ann. first shipment of oil , page-2

Milestones

Over the weekend we achieved two milestones:
a) We delivered 447 barrels of oil to Moomba on 22 March 2008 from the Central Facilities.
b) Growler 1 and 2 well head pumps were put into operation on 23 March 2008.

Both Growler wells were opened to natural flow on the 12th March and have been flowing at a
combined rate of 90 BOPD. The pumps were installed and working on the 23rd March and the field
production increased to 155 BOPD. Over the next week the drawdown of the pumps will be
increased and the production rate should rise towards the target of 300 BOPD.



Information from our
external consultants
indicate the Growler
Oilfield on its own, at a
confidence level of P50,
contains 7.7 million
barrels of oil in place, with
an expected recovery of
1.6 million barrels.