According to Bass Director AF Bailey, “The royalty received for the quarter was A$8,612,491, making a total for the half year of A$17,046,464. This is A$1,153,536 lower than the estimate contained in the Prospectus on an annualised basis, 2.1% higher than the previous quarter and 10% lower than the previous half year.”

“The principal reason for this higher quarter royalty was the higher average Australian dollar oil price for three months ended 31 March 2004,” added Bailey who also noted natural gas production was also higher due to increases in demand.

The company’s total distribution per redeeming ordinary share, for the royalty period of 1 October 2003 to 31 March this year, is A$0.387420, which roughly breaks down to A$0.25 capital redemption payment and the balance as income. Bass Strait unitholders will receive their payments on 15 July, provided they are registered by close of business on 30 June.