Quarterly Report 31 March 2014

CAMBAY PSC (45% & OPERATOR), ONSHORE GUJARAT, INDIA
  • Cambay-77H well drilling operations commenced on 7 March 2014
  • 13 3/8 inch casing set and cemented on 11 March 2014
  • Schlumberger awarded the fracture stimulation services contract for Cambay-77H
SPA 17 AO (formerly STP-SPA-0055) (100% & OPERATOR), ONSHORE CANNING BASIN, WESTERN AUSTRALIA
  • Agreements reached with Native Title Holders and Claimants for STP-SPA-0055 to conduct Aerial Gravity and Magnetic data acquisition (“Aerial Survey”)
  • Tender evaluations finalised for Aerial Survey
  • CGG Aviation (Australia) Pty Ltd awarded the contract for the Aerial Survey and data interpretation
  • Aerial Survey acquisition commenced on 29 March 2014 and completed on 3 April 2014
JPDA 06-103 PSC (10% & OPERATOR), OFFSHORE TIMOR SEA
  • PSC suspended until 15 April 2014 for the ANP to complete assessment of an application by the Joint Venture parties to terminate the PSC by mutual consent
  • A further suspension granted to 15 July 2014 while awaiting outcome of application
WEST KAMPAR
  • Oilex commenced receiving good faith payments from PT Sumatera Persada Energi (“SPE”) toward the US$4.8 million arbitration award in favour of Oilex
CORPORATE
  • $6.7 million received (gross) from Placement completed during February 2014
March 2014 Quarterly Report