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

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To: Arktic who wrote (32)	4/8/1999 10:15:00 PM
From: Ed Ajootian	of 37

Tumuli-1 is located in the eastern portion of PPL 213 (formerly PPL 106) and is planned as a 2,150 metre test of the seismically defined surface anticline, the Tumuli Anticline, that lies on the highly prospective PNG Fold Belt trend, containing the Kutubu and South East Gobe oil fields. The Tumuli Prospect has a most likely case potential to contain in the target Toro Sandstone reservoirs 352 million barrels of oil up to a maximum 882 million barrels of oil, if oil is present. It is estimated that the Toro Sandstones will be drilled approximately 25 days after the commencement of drilling with the total anticipated drilling period for Tumuli-1 estimated at 37 days. Pertinent information is summarised below: Well Name: Tumuli-1 Permit: PPL 213 (ex PPL 106) Location of Permit: Papuan Fold Belt, PNG Location of Well: Lat: 5deg 18' 52.8 Long: 142deg 13' 58.3 Proposed Depth: 2,150 metres Time of Reporting: Time: 0500 hours EST Date: 9 April, 1999 Well Depth: 90 metres Water Depth: 692 metres AMSL Hydrocarbon Indications: Operations in last Reporting Period: Drill 26 inch surface hole to 90 metres Current Operations: Preparing to run 18 5/8 inch surface casing Operations in next 24 Hours: Set Conductor casing and nipple up BOP diverter. Participating Companies: Victoria Petroleum N.L. will have a direct and indirect interest of 5.56% in Tumuli-1 and PPL 213 through its direct interest in its wholly owned subsidiary Victoria Exploration (PNG) Limited and indirectly through its shareholding in Farpuri (PNG) Limited which holds a 2.5% interest in Tumuli-1 and TPEX Exploration (PNG) Limited which holds a 2.04% interest in Tumuli-1. TPEX Exploration (PNG) Limited is a wholly owned subsidiary of Kestrel Energy, Inc., a NASDAQ listed US company in which Victoria Petroleum N.L. has a 26.5% shareholding. Notes: The original permit PPL 106 has now been re-issued as PPL 213. ***************************************************************** Above is from the VicPet site. The drillbit is turnin' to the right again, this time for all the marbles. This would be the biggest oil find in PNG history if it hits. Gotta love the way they do things down under. Daily reports are issued on the important wells, and they basically do not answer phone calls. That way everyone is on the same playing field.

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