1st quarter report - Tue 19, page-28

I thought revenue would continue to fall qoq. I was 1.1% out. It fell 11.1% not 10%.

Operating revenue ...down -17%.

Exploration and evaluation expenses ...up +4%

CAPEX ...down -21%

Production down quarter to quarter but up yoy.

i.e. Q1 2015 = 21,208,244 to 23,677,808 in Q1 2016 - up 11.64%

Sales revenue is also up.

i.e. Q1 2015 = 23,877,205 to 24,232,798 in Q1 2016 - up 1.48%

All in all a good report. Bang on target. They still booked a EBITDA of 445 million or 1.836 billion on an annualized basis. End of year target of NPAT of circa 500 million still looks easily achievable, given the rise in oil to date.