Through his oil and gas investment vehicles, Carpenter Pacific Resources NL and Westgold Resources NL, Hill sold his interests in Arc Energy and Voyager Energy this week to realise a $1.2 million profit.

Carpenter Resources NL sold its interest in Arc to realise a $620,000 profit after purchasing 4,4 million shares in Arc in November 2002 at 48.5c per share.

Westgold Resources NL sold its interest to realise a $570,000 profit after purchasing 3,7 million shares in Arc in November 2002 at 47c. The two transactions represent a 28% and 31% respective return on investment within the three month period.

An affiliated Hill vehicle, Redsummer Pty Ltd, recently sold off 572,000 shares in Voyager to book an estimated $20,000 profit. Westgold and Carpenter still retain around 4.6% of Voyager.

Carpenter Resources managing director Neil Doyle said exiting the companies was not done in anticipation of a dry hole at the recently drilled Twin Lions prospect, but rather part of a disciplined exit strategy after the company realised its value objectives.

Doyle added the company is still looking for direct investments in oil and gas assets, which should become more available over the next six months as the oil price begins to drop off its current highs.

Hill's prime investment coup was stockpiling AMP insurance policies before the impending public float in the late 1990's. He then exercised the attached option to buy shares, which he sold on the morning of the float all the way up to $28 from the $20 issue price, netting him many millions of dollars.