plus overlying Monterey while cash calls come in from partners and frac specialist consultants come up with optimal Program. I believe could be up to a month before action at well site starts again from latest report from vicpet consultant meeting on Friday last week with the operator in Bakersfield.
    I am a little disappointed as I thought only 2 weeks away, but operator advises want to get this right first time without rushing it.
    , and if results indicate commercial capabilities, the timeframe for establishing access to transmission facilities.
    [b]I have not received any formal advice on this from operator other than I have seen the pipeline connection facilities adjacent to the rig site as per the photos I took displayed on vicpet website.##

    **Additionally, a 5% stake was sold to an as yet unnamed US company 28/05/2002, by Denstone and Continuum Resources [@ 2.5% ea.]. Could you please supply a breakdown of the current partners in this project (c).**

    [c]I was not aware of this sale, if it has taken place at all. I thought only sale was from denstone to continuum based on releases I have seen to cdnx on www.stockhouse.com
    I cannot reveal the names of the private partners under our operating agreement. Only public companies can be revealed if they want to.
    Obviously. Vicpet, continuum and denstone are public company partners.

    **Further, an (d) article, on the following link, supposedly containing comments by yourself regarding Great Panther has this commented on the Kingfisher project "The Kingfisher well found multiple pays zones but
    was particularly encouraged by the Upper Monterey oil zone. The operator of the project, Victoria Petroleum describes the results of
    the drilling of Kingfisher-1 as a " success in potentially extending the significant new 100 million barrel plus Monterey Trend on the East
    Side of the San Joaquin Basin. Accordingly the Upper Monterey Zone in Kingfisher 1 is Considered an excellent candidate for horizontal
    drilling." **

    ##I believe this to be the case, although horizontal drilling is required to prove it at kingfisher.
    Monterey play at kingfisher may also turn out to be a gas play instead of an oil play.
    Some proof of this may be provided from the planned Monterey horizontal drilling at Sunrise, some 8 miles east, recently announced by Tri- Valley.-see stockhouse web site for tri-valley. I have been advised Sunrise horizontal may take place in July, 2002, but subject to all funds in place. When drilling does take place, vicpet will watch results with much interest, given out large leasehold at kingfisher, raven and condor area surrounding
    Sunrise .##

    **This drilling is now taking or is about to take place. There could be between 22 million and 50 million barrels of oil recoverable and several billion cubic feet of gas in place in the first phase of the development of the Kingfisher prospect." DATE: June 14, 2002
    http://www.oil-barrel.com/archives/news_archive/2002/june-
    2002/panther140602.htm**

    ##[d]This press item is not from vicpet. Writer may have confused planned action at kingfisher after successful farmout with the Tri- Valley announcement on horizontal drilling at Sunrise Mayel-2 which vicpet recently reported in a
    release for the benefit of vicpet Australian shareholders who may not be watching US /CDNX stock exchange releases relevant to vicpet san Joaquin areas of interest.##

    **The VPE release shows the Kingfisher project status as in suspension(e).**
    ##[e]Correct.##

    **Is the oil-barrel article's information regarding drilling status spurious (f)?**
    ##[f]Yes##

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