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VicPet offloaded a 0.5% interest in EP 413 and the Jingemia oil field in the North Perth Basin WA, to Arc Energy and Roc Oil Ltd with each receiving a 0.25% share.
Victoria Petroleum will receive $300,000 cash from the sale and will see its interest in EP 413 and the Jingemia Oil Field reduced to 5.2685%. A company spokesman said they would probably willing to farm out the remaining 0.2685% on the right terms but would maintain a minimum 5% stake in the acreage.
VicPet said it is still gearing up for an extended production testing program of Jingemia which is scheduled for the first week of May 2003.
