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Production reinstated at John Brookes

  • September quarter production of 13.2 mmboe was 5% lower than the June quarter of 2008.
  • Following the Varanus Island incident in June, initial production from John Brookes.
  • Recommenced in early August with full production reinstated by early September.
  • Cooper Oil production up 33% compared to the September quarter of 2007.
  • Mutineer-Exeter production impacted by planned workover campaign.

Higher Sales Revenue

  • Sales revenue of $730 million was 16% higher than the September quarter of 2007.
  • September quarter average portfolio gas price of $4.90 per gigajoule (GJ) was 25% higher
    than the September quarter of 2007, primarily due to higher realised ethane and LNG prices.
  • September quarter average realised oil price of A$146.42 per barrel was 59% higher than
    the September quarter of 2007.

Key activities during the period

  • Receipt of US$2 billion from PETRONAS for the 40% stake in the GLNGTM project.
  • Purchase of 100% interest in the WA-4-R permit (Carnarvon Basin) containing the majority of
    the undeveloped 600PJ gas resource in the Spar field.
  • Proposal to construct a 500MW gas fired power station in western Victoria.
  • Successful completion of $300 million off-market share buy-back in early October.