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Production in-line with 2007 guidance and within 3% of record 2006 levels

  • Positively impacted by the start-up of Oyong oil production, negatively impacted by planned maintenance shutdowns at the Bayu-Undan and Moomba processing facilities and lower oil production from the Mutineer-Exeter fields.

Higher realised gas prices

  • The 2007 average portfolio gas price of $3.95 was 6% higher than 2006.

Higher realised oil prices, although adversely impacted by stronger A$

  • The Q4 2007 realised oil price of A$110.76 was a record, and 25% above the previous corresponding period in 2006.
  • The full year 2007 oil price of A$92.10 was 3% above 2006 levels. In US$ terms, the oil price increased by 19%.

Key activities during the December quarter

  • Kipper gas development project (Gippsland Basin) sanctioned, with first gas expected in H1 2011.
  • Henry gas development project (Otway Basin) sanctioned, with first gas expected in H1 2009.
  • Phase 2 of the Oyong field development (Indonesia) sanctioned, with first gas expected in H1 2009.
  • Reindeer gas field development (Carnarvon Basin) FEED completed, with project sanction anticipated during H1 2008.
  • New country entry into Bangladesh, with a subsequent gas discovery at the Magnama prospect.
  • Legislation removing the 15% shareholder cap was passed. Cap removal will be effective from 29 November 2008.