Ladies and Gentlemen, I could not have asked for a more exciting and interesting time to be CEO of Woodside. At the time that I joined the company, we had only one installation producing, the North Rankin Platform. Since then we have brought on stream the Goodwyn gas platform, the Wanaea, Cossack, Laminaria and Legendre oil fields. We have approximately doubled our production, even at today's reduced level, made substantial debt repayments, and returned significant dividends to shareholders.
We have embarked on exploration activities outside Australia and seen significant discoveries both here and overseas which have resulted in a major increase in our oil and gas reserves. We have also responded to two takeovers and pursued, albeit without success, two major acquisitions.
Most importantly for the future, we now have a clear plan to create real value for shareholders which, when successfully implemented, will result in production levels approaching double their 2003 levels by 2007.
I understand the Board's wish to appoint someone new in the near future to lead this next massive investment programme from start to finish. I have undertaken to be here for as long as I am needed to ensure a smooth and orderly transition and to continue to drive the company forward in the intervening period.
I would like to acknowledge Charles Allen, my predecessor, Bill Rogers, our previous Chairman, Charles Goode, our current Chairman and all other directors with whom I have served over the years. I would also particularly like to thank my colleagues and all the wonderful Woodside people who work so hard together to make this company great.
Ladies and Gentlemen, Woodside has provided me with the gift of new knowledge and experience which I will carry with me in the future. It has been an absolute privilege to serve you as shareholders for the last 9 years. Thank you.