Slide 1: Delivering Results: 2006 Interim Results
Delivering Results 2006 Interim Results Webcast 24 August 2006 This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. Ls believed that the expectations reflected in these statements are reasonable, but they may be affected by
Slide 2: cents} shir
2 cents} shir
Slide 3: Total Recordable Case Frequency Rate
Eyoue Fail Year 2002 ~—— Ful Year:2004 neti Full: Year 2003 a Full Year 2005" 2003 2004 2005 Otal Recordable Case Frequency Rate umber of recordable injuries: per million man nours worked
Slide 4: 2006 Profit
Mi 2006 Profit Improvement 196 (31) i 407 (37) Exploration 200 Expensed: Significant: tems? Operating items. 1 Balt 2005 Gaderlying Anderving As alt 2006 AY Halt 2005 48 Halk 2006
Slide 5: 1st Half 2005 to 1st Half 2006 Production
Ist Half 2005 ‘1 Heit 2005 Fairview: Liguids Volumes: Produced Gas Vol's. John Brookes: Field decline: and other: Darwin Casino. ENG Production: ist Half 2006 Controllable Market a2) —— Set Parky. Gas: Gas Vol's Prices: Liquids: Prices 1S Halt 2006
Slide 6: Production Costs and Prices
eres ue i a ee Volumes 3 — ‘Other cost: increases. ‘Acquisitions 1? Halt 2005 1 Halk 2006 Production Cost Production Cost 0:20 (0:10) Gas Costs. Liquids Production Prices Prices Mix 4% Half 2005 Ast Half 2006
Slide 7: Prices and Volumes
Prices Volumes d* Half 2008 43 Hall 2006. Increased Volumes Rate Increase (8) 8 Gy Mo aa pan 3 fast Spar. Acquisitions: New. Other 3 YE 05 Asset write-off Disposals’ elds fReserves Additions 6 4° Half 2005 $9. 70/boe x 1 Half 2006 $10 28/boe 44/08
Slide 8: Exploration Incurred and Expensed
TH ‘nh $m Incurred Expensed Incurred | Expensed Seismic, G&G, studies a5 34 Drilling Banjar Pan} incident provision Before tax (26) 98 After tax (20) 68 » 2005 reflects reversal of majority of ALFRS related impairment write downs, plus subsequent impairments 4 2006 write down related to Patricia Bal
Slide 9: 2006 Profit Improvements
2006 Profit Improvements Volume related 52. 0) | 200; (86) Higher. Higher net a Volumes costs Significant: Higher Ttems Prices: 2005 YD ‘Actual oo 8/ 2006-Y1D
Slide 10: Exploration
dD Exploration 107 Baye Undan Liquide ‘Sayu-Undan ENG Mutineer-Exeter John Brookes: Cooper Gas ‘Cooper: OE D&D: EQUINE USA. Angoriesia Souithern: Aust: Corporate & Other 10
Slide 11: Identify, Mature, Enhance Core Areas
Identify New Core Areas Asia, Middle East, USA Mature i . Emerging Core Areas indonesia, Timor/Benaparte, PNG Enhance “ Existing Core Areas | Eastern ane Western Austtalig 2001 2003 2005 2007 2009 2011 201 Guest Eneroviguantedy Resort Avglist 20g * Laraest producer of domestic gas and ethane * Top 3
Slide 12: Reserves/Resources
i Resernvos/Resources (PI). Contracted Volumes 2P Reserves Contingent Resources s Acquisitions driven by strategic considerations s Uncortracted gas across both conventional and CSG assets oe oS & o g a a s o 4999 N00 0 2002, 2003. 2000 2005 US (henry Hub) o> Asia (LNG Delivered) Australia (venCorg)
Slide 13: Exploration, exploitation and Enhanced Oil Recovery
Exploration, exploitation and Enhanced Oil Recovery Cooper Oll Production 700+ mmibbl oil in place Cooper Ol Pr Four figs operational Program to dale - 42 wells drilled 37 successful (88%) - 14 wells on-line Penducion Gebbl Aday} * Long term alliance # New techriologies ontra . a » Resource/ reserve
Slide 14: Project updates
Tim ee LILY Strategy to prove up gas resource for LNG expansion Evans Shoal South discovery aldita ‘Piatiorm: Barossa 1 drilling Caldita 2 to follow 3D seismic acquisition Visors « On schedule for start-up 2H 2006 6 In-line with project sanction budget Delayed due to contracting issues « Start4io no
Slide 15: Summary and guidance
Kyrgyzstan: 342006 regional'studies and: Record protits + Leading Australian oil and gas producer ~ Number one in domestic gas + Well positioned for increasing prices > Encouraging early results from Cooper Oil First LNG export a turfing point > Maturing Timor Bonaparte LNG growth options 4 Re-alfir
Slide 16: Reference slides
Reference slides Pr Realised Oil Prices (USD/bbI) AUD/USD Exchange Rate {after hedging) Realised Oil Price (AUD/bbI) USA Gas Price (USD/mcf) Australian Gas Prices (AUD/g}} 16 68.44 9.7459 92.20 142 3.37 A967 0.7401 65.94 6.47 3.26
Slide 17: Production Costs
Production Costs Pipeline Taritts Royalties PRRT Total Operating Costs Gas Pufchases Inventory Movemeny D, D&A Gross Profit Other Revenue Exploration & Evaluation Expense Impairment SG&A Expenses Borrowing Casts Foreign Currency Gains / (Losses) Income Tax e 17
Slide 18: Impairment (write down) / reversal
inipairment (write down) / reversal incremental depletion and depreciation due fo impairment reversal Banjat Panji provision Accelerated depreciation due to East Spar Shut-in » US$1 change in the unhedged oil price per barrel leads to change of AS8 million in profit after tax « One cent movement in
Slide 19: Tax change
A AO A ev Tax change 19