four years on the beach, page-16

This excise is now levied as follows:

"Condensate will be subject to the same excise rates as crude oil from petroleum fields discovered after 18 September 1975. Under these arrangements, the top Crude Oil Excise rate (which applies once annual production reaches just over 5 million barrels in a year) is 30 per cent.

"The first 4,767.3 megalitres (or 30 million barrels) of crude oil produced from a field is exempt from Crude Oil Excise. Past production of condensate from a petroleum field will contribute towards meeting this threshold before the Crude Oil Excise becomes payable."

So, unless BPT produces more than 30 mmbbls of condensate (its share) from an Australian field this change in the excise law has not impact on it, IMHO.

Cheers