The company said the initial production rate was expected to improve as it optimised the pumping parameters within the McKinlay sands of the basal Murta formation and the upper Namur sands, targeted at a depth between 1365 and 1376 metres.

Ventura-1 is 4.5km west of the company’s other recent discovery, Mirage 1, currently at a natural flow rate of 180 barrels of oil per day.

Victoria’s managing director, John Kopcheff, said the production from both wells meant the company had a 40% interest in a combined flow rate of 345 barrels of oil per day.

“A further increase in oil production from the Mirage-Ventura Oil Field complex is anticipated shortly when the Mirage-1 well is placed on pump in October 2005,” said Kopcheff.

Three more development wells would then be drilled on the Mirage oil field in late 2005 or early 2006, following the interpretation of 3D seismic currently being acquired. Kopcheff said success at all three wells could bring the field’s oil production to 1000 bopd.

Joint venture partners in PEL 115 and the Mirage and Ventura oil fields are: Victoria Petroleum (operator and 40%); Impress Ventures (27.5%); Roma Petroleum (20%); and Entek Energy (12.5%).