VICTORIA PETROLEUM N.L. Time to Grow Ian Davies, Managing Director RIU Good Oil Conference, 7 th September 2010
Victoria Petroleum: a high-growth E&P company in Surat Basin CSG and Cooper Basin oil An S&P ASX 300 Index company; ~$135 million market capitalisation Dual focus: Coal Seam Gas (CSG) in Surat Basin & Oil in Cooper Basin Strategically located CSG acreage in LNG feedstock region In joint venture with QGC a BG Group business in the Surat Basin Significant independent oil producer in the Cooper Basin with strengthening revenue base Major acreage position in Cooper Basin (Western Margin Oil Project) with significant growth potential from future drilling program Strong cash position Strategic cornerstone investors in The Sentient Group and QGC Slide 2
Corporate update What s new in 2010? June New management team appointed August New headquarters opened in Brisbane November AGM and company rebranding What s at hand? $33 million cash and no debt Excellent (and growing) position in Cooper oil and Surat CSG CSG exploration underway; aggressive oil exploration and production program BOTTOM LINE: IT S TIME FOR GROWTH Slide 3
New management team Fresh perspectives growth agenda Corporate history experience retained Mike Herrington GM Production Ian Davies Managing Director Steve Scott GM Exploration John Kopcheff Executive Director Business Development Slide 4
Brisbane HQ closer to our asset base WA-254-P Cooper Basin oil production & exploration QGC Gladstone LNG Project Surat Basin CSG Projects Slide 5
Four CSG permits in the Surat Basin PL 171 & ATP s 574, 593 & 771P SURAT BASIN QGC Gladstone LNG Project ATP 593/771P - BOW Don Juan CSG Project 101 PJ 2P & 197 PJ 3P 2 wells in 2H 2010 PL 171/ATP 574P - QGC est. OGIP 2,500 PJ 9 wells in 2H 2010 Slide 6
Growing Oil Production in the Cooper Basin with major exploration potential Slide 7
However we have endured unprecedented floods in the Cooper Basin Snatcher #1 looking west (PEL 111-23 July 2010) Slide 8
Western Margin Oil Project 3D drill targets, SA Cooper Basin Drillable Prospect 2011 Drill Prospect Development Well Mollichuta 3D area Tigershark-2 Wirraway-2 Tigershark-1 Sabre-1 Tomcat-1 Mustang-1 Hellcat-1 Typhoon-1 Warhawk-1 Warhawk-2 Hurricane-1 S-A Voodoo-1 Liberator-1 S-5 S-4 Charo 1-7 Banshee-1 Snatcher- Charo Oil Field 60% interest and Operator 25 drill targets Net 2P reserves of 1.7 mm bbls Net 3P reserves of 4.5 mm bbls Net contingent resource of 26 million bbls Wirraway-1 G-7 G-8 Jaguar-1 Tigercat-1 Stuka-1 Tigercat-2 Growler Oil Field G-6 E Growler-1 G-9 Callabonna-1 Spitfire-1 Slide 9
In summary: time for growth Excellent underlying asset base Fresh leadership Renewed focus on value Renewed focus on growth Slide 10
Disclaimer and Competent Expert This document has been prepared by Victoria Petroleum N.L. for the purpose of providing a comprehensive company and technical overview to interested analysts / investors. Any statements, opinions, projections, forecasts or other material contained in this document do not constitute any commitments, representations or warranties by Victoria Petroleum N.L. or its directors, agents and employees. Except as required by law, and only to the extent so required, directors, agents and employees of Victoria Petroleum N.L. shall in no way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatsoever nature arising in any way out of, or in connection with, the information contained in the document. This document includes certain statements, opinions, projections, forecasts and other material, which reflect various assumptions. The assumptions may or may not prove to be correct. Recipients of the document must make their own independent investigations, consideration and evaluation. By accepting this document, the recipient agrees that if it proceeds further with its investigations, consideration or evaluation of investing in the company it shall make and rely solely upon its own investigations and inquiries and will not in any way rely upon the document. Victoria Petroleum N.L. recommends that potential investors consult their professional advisor/s as an investment in the company is considered to be speculative in nature. Not for distribution to the United States news wire services or for dissemination in the United States. Competent Person Statement - The estimates of gas reserves and resources for the Don Juan CSG Field have been prepared by MHA Petroleum Consultants, LLC (MHA) in accordance with the definitions and guidelines set forth in the 2007 Petroleum Resources Management System approved by the Society of Petroleum Engineers. The reserve statement has been compiled by Mr Timothy L Hower Chairman of MHA, together with personnel under his supervision. Mr Hower, who has over 28 years industry experience, and MHA have consented to the inclusion of the technical information contained in this announcement. Slide 11