reports, page-2

seek preview for oil from Voy qtr

During the quarter construction of the permanent development facilities continued and
Jingemia-4 was gradually brought into production. Once the limitations of the temporary
facilities are overcome (this is expected within weeks of report date), gross production should
reach or surpass budgeted rates of 3,500 ­ 4,000 bopd ( 385 to 440 bopd net to Voyager).

Voyager's net production during this period of constrained capacity averaged 204 bopd,
generating net production income of $0.85 million. The average oil price achieved was
approximately A$58 per barrel.

The EP 413/L14 joint venture anticipates acquisition of the Denison 3D seismic survey will
commence in November. This will provide data for locating additional Jingemia production wells
and exploration wells in the area. Drilling on these targets is expected in late Q1,2005

my conclusion approx 2000 bopd for this well of which Arq share is 21% ie 420 Bopd up from 330. Assuming everything else is constant and oil price is about same as voy 58 AUD per barrel. Assuming nett after prod costs is about 40 AUD it means cash flow generated of around 13 million for qtr from oil alone. I also suspect that Hovea?erima production will be higher.