PERFORMANCE SUMMARY
Martlet-1 Namur exploration success
- Martlet-1 encountered good oil shows in the target Namur reservoir and expected to commence production in December 2014
- Flow tested at the equivalent of 5,149 barrels of fluid and 2,596 barrels of oil per day on a short term test
Western Surat Gas Project
- Secured a material 100% owned Surat Basin gas project through our agreement with QGC JV to swap minority interests in eastern gas permits
- Focus on ramping up western Surat Basin appraisal and pilot programs
Solid production performance
- Oil production of 0.38 million barrels (mmbbls) for the quarter, on track to meet annual production guidance of 1.4+ million barrels of oil equivalent (mmboe), before exploration and appraisal success and any contribution from gas or gas liquids
- Second highest quarterly oil production after record result achieved in Q4 FY14 (0.43 mmboe) and 27% ahead of production achieved in corresponding period FY14
Oil revenue
- Oil revenue down 14.9% quarter on quarter to $42.4 million on lower average oil price
- Average Australian dollar oil price of $113 per barrel for the quarter
Strong cash position and no debt
- $69.4 million cash balance, zero debt at 30 September 2014.
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