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Summary

1999 Third Quarter Activities Report

Third Quarter Highlights

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

  • Production volume increased by 4.3% to 12.9 million boe
  • Sales volume decreased by 0.8% to 12.4 million boe
  • Sales revenue increased by 16.0% to $245.1 million

Comment by Mr Ross Adler, Managing Director

Record production and the growth in sales revenue was a good result for the quarter.

Demand for gas was strong with sales volumes reaching their highest level ever, reflecting increased sales to customers in New South Wales and Queensland.

Sales revenue represented a record for the third quarter.

The third quarter results continue the trend of improving quarterly performance, with the cumulative quarter on quarter results for 1999 showing a 10.9% increase in production, an 11.0% increase in sales volumes and a 19.2% increase in sales revenue.

Of the seven wells spudded during the quarter, four were successful and one is still in progress.