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Subject: ConocoPhillips conference presentation from last night is attached. Browse Basin (Karoon) slide is on page 11.



Browse Basin (Karoon) slide is on page 11 relevant comments from the transcript are as follows:



In our exploration program, we in 2009 will be spending about $2 billion, about 1.4 billion of that is really - is capital and about 600 billion is exploration and somewhere around 6 to $700 million is wildcat exploration where we're looking for the numbers of elephant kind of wildcat wells, which really could help move the needle with respect to our exploration results for our company.



Got a few slides in some of the interesting areas, one is the Browse Basin Gas. And the Browse Basin is North, Northwest of Australia. And we've been in Australia and offshore Australia for a long period of time and very interesting well, that's starting to be known in the marketplace as the Poseidon well. And what we like about the Poseidon well is we're in a trend, in an area that through competition we know that there is already at least 16 trillion cubic feet of gas. So you're going to hear a lot more about Poseidon. We're finishing up the drilling of it. We have 51% of this well and our next well is going to be the Kontiki well.

So this is a pretty interesting area for us because, not only do we like it from ultimately it's in the right trend, but we can tie this back into our existing LNG terminal that we have in Darwin. So this - watch this, it's

going to be pretty interesting for our company and you'll see quite a bit more information over the next several months.



: Great, if you could fill in your little cards, and hand them up, we'll get them collected. While we're doing this, Jim, not to be rude, but it's all to actually sit here and talk about exploration success in ConocoPhillips recently in terms of big success and you mentioned what's been happening in the Browse Basin in Australia, which I don't really think that the market has really woken up to yet. Maybe you could just walk through the potential of the Browse Basin and the fact that you also have got an LNG plant relatively close to that gas play.



: Well, as I've said, we think we are in the right trend where already there is tight competition, you saw the other fields there. There's at least 16 to 20 trillion cubic feet of gas and we think that the scope and size of what we are finding in our first well at Poseidon is along that trend. So you need to have a pretty substantial trillion cubic feets of gas, we can tie that in

with pipeline to our Darwin site, we have the permitting at Darwin, that we can add several more trains at Darwin, and we think that that really is advantage to us, distinguishes ourselves that we can quickly bring and

develop this resource and then sell it, take it to the marketplace. So it's going to be a new pretty exciting opportunity for our company, but we also have other places in the world like coalbed methane in Queensland and we are also very excited about exploration prospects that was starting to develop for us and that could be part of Gulf of Mexico.