Quarterly Activities Report and Appendix 5B
For the 3 months ended 31 March 2011
OPERATIONAL HIGHLIGHTS
Pase Gas Fields
• Production from the A-1, A-5 and A-6 wells totalled 317.81 MMcf for the March quarter.
• Acid stimulation of A-1 well resulted in increased production.
Exploration Activity
• Work continued on prospect and lead identification and Pase Infill drill-locations.
2011 Workover program
• All workover service contracts awarded
• Civil works undertaken in preparation for workover program
• All critical qquipment sourced including tubing, valves, spools and fittings.
• Production tubing shipped to site
CORPORATE HIGHLIGHTS
PSC Renewal Application
• Negotiations in relation to the Company’s 20 year PSC renewal application continued during the quarter.
Corporate Social Responsibility
• Corporate Social Responsibility activities during the quarter included flood relief, refurbishment of schools and a second water pump.
Share Purchase Plan
• $387,250 was raised via a Share Purchase Plan in order to assist with funding the Company’s workover program and to provide shareholders with an opportunity to purchase shares at a discounted price.EG
Financial Highlights
• At the end of the March quarter the Company had cash in bank of A$8.68 million.
• Gross PSC revenue for the quarter was US$2.5 million.
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