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Summary

1999 Fourth Quarter Activities Report

1999 Full Year Highlights

The following results were achieved compared with 1998:

  • Sales revenue increased by 22.8% to a record $944.5 million
  • Sales volume increased by 7.5% to a record 48.5 million boe
  • Production volume increased by 7.9% to a record 49.2 million boe

Fourth Quarter Highlights

The following results were achieved compared with the 1998 fourth quarter:

  • Sales revenue increased by 31.7% to a quarterly record of $286.6 million
  • The average Australian dollar oil price received averaged $37.45
  • Sales volume fell slightly by 0.2 million boe to 12.3 million boe
  • Production volume was 12.2 million boe, slightly below the fourth quarter record achieved in 1998 of 12.3 million boe

Oil production increased by 5.1% compared with the 1999 third quarter

Comment by Mr Ross Adler, Managing Director

Nineteen ninety nine was a record year for production and sales volumes and sales revenue. We produced over 200 PJ of gas for the first time and oil production reached a five-year high. At $945 million, sales revenue was $166 million (21%) higher than the previous record of $779 million in 1997.

Some of the highlights of the fourth quarter were the record production from the Stag oil field, the extraordinary level of oil prices and the increase in gas sales of almost 10% compared with the 1998 fourth quarter. Together these contributed to the record level of sales revenue we achieved.