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Oil development drilling continues to add value

PNG Oil Fields – Gross Ultimate Recoverable Reserves (pre-LNG)

560

540

Millions of Barrels

520

500

480

1P 2P

460

440

2003

2004

2005

2006

2007

2008

2009

Since 2003, gross PNG proven (1P) oil reserves have increased by 51 mmbbl and proven and probable (2P) reserves by 37 mmbbl

Development drilling has added 2P reserves at average cost of US$11.72/bbl Further opportunities exist to add oil reserves within field areas

31

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