From the Chief Executive Officer

A year of remarkable transformation

At the beginning of 2014, we set out to stabilize our business, monetize our gas resources and invest in new growth through our Papua New Guinea exploration licenses.

As we look back on the year, we have had a remarkable transformation.

Today, we are well funded, we have streamlined our business by selling our refinery and downstream businesses to focus on exploration and development, we have a new management team, and we are well advanced on renewing our board.

We closed our deal with Total of France and continue apace with development planning for the Elk-Antelope LNG project.

And, we have had two discoveries in Raptor and Bobcat from three exploration wells and will return to the third, Wahoo, in 2015.

The coming year promises more opportunities as we continue appraisal drilling on Elk-Antelope and Triceratops and advance development work on the LNG project.

We will continue to make the most of what we already have; turn probable opportunities into realities; and work our possibilities hard so they can become realities.

Dr. Michael Hession