QUENTIN CAMERON'S BOOK FOR FREE

PEX NEWS AUGUST 2005 Pex Terms & Conditions of Subscription You’ve probably noticed something close to this on the cover sheets of our individual products*: The information in this PDF file is subject to Pex Publications Pty Ltd’s full copyright and entitlements as defined and protected by international law. The contents of the file are for the sole use of the addressee. Pex Publications advises that under the terms & conditions of subscription to [the particular product], the subscriber is entitled to distribute, transmit or in other ways forward each edition to within the physical office(s) of the particular subscribing business or organisation. 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So we appeal to subscribers - as we’re confident the great majority of them already do - not to forward editions of any of our publications in circumstances prohibited under our Terms & Conditions above. We appreciate subscribers referring our products to colleagues, and are happy to provide interested parties and potential subscribers further details and samples. Referees are then also eligible for an extension on the equivalent new subscription as a thank you for their loyalty and interest in the publication. We thank you for your support and honesty, and hope we can continue providing you with Pex products for many years to come. *Except for StockAnalysis which has a different set of Terms & Conditions as previously explained to subscribers elsewhere. QUENTIN CAMERON’S BOOK FOR FREE Refer to us a colleague who then takes out a new subscription to any Pex product and we will send you, the referring subscriber, a free copy of Quentin Cameron’s book, ‘Love Affair with Black Gold’. The book follows the story of how Oil & Gas Bulletin editor Quentin Cameron became involved in the industry, as well as his highs and lows from the thirty eight years of publishing the Bulletin until the time he retired. Click here to go to a special online subscription form, or fill in the subscription form included and either fax to (08) 9272 5556 or freepost to: Pex Publications Reply Paid 80405 Mount Lawley, WA, 6050 And don’t forget to have your colleague to fill in your name as the referee before sending the form in to us. PEX NEWS AUGUST 2005 this month’s highlights THIS MONTH’S PUBLICATION HIGHLIGHTS LIPSCOMBE REPORT Refurbished Ensco-67 departing Singapore today for 14-15 day wet tow arriving mid-August for Apache until Roc’s Cliff Head development & exploration program late-Oct. White Sands Drilling proceeding to IPO with new equity secured, funds injected towards getting its imported 4000m Engineering & Drilling Equipment rig from Norway compliant with new Australian drilling & safety standards; company with ~one year’s drilling on books across various JVs. Woodside’s Pluto development ‘reference case’ factors in at least six production wells tied back to offshore facility, with development drilling unlikely before early 2007; development scenarios for fast-tracked project at early stage with at least one more appraisal likely by year’s end. Maersk Guardian departing Cyprus 3 Sep for 55-day dry tow to Otway Basin to start Woodside ThylacineGeographe development program until ~July; Thylacine South Deep-1 also nominated for drilling this year [T-L-2 & VIC-L-23: *Woodside 51.55%, Origin 30.75%, Benaris 12.7% & MidAmerican 5%] MPEX DAILY Mission complete for Santos in Gippsland gasfields Santos has finalised a big part of its long term Gippsland basin strategy, acquiring the remaining 10% of the Patricia-Baleen (Vic-L-21) and Sole (Vic-RL-3) gasfields from former partner Trinity Gas Resources, a subsidiary of Mitsubishi (75%) and Tokyo Gas (25%). No monetary value for the deal has been reported. Bounty sells interest in offshore ‘favourite sons’ Under new Managing Director Laurence Roe, Bounty’s near term corporate direction has been tweaked slightly, with the company taking money out of some exploration assets to sink into its production operations in the current climate of high oil prices. Although the company clearly has its reasons, the change of focus is a little surprising considering Mr Roe is an exploration specialist, having filled the role of Exploration Manager for Bounty since the company’s 2002 ASX listing. Whicher Range doesn’t scare away Koreans Korean money is the catalyst for Nexus’ upcoming Gippsland basin drilling program, which boasts five exploration and one appraisal wells. Using the Ocean Patriot semi-submersible rig, the program - which if 100% successful could net Nexus 135mil BOE - will start in October and continue through Q1 next year. Woodside regains confidence As expected, Woodside releases a beautiful set of first-half 2005 figures, its underlying net profit after tax of $448.5mil up almost 20% over first-half 2004. And there’s more to come, with its production looking to almost double in 2008 from just under 60mil BOE this year. WHO’S DRILLING For Arc’s Evandra-1 in L-1, interpretation of wireline logging data confirmed oil saturations over a gross interval of approximately 20 m. Woodside’s Pluto-2 encountered a gross gas column of approx 63m in WA-350-P. Innamincka’s Ginko-1 DST-1 (3101.5-3114m) test resulted in no flow to surface and recovered only gas cut mud indicating the sands to be gas saturated but tight. Santos’ Stimpee-1 in PEL-114 flowed oil to surface at a rate of 800 BOPD over the interval of 1497-1502m and was cased and suspended as a Early Cretaceous/Jurassic oil producer at TD 1593m. InterOil’s new heliportable Rig-2 from Loadmaster Rig Systems continues to mobilise to PNG ahead of Planned Nov spud for first well Elk-1 in PPL-238. PEX NEWS AUGUST 2005 this month’s highlights PEX MONTHLY Pyrenees adds to mountain of BHP development BHP Billiton is looking for a semi-submersible rig for its Pyrenees development program of 14-18 firm wells plus four options, potentially up to 500 days’ work, starting between Q4 2006 & Q1 2007. It’s part of the company’s aggressive development phase planned for the Exmouth/Barrow Sub-basins region which will potentially include three developments. Mogal gets to Crux of project Ownership of AC-P-23, containing the Crux wet gasfield, has been simplified at a corporate level with Mogal Marine buying out ASP Group. Mogal Marine was the Australian agent for previous owner Crux SA, an ASP Group subsidiary. Mogal was in turn 60%-owned by ASP with an element of foreign ownership included in the mix. Pacific Titan program to push time and space boundaries MGC’s Pacific Titan, currently recording 1200km 2D for KNOC in Indonesia, lays claim to one of the ‘fullest’ local seismic schedules in recent history, with up to seven months of 2D and 3D work lined up for around 16 operating companies in Australian and NZ waters. Given weather constraints in both countries, the volume of work planned is appearing to be impractical for one vessel to complete in the timeframe proposed. RENERGY New company plans to float on biodiesel • Melbourne-based Axiom Energy plans IPO to raise $45mil via 56mil $0.80 shares to enter biodiesel production industry • Axiom changed names from New York-based parent, Visions Bioenergy • Company intends to produce 100mil tonnes/year biodiesel initially for Australia before marketing globally, with diversified renewable energy planned in third phase operations Virids building fund for clean energy investments • Viridis Clean Energy Group releases produce disclosure statement for energy infrastructure fund to raise $126mil via $1.00 shares; offer closes 2 Sep with listing expected 14 Sep • Negotiating 50% participation in 290 MW portfolio of two gas fuelled cogeneration facilities & eight hydro plants in Italy, called Elettra investment. STOCKANALYSIS A lack of new discoveries is not holding the oil and gas sector back. Undaunted, new programmes are underway in the Cooper and Gippsland Basins with ongoing work in the onshore Perth Basin and new work upcoming in the Carnarvon and offshore Perth Basins later this year. All this activity is providing plenty of opportunity for speculators while investors are re-rating middle weights such as Roc Oil and Tap Oil in light of booming profits and strong exploration activity. USA based explorers and field developers are benefiting natural gas prices of over A$12/Mcf, which compares with about A$3/Mcf back home. No wonder there is a flood of money headed to US exploration. StockAnalysis aims to identify the best leverage into upcoming drilling activity and model producers so as to determin their value based on cash flow and earning potential, along with reserve base. StockAnalysis is not a news service and does not simply rehash ASH announcements, We take the information, analyse it and come back with an opinion and often a valuation and a price target for both investors and those looking for speculative situations. P E X P U B L I C AT I O N S SUBSCRIPTION To subscribe to any of our publications, simply fill in this form and fax to 08 9272 5556 or post using the reply paid envelope inclosed. 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Subscribers to abide by Pex Publications terms and conditions and Australian copyright laws PEX NEWS AUGUST 2005 calendar PUBLISHING CALENDAR SEPTEMBER 2005 MONDAY 29 mpex daily TUESDAY 30 mpex daily WEDNESDAY 31 mpex daily StockAnalysis RENergy THURSDAY 1 mpex daily lipscombe report drilling report pex monthly 8 mpex daily lipscombe report drilling report FRIDAY 2 mpex daily who’s drilling SAT 3 SUN 4 5 mpex daily 6 mpex daily 7 mpex daily StockAnalysis 9 mpex daily who’s drilling 10 11 12 mpex daily 13 mpex daily 14 mpex daily StockAnalysis 15 mpex daily lipscombe report drilling report RENergy 22 mpex daily lipscombe report drilling report 16 mpex daily who’s drilling 17 18 19 mpex daily 20 mpex daily 21 mpex daily StockAnalysis 23 mpex daily who’s drilling 24 25 26 mpex daily 27 mpex daily 28 mpex daily StockAnalysis 29 mpex daily lipscombe report drilling report 30 mpex daily who’s drilling RENergy 1 2 Note: Lipscombe Report dates provisional but one edition per week UPCOMING CONFERENCES AND EVENTS RIU Good Oil Conference 2005 7-8 September 2005. Perth, Australia www.riuconferences.com.au New Zealand Oil & Gas Show 8-9 September 2005. New Plymouth, New Zealand www.swanexhibitions.com.au/nz 6th Annual Australian Gas Turbines Conference 13-14 September 2005. Queensland, Australia. www.informa.com.au 2005 APIA Convention and Exhibition 29 October - 1 November 2005. Adelaide, Australia www.apia.net.au/convention.html Welcome to 4th World Wind Energy Conference & Renewable Energy Exhibition 2005 Melbourne Australia 2–5 November 2005 www.wwec2005.com Registration is now available wwec 2005 At a time of continuing record growth for the wind industry in Australia and worldwide, we invite you to the World Wind Energy Conference to discuss and be informed on the latest policies and industry development issues in Australia, the Asia-Pacific region and the wind markets on the whole world. Australia, like many countries, has seen significant growth in renewable energy and is richly endowed mostly untapped renewable energy resources. The globally installed wind capacity will top 50 GW in the year 2005. The World Wind Energy Conference 2005 will provide information on the latest industry developments, all in Australia’s premier location and venue – the Melbourne Convention Centre. The conference will incorporate an international exhibition on wind energy and renewable energy facilities and application technologies of the global wind development leaders. We look forward to meeting you in Melbourne. Dr Preben Maegaard Conference Chairperson, President World Wind Energy Association The Hon. Peter Rae AO Conference Chairperson, WWEA Vice President, Chairman Renewable Energy Generators Australia Dr Anil Kane Conference Chairperson, WWEA Vice President, Chairman Indian Wind Energy Association Heinz L. Dahl Organising Committee Chairperson, Director, WWEA Oceania Ltd Director, REGA Ltd Program Overview The Conference & Renewable Energy Exhibition's topics will include: Working with Governments and international organisations Community Involvement Renewables and Water Environment/Health Desalination National and international Policies and Markets Economic, Society and Environment Integrated Renewable Energy Systems: Off Grid, Hybrid and Storage Grid Connected Systems and Wind Farms Financing Education and Training R&D and Technology About Melbourne, Australia Melbourne prides itself on being a great city. It’s hardly surprising, with its spectacular combination of old and new architecture, elegant streetscapes, ethnic communities and lavish parks and gardens. Add Australia’s best eating, an excellent transit system and a packed events calendar boasting sporting spectaculars and exuberant events, and you have all the ingredients for one of the most enlightened and liveable cities in the world. Known as the ‘Garden City’, Melbourne is renowned for its culture, festivals, gardens, wide boulevards and sporting events. It is a vibrant and cosmopolitan city that is host to a multitude of international sporting events including the Australian Open Tennis Grand Slam, the Australian Formula One Grand Prix, International Cricket matches at the Melbourne Cricket Ground and the world famous Melbourne Cup. Melbourne was recently voted ‘the world’s most liveable city’. Conference Office – The Meeting Planners 91–97 Islington Street, Collingwood, Victoria, 3066, Australia Ph: +61 3 9417 0888 Fax: +61 3 9417 0899 Email: wwec2005@meetingplanners.com.au Quarterly Report Analysis helping you sort through a mountain of information Q4 to June 2005 Out Now! Each quarter Pex Publications sorts through every ASX-listed petroleum company’s Quarterly Report comparing the latest highlights & activity against the previous quarter. This gives us a great deal of insight into how all these companies performed over the quarter, and where they are headed in the next 3 months. Then we put all that dynamic information into one indexed, interactive & searchable package called Quarterly Report Analysis. But Pex adds even more value by covering: Share price movement charted from one quarter to the next Market Capital and Cash at Hand Up to date company contacts & websites Information presented in a standard, printable format So whether you’re a company executive or manager, stockbroker, investor, or anyone else that needs to be in touch with how the industry is performing – let Quarterly Report Analysis manage the mountain for you. 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