Victoria Petroleum N.L. (Victoria Petroleum), as operator of the Fury-1 exploration well, has informed that good oil shows have been observed in target sands of the Murta formation, over a 12 meter gross interval from 1,309-1,321 meters. The current operation is drilling ahead at 1,363 meters towards the next target, sands of the Permian formation.

The full significance of the good oil shows drilled in Fury-1 will be evaluated by wire line logs, side wall cores and testing after the well has been drilled to the planned total depth of 2,000 meters in approximately five days time.

The presence of good oil shows in Fury-1 confirms the presence of hydrocarbons in Fury-1 provided by the oil shows seen 663 meters to the southwest in Lightning-1, drilled in 2006.

Subsequent to the drilling of Lightning-1, a remapping of the up dip Fury prospect 3D seismic data indicates the Fury prospect is a four way dip closed structure with the potential to contain a combined maximum unrisked P10 Jurassic and Permian resource of up to 27 million barrels of oil and 23 billion cubic feet of gas if, oil and gas are present.

Fury-1 is five kilometers to the northeast of the Victoria Petroleum operated Mirage oil field.

John Kopcheff, managing director of Victoria Petroleum, said: “Victoria Petroleum is very pleased that good oil shows have been observed in the target sands of the Murta formation in Fury-1. We look forward to the evaluation of the significance of these oil shows by wire line logs and testing after the well has drilled to total depth.

The drilling of Fury-1 is the first well in the renewed search for further commercial oil fields in the very large oil bearing Murta complex in the Mirage-Lightning-Fury area and follows on from our original successful discovery of the Mirage Oil Field.”

Following the completion of drilling operations at Fury-1, the drilling rig will be moved to the Airacobra prospect to drill the second well in the PEL 115 drilling program.

The participants in the drilling of Fury-1, Airacobra-1 and their respective interests during the drilling of the wells and in PEL 115 following the completion of drilling are Victoria Petroleum 33%, Monitor Energy Limited 42%, Lion Petroleum Pty Ltd. 25%.

The farmin by Monitor Energy and Lion Petroleum into PEL 115 is subject to the approval of the regulatoryauthorities.