Highlights

• Raising of initial AUD12M in late 2004 and ASX listing Jan 2005
  
• 2 onshore wells completed in Gippsland Basin, Gilbert-1A offshore well drilled in 2005 on budget
• Jamaica acreage won on core competancies, 4 years exploration commitments met in year 1
• Multi billion barrel leads mapped offshore Jamaica - farm-out process commenced Jan 2008
  
• BHP Billiton FALCON® technology agreement signed March 2006
  
• Raising of AUD6M through private placement of shares in May 2006
• Kenya Lamu Basin Farm-in agreed Jan 2007, exploration data collection completed May 2007
  
• French Aquitaine Basin project awarded May 2008
  
• Sign off for large tranche of acreage offshore Madagascar expected end 2008
• Ongoing active new ventures program
  
• Prospects mapped and entering drilling phase of PSC for Kenya, Sept 2008
  

Updated 6 Sept 2008