Philosophy

The long term objective of the Company is to acquire a balanced portfolio in relation to exploration risk and potential field size, including production and exploration assets outside the Gippsland and Otway Basins. From its outset, the Company has been committed to state of the art technology, where applicable, and the use of world class practitioners preferably with backgrounds and training from leading exploration and production companies.

In the longer term the Company may well seek opportunities within Australia and the Asian region with the objective of delivering measured organic growth. Key criteria for selecting areas will be:

• identification of all essential petroleum system elements;
• acceptable levels of irreducible exploration risk;
• prior lack of thorough or systematic exploration;
• geologic diversity with a variety of hydrocarbon trap types;
• proximity to production facilities; and
• preferably shallow water or onshore.