36TH FLOOR, EXCHANGE PLAZA, 2 THE ESPLANADE, PERTH, WESTERN AUSTRALIA 6000 TELEPHONE: (08) 9220 9800, FACSIMILE: (08) 9220 9801, EMAIL: admin@vicpet.com.au WEBSITE: www.vicpet.com.au

CORRESPONDENCE TO PO BOX Z5441, ST GEORGES TERRACE, PERTH, WESTERN AUSTRALIA 6831

23 July 2008 Company Announcements ASX Limited Level 4, 20 Bridge Street SYDNEY NSW 2000

Don Juan Coal Seam Project Weekly Drilling Update, ATP 771P, Surat Basin,

Queensland

Victoria Petroleum N.L. (Vicpet) has been advised by the operator of the Don Juan Coal Seam Gas project, Bow Energy Limited (Bow) that Carnarvon-3 was successfully cored to a total depth of 390 metres. The rig commenced drilling at Carnarvon-4 on 21 July 2008 and is coring ahead. The core hole drilling exploration program is designed to determine coal thickness and gas contents of coals in the area drilled which are important components required for the Don Juan Joint Venture reserves certification process. Following the completion and subsequent integration of the gas desorption results of the next round of core holes with the production test results, the Don Juan Joint Venture should be in a position to start booking gas reserves in last quarter of 2008 as announced previously. The Don Juan CSG Project is located immediately west and up dip of Sunshine Gas Ltd’s Lacerta CSG Project which touches on the south eastern corner of the Don Juan Project area permit. The Lacerta Project currently has certified methane gas reserves of 469 PJ (2P) to 1097 PJ (3P). Added to the CSG interests Vicpet has in the adjacent permits to the east in PL 171 and ATP 574P, Vicpet is well placed to achieve its aim of making its CSG interests in the Surat Basin of Queensland a “core gas focus” area, in addition to its growing exploration and production interests in the “core oil focus” area of the Cooper Basin. Successful gas reserve certification and subsequent gas sales from the Don Juan CSG Project or any successes in Vicpet’s oil exploration drilling program in its Cooper-Eromanga Basin project areas in South Australia and Queensland have the potential to add substantial shareholder value over the next 12 months. The participants in the Don Juan CSG Joint Venture are: Victoria Petroleum NL 45% Bow Energy Ltd 55% (Operator)

JOHN KOPCHEFF MANAGING DIRECTOR VICTORIA PETROLEUM N.L.

VICTORIA PETROLEUM N.L. A.B.N 50 008 942 827 Incorporated in Western Australia

2 Information of this report was completed by the Managing Director of Victoria Petroleum N.L, J T Kopcheff BSc (Hons Eco.Geol), FAIMM, MAAPG, MSPE, MPESA, with over 35 years experience in petroleum geology and geophysics. For information on Victoria Petroleum N. L. drilling activities visit our website at www.vicpet.com.au

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