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Gold/Mining/Energy : Kestrel Energy (KEST): California & Australia Plays

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To: YOYO who wrote (25)	7/20/1998 9:09:00 PM
From: Ed Ajootian	Read Replies (1) of 37

Melanie-1 Onshore Carnarvon Basin, Western Australia Release No: 17Date: Mon 20 Jul, 1998 Victoria Petroleum N.L. advises on behalf of its wholly owned subsidiary Lansvale Oil and Gas Pty Ltd, the Operator of the EP 359 Joint Venture, that the Melanie-1 exploration well in onshore Carnarvon Basin permit EP 359, commenced drilling at 1100 hrs on 19 June, 1998. The Melanie-1 well is testing the seismically defined Melanie fault trap structure which is interpreted to have the potential to contain a most likely case recoverable reserve of 33 million barrels of oil, or 41 billion cubic feet of gas, if hydrocarbons are present in the target Birdrong Sandstone at a target depth of 1375 metres. The Melanie Prospect lies ontrend and 22 kilometres to the south of the 1 trillion cubic feet Macedon gas field, with the 20 billion cubic feet Rivoli Gas Field 18 kilometres to the southeast. Melanie-1 is planned to be drilled to a total depth of 1420 metres. Pertinent information is summarised below: Well Name:Melanie-1Permit:EP 359Location of Permit:Onshore Carnarvon Basin, Western AustraliaLocation of Well:Lat: 21o 48' 58.67'' S Long: 114o 06' 29.9'' EProposed Depth:1420 metresTime of Reporting:Time: 0600 hrs WST Date: 17th July 1998Well Depth:1356 metresElevation: Hydrocarbon Indications: Operations in last 24 Hours: Drill to 1356 meters. Current Operations: Pulling out of hole to change drill bit. Operations in next 24 Hours: Drill ahead . Participating Companies: Victoria Petroleum N.L. 20.00% Premier Oil (Australasia) Pty Ltd 23.75% Phoenix Energy Pty Ltd 15.00% Tap Oil NL 15.00% Sun Resources N.L. 10.00% Petroz NL 10.00% Pace Petroleum Pty Ltd 2.50% Kestrel Energy, Inc. 3.75% TOTAL 100.00% Victoria Petroleum N.L. has a 21% direct and indirect interest in the Melanie-1 well, through its direct 20% interest and 26.5% shareholding in U.S. NASDAQ public company Kestrel Energy, Inc.'s 3.75% interest in EP 359. Notes: Daily drilling reports will be made to ensure a fully informed market in keeping with the rules of continuous disclosure of the Company's activities. A background briefing note for the Melanie-1 Exploration Well is available online at vicpet.com.au ********************************************************************************* YOYO, Hopefully you have gotten back into this turkey recently. The stock has skyrocked on the drilling of this Melanie well. We should find out the results in a matter of days.

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