Sunshine Gas

Capex

Future Plans

Sunshine Gas is dedicating the majority of its corporate and financial resources to progressing Lacerta’s commercialisation with the current operational priority being the implementation of the Lacerta field development plan. Commencement of field development is expected to commence Q1 2008.

The Company’s objective is to significantly increase Lacerta’s 1P and 2P reserve volumes as it moves into the development phase of the project. Lacerta’s existing 2P Reserves would support the first LNG train and further reserve upgrades would provide a platform for expansion of the proposed 500,000 tonne-a year LNG plant.

While the proposed Gladstone LNG plant is the key plank in the Company’s commercialisation strategy, Sunshine Gas will continue to pursue agreements which preserve flexibility to support multiple short-term and export gas contracts as demand increases.

Sunshine Gas already has a non-binding Memorandum of Understanding in place with Hunter Energy for the sale of 8 PJ of gas per annum for 10 years from 2010.

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