BASS STRAIT OIL COMPANY: On June 3, pursuant to staff incentive, Andrew Adams acquired 1.5 million options expiring on June 3, 20011. Also on June 3, Adams cancelled 500,000 options expiring on June 30, 2008 and 200,000 options expiring on September 30, 2008, which were issued under the staff incentive scheme. Following these transactions, he now holds, indirectly, 900,000 fully paid ordinary shares, 500,000 unlisted options exercisable at 25 cents and expiring on June 30, 2010, 1.5 million unlisted options exercisable at 15 cents and expiring on June 20, 2010 and 1.5 million unlisted options exercisable at 15 cents and expiring on June 3, 2011.

CITYVIEW CORPORATION: Aitco Ltd became a substantial shareholder on May 22, with a voting power of 10.3%. Easyoffice Rental Ltd became a substantial shareholder on May 22, with a voting power of 6.86%, but decreased this holding to 3.65% on June 5.

OIL SEARCH: Robert Igara acquired 10,000 ordinary shares for $63,000 in on market trade on May 26, taking his total holding, held directly, to 10,000 ordinary shares.

QUEENSLAND GAS COMPANY: Victoria Petroleum announced that the company has completed a placement of 41.75 million fully paid ordinary shares to QGC at 22.5 cents per share to raise $9,393,750.

Funds raised by the placement are earmarked for accelerated exploration and development of coal seam gas resources in the Surat Basin, Queensland. Following the placement, QGC will become the largest shareholder in Vic Pet with a 19.24% interest.