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Summary

2001 Fourth Quarter Activities Report

The fourth quarter produced some pleasing results.

Total production was 14.5 million barrels of oil equivalent (boe), 8% higher than the 2000 fourth quarter.

Total sales volumes were 14.2 million boe, an increase of 5% (reflecting increased sales of gas and liquids).

Total Quarterly sales revenue was $333m. This was a good result, given that the average USD oil price received was 35% below the 2000 fourth quarter. The impact of the oil price fall on revenue was limited by the increase in total sales volumes and the lower Australian dollar. Quarterly sales revenue of $333m was higher than any level achieved prior to 2000.
Full Year sales revenue was $1460m, the second highest on record.

US gas prices received during the fourth quarter were around half those received 12 months previously but still 52% higher than the Australian prices received in the fourth quarter.

John Ellice-Flint
Managing Director