1. SOUTH AUSTRALIAN COOPER BASIN EXPLORATION OPPORTUNITIES - 2004 Elinor Alexander Petroleum Group PIRSA April 2004 SOUTH AUSTRALIAN COOPER BASIN EXPLORATION OPPORTUNITIES - 2004 Elinor Alexander Petroleum Group PIRSA April 2004

2. Petroleum and Geothermal Tenements Exploration licence (onshore) Exploration licence (offshore) Work program exploration application Over the counter exploration application Production licence Petroleum tenements Geothermal tenements Exploration licence Exploration licence application Potential release area

3. Proven trends in the Cooper and Otway Potential for giant oil in the Officer Potential for significant oil discoveries in the outer Eromanga, Arrowie and other basins Evermore expeditious land access High success rates and short cycle time to production in Cooper Infrastructure Data access Acreage available Geothermal energy Competitive fiscal regime

4. Native Title and Petroleum licences Native Title Claimant Area Aboriginal lands Petroleum exploration licence Gazetted release area Potential release area

5. Native Title Access Agreements in SA Right to Negotiate process in SA now leverages on 39 existing agreements over 26 PELs and 2 PELAs SA Native Title agreements are full cycle (conjunctive) Agreements have been accepted as fair to the registered Native Title claimants and are demonstrably sustainable with respect to development Details of all agreements are available to the public via PIRSA’s website www.petroleum.pir.sa.gov.auwww.petroleum.pir.sa.gov.au

6. 0 20 40 60 80 100 120 1997199819992000200120022003200420052006200720082009 0 2 4 6 8 10 12 14 Total Expl + Appr + Dev Wells Nos. Cooper Operators 27 new PELs + PPLs 27 PELs surrender 33% to 50% of areas Surrender of PELs 5&6 2002-3 New PELs Full-cycle native title access agreements Find sizes up to: - 3.4 MMBBL oil - 50 BCF + liquids Cycle time to oil production < 6 mo. High success rates Popular!! SA Drilling - actuals and forecast

7. Cooper Basin oil success rates 57% Geologic Success: 12 of 21 wildcats found new pools 42% Economic Success: 9 new fields vs 21 wells (5 with pay stacked) Increased pace of success Long-offset seismic to pick crests

8. Cooper acreage releases Cooper Basin Sub-crop limit MOOMBA CO2003–A (bids close July 2004) CO2004 - TBA CO2003-A: Currently open for bids Oil and gas plays CO2004-A: Nappamerri Trough Birkhead/Hutton oil play One block, release at EABS2 Bids close ~ mid 2005

9. Permian limit Triassic limit Oil Pipeline Gas Pipeline CO2003-A Cooper margin oil and gas plays Warburton Basin shelf plays Structural and stratigraphic traps Free CDs available