Looks like your rigt cromeBASS STRAITOIL MANAGEMENT LIMITEDABN...

Looks like your rigt crome



BASS STRAIT

OIL MANAGEMENT LIMITED
ABN 98 077 985 909

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