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Summary

2000 Third Quarter Activities Report

Third Quarter Highlights

The following results were achieved compared with the 1999 third quarter:

  • Sales revenue increased by 59.4% to $390.8 million (quarterly record)
  • Sales volume increased by 18.5% to 14.7 million boe (quarterly record)
  • Production volume increased by 15.7% to 14.9 million boe (quarterly record)
  • The oil price received averaged US$29.73 (A$48.40) per barrel [1999: US$20.03 (A$30.88) per barrel]

Year to Date Highlights

Year to date highlights compared with 1999 are as follows:

  • Sales revenue increased by 67.7% to $1,103.2 million (record result)
  • Sales volume increased by 16.9% to 42.3 million boe (record result)
  • Production volume increased by 15.0% to 42.6 million boe (record result)

Comment by Mr John McArdle, Acting Managing Director

This is another strong result for the Company with record volumes and revenue achieved. Sales revenue for the nine months to the end of September was a record $1.1 billion.

Oil production for the quarter increased by 1.5 million boe and gas production grew by 2.5 petajoules or almost 5%.

Increased production combined with high oil and liquids prices have contributed towards the record quarterly revenue of $390.8 million.

Year to date, production is up 15% or by 5.5 million boe.