Adelaide, May 3, 2006 (ABN Newswire) - One of Australia's largest oil and gas operators in the Cooper Basin says that while there is mounting political pressure associated with energy issues, "it will take ages" for governments to do anything about it in real terms.

Addressing the second day today of the "2006 Paydirt SA Resources @ Energy Investment Conference" being held in Adelaide, Victoria Petroleum NL Managing Director, Mr John Kopcheff, said governments rightly are getting worried about energy issues and in response, had initiated a major focus on alternatives.

"The reality is though that it will take ages to do anything about it and while the world's energy profile will be very different in 50 years time, the demand for traditional energy sources will continue to escalate dramatically," Mr Kopcheff said.

"Supply will become an ever growing concern and that can only produce a bottom-line which makes energy an attractive investment theme.

"What we are seeing, as increasingly recognised by oil industry analysts, is that the world is not running out of fossil fuels just yet - but it seems we are running out forever of oil at prices much less than US$40 a barrel crude."

Mr Kopcheff said China's expanding economy was very much a driver of the current spike in global oil prices but there was also growing natural gas demand there and this could present opportunities for Australia.

He told delegates the Company's current exploration and development focus in May was on high potential 'company maker' wells - Eagle North in California, Jindivik in the Cooper Basin and at Reids Dome North in Queensland's Bowen Basin.

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