14 April 2010 Company Announcements ASX limited Level 4, 20 Bridge Street SYDNEY NSW 2000 VICPET SHAREHOLDERS APPROVE COOPER BASIN OIL INTEREST ACQUISITION Victoria Petroleum N.L. (Vicpet) is pleased to advise that Vicpet shareholders overwhelmingly voted at the General Meeting (GM) held today in favour of the acquisition of Permian Oil Pty Ltd (Permian) from BG International (Aust) Limited Partnership (BG). As per the notice to shareholders, the sole asset of Permian is a 20% working interest in the SA Cooper Basin permits PEL 104/ PEL 111/PRL 15 in the Western Margin Oil Project containing the Growler and Snatcher oil fields and the Mirage and Ventura Oil fields in PPL213 and PPL 214. In accordance with the Purchase and Sale Agreement with BG, Vicpet and BG can now move to final completion of the sale with result of Vicpet then owning a 60% interest in the Western Margin Oil Project permits PEL 104/ PRL 15/ PPL 213/ PPL 214 and contained Growler, Snatcher and Mirage and Ventura oil fields and associated exploration areas. Commenting on the shareholders support of the Permian acquisition, Vicpet managing director John Kopcheff said; Vicpet is very pleased shareholders have approved the acquisition of Permian. With this acquisition Vicpet has increased by 50% its net oil reserves, net operating cash flow from production and proved, probable and possible recoverable oil reserves present in the Growler and Snatcher Oil fields. Vicpets net reserve position including Permian now stands at 4.4 million barrels of oil (3P). Importantly for the future growth of Vicpet in the exciting Western Margin Oil Project, Vicpet also increases by 50% its interest from 40% to 60% of the 25 prospects recently defined by the Mollichuta 3D seismic survey. On an unrisked basis, these prospects are interpreted to contain up to 12 million barrels of recoverable oil net to Vicpet, if oil is present. Seven of these prospects are to be drilled by Vicpet as operator in the 10 well drilling program planned to commence in the Western Margin Project permits PEL 104 and PEL 111 in September 2010. Vicpet looks forward to the drilling results to come from this third quarter 2010 development, appraisal and exploration drilling program and the attendant increase to Vicpet in net oil reserves, production and operating cash flow. VICTORIA PETROLEUM N.L. ABN 50 008 942 827 Incorporated in Western Australia 2 Victoria Petroleum N.L. and Permian hold a combined 60% interest in PEL 104/ PRL15/ PEL 111.
VPE Price at posting:
30.5¢ Sentiment: Hold Disclosure: Held
