joint ventures, page-50

Hi all,

I know we've discussed this before but i thought I'd share and post it anyway:


Email to QGC:

I am a shareholder of QGC. I have recently stumbled on information about a recent aquisition of Petroleum
Exploration Australia by QGC. I have learned about this aquistion through the ASX anncouncemnts of
Central Petroleum Australia (CTP). I would like to know why has this recent aquisition not been disclosed
to the shareholders of QGC as it would be categorized as important company information?

Reply from QGC:

Thank you for your note. Please accept my apologies for not sending you an immediate response. The short answer to your question is that the investment was relatively small and not material to QGC, a Company with a market capitalisation of about $5.5 billion. Accordingly, under ASX listing rules, it did not require a formal QGC announcement. Our Company Secretary has confirmed this position. That is not to say that the investment was not material for CTP – clearly, given the different market capitalisation of the respective companies, it was deemed by CTP as material information requiring a formal CTP announcement. This is a matter for CTP.

I hope this answers your query.

Best Regards

Hedley Thomas

Hedley Thomas General Manager - Communications & External Relations
Queensland Gas Company Limited