22 Emerstan Drive Castle Cove NSW 2069 Australia PO Box 1066 North Sydney NSW 2059 Australia Tel 61 2 9882 1255 Fax 61 2 9882 1266 BASS STRAIT 2 December 2003 The Manager – Companies Australian Stock Exchange Limited Level 6, 20 Bridge Street SYDNEY NSW 2000
Dear Sir ROYALTY INCOME AND UNITHOLDER DISTRIBUTION Pursuant to Listing Rule 3.1 we announce that the royalty received for the quarter ended 30 September 2003 was $10,232,446, making a total for the half year of $18,950,913. This is $1,132,446 (12.4%) higher than the estimate contained in the Prospectus on an annualised basis, 17.4% higher than the previous quarter and 6.8% lower than the previous half year as detailed below. QUARTER ENDED HALF YEAR ENDED % CHANGE Sept Q 2003 Sept 03 Half Sept June Sept March vs vs 2003 2003 2003 2003 June Q 2003 Mar 03 Half Royalty income (A$) 10,232,446 8,718,467 18,950,913 20,332,492 17.4% -6.8% Oil production (M.bbls) 12.0 11.6 23.6 23.0 3.4% 2.6% Avg oil price (A$/bbl) 44.95 42.55 43.75 52.70 5.6% -17.0% Gas (PJ) 74.1 58.1 132.2 86.5 25.7% 52.8% LPG (Mt) 0.31 0.28 0.59 0.48 10.7% 22.9% Ethane (Mt) 0.056 0.052 0.108 0.086 7.7% 25.6%
The principal reason for this higher quarter royalty was the higher average $A oil price for the 3 months ended 30 September 2003, and increased levels of production. The total distribution per redeeming ordinary unit for the royalty period 1 April 2003 to 30 September 2003 will be 43.0702 cents, comprising 25 cents capital redemption payment and 18.0702 cents income. This distribution will be paid on 15 January 2004 to unitholders who are registered at the close of business on 31 December 2003. Yours faithfully A.F. Macartney Company Secretary
BSO Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held