VicPet boosts its prospects

JUNIOR explorer Victoria Petroleum NL has boosted its hydrocarbon prospects with recent developments.

The company has acquired from Kestrel Energy Inc petroleum assets held in California and internationally.

This includes Kestrel’s 50 per cent interest in the San Joaquin Basin joint venture, its 15 per cent equity in the Vallecitos oil field, San Joaquin Basin and other interests in Papua New Guinea.

The package also includes minor equity in four permits located in the Carnarvon Basin in WA.

VicPet will allot 75 million of its ordinary fully paid shares to Kestrel as payment for the assets.

VicPet managing director John Kopcheff said the acquisition of Kestrel’s interest in the San Joaquin Basin joint venture would boost VicPet’s stake from 50 per cent to 100 per cent.

The immediate benefit is in leases surrounding the currently drilling of Tri-Valley Oil & Gas’ Ekho-l well.

VicPet now holds a net 16 per cent interest in Pipeline prospect, a core part of the Tri-Valley Ekho prospect.

The acquisition of Kestrel’s Australian Carnarvon Basin interests will also cause VicPet’s free carried interest in the White Opal prospect, spudded earlier this month, to be increased to 12 per cent.

White Opal is seismically interpreted to have a most likely recoverable potential to contain 247 million barrels of oil or 880 billion cubic feet of gas, if hydrocarbons are present.

White Opal-1 is located 22 kilometres south-west of the Leatherback-1 oil discovery, that flowed 2,400 barrels of oil per day, and 20km north of the Rivoli-1 gas discovery.

Included in the eight equity holders in White Opal are Santos Limited with 25 per cent and Petroz NL with 20 per cent.

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