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Summary

Company undergoing major transformation through development of PNG LNG

Significant growth delivery over next 5 years PNG LNG T1 and T2 now in construction, production in 2014 Commitment to T3 Reserves growth for further gas optimisation

Core oil production remains solid. Focus on life extension, reliability and gas conservation

Measured oil and gas exploration in PNG and MENA

Activities underwritten by strong balance sheet and liquidity to meet LNG obligations, T3/T4

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