Ann: Otway Sale Completion, page-4

Otway Gas project requires a lot of Capex to prove additional 200-300 mmboe of gas and liquids. Gas in OGP would run out in 3 or 4 years. Capex would be around $500m to drill 10 offshore wells. 60% to be paid by BPT and 40% to the new JV partner. If successful it would give OGP twenty years of reserves with very little Capex required for many many years. The good news here is any new gas sold from these new wells will be sold at market prices. Although BPT now owns only 60% in OGP, it will be compensated with higher margins on its future gas production and OGP will be able to operate at higher capacity once more gas are found.