The planned operation is to carry out testing and acidisation over the Monterey Chert zone, which encountered numerous significant oil and gas shows within the Monterey Chert over a 55m interval during the drilling of San Antonio-1.

It is then hoped the testing and acidisation operation should then establish commercial oil production from the well.

Within the San Antonio anticlinal feature, a small portion which is being tested by the San Antonio-1 well, the oil bearing Monterey Chert interval is interpreted to have the potential to contain up to 46 million barrels of recoverable oil, depending on the result of the current testing and stimulation program.

The initial recovery of 300 barrels of oil and further current recovery of 80 barrels of clean oil lower oil bearing zones in the well is considered encouraging for further flows of oil from

stimulation and testing operations at the San Antonio well site.

Victoria Petroleum NL has a 9.77% working interest in the San Antonio-1 well.