In the oil and gas fields, Mosaic Oil's decision to sole risk its Churchie-3 well has paid off with gas flowing at a rate of 20 million cubic feet per day. Santos who elected not to participate will pay a significant penalty if it choses to participate in the well again.

Mosaic Oil also perforated two intervals at its Downsland-3 well with oil flowing to the surface during clean up.

First oil has flowed for Apache Energy and its partners in the Gibson and Plato oilfields in Western Australia offshore Carnarvon Basin.

The fledgling Bass Strait Oil Company (BSOC) has taken an option over Vic/P47, operated by Eagle Bay Resources.

Drillsearch has kicked off a seismic survey off the coast of Darwin in the Bonaparte Basin adjacent to Woodside's successful Blacktip discovery.

Against a backdrop of increasing activity in Australia's coalbed methane industry, Sydney Gas Company said it would open the books on its Camden Gas Project to analysts and investors.

Queensland Gas Company has begun the second of its planned series of CBM pilot developments - this time in Berwyndale South.

Molopo Australia has said it plans to drill three CBM production test wells at its Queensland Bowen Basin project in the September quarter.

The North West Shelf Venture's LNG expansion project has reached a major milestone with the commencement of construction of the Venture's $800 million second trunkline.

In the markets, it was third time lucky for First Tech in its hostile bid for Nautronix, who recommended shareholders accept the "improved" proposal.

US giant Aquila Inc is looking to offload its Australian and New Zealand assets in order to reduce debt and improve its creditworthiness.

Matrix, United Energy and Energy Development have dropped off the Standard & Poors indices.

Pipeline infrastructure group AJ Lucas told its shareholder to brace themselves for a big writedown after a disastrous investment in a telco outfit.

In the renewable sector, Brightstar Environmental will be looking to generate early cash flow after reaching an agreement with the Wollongong City Council to amend its original SWERF agreement.

Listed mineral explorer Michelago Ltd and the ANZ Bank are teaming up to develop wind power projects in Australia and overseas.

Australia's first biodiesel plant, which will turn animal fat into substitute diesel is a step closer to reality after a local government superannuation fund decided to invest $2 million into plant.

Overseas, Norwegian and Venezuelan oil workers are revolting against their employers. In Norway, unions are fighting for better conditions for oil workers on fixed platforms while in Venezuela white collars workers are looking to create union to help protect their interests.

Petrobras has awarded a Singaporean company a big contract to refurbish an oil tanker into a giant offshore production rig.

Sparrows Offshore Services Australia has been awarded a big lifting materials contract in Vietnam by BP Vietnam.

As stated in its April Budget, the UK Government is close to announcing the abolition of royalty payments on revenue of North Sea oil companies.

Finally, the Sakhalin-2 integrated oil and gas project is advancing its $US8.5 billion Phase II development with the launch of engineering, procurement and construction tenders.