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Operational Outlook

Gas value driving revised operating framework: Field reliability management Gas conservation with minor oil production impact

Value-adding PNG production activities to continue in 2010 & 2011, winding back as first gas approaches

Ongoing focus on costs and capital efficiency

Aligning and maximising use of infrastructure to support LNG Project

Production outlook for 2010 unchanged at 7.2 – 7.4 mmboe, with incremental activity expected to flatten decline curve in 2011 – 2013

Oil exploration activities include extensive seismic, Mananda Attic (4Q10) and follow-up activity on ADT 2 discovery

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