Australia: PEP 167

In southeast Australia, we hold a 50% participating interest in an exploration permit located in the onshore Otway Basin, namely the Petroleum Exploration Permit (“PEP”) 167. The PEP commenced on 2 July 2007 with an initial exploration work program of 5 years. The operator of the permit area is our joint venture partner, Bass Strait Oil Company Ltd. PEP 167 covers an area of 833 square kilometres and is located near Portland in western Victoria.