The Harriet Joint Venture is close to completing the Linda-3 development well, which has now been drilled to the top of the reservoir and the platform installed on location. Linda-3 will continue drilling ahead to its planned total depth prior to being completed as a production well from the Linda Platform.

Further development operations are underway to install the necessary pipeline to tie Linda gas and condensate production into Varanus Island. First production is anticipated in mid April 2004.

Harriet Joint Venture participants are Tap Oil 12.2229%, Apache Energy (Operator) 68.5% and Kufpec Australia 19.2771%.

Meanwhile, following disconnection during cyclone Monty and Evan, the FPSO "Four Vanguard" was reconnected to production on the Woollybutt field last Friday. The time required to reconnect was extended due to another cyclone (Evan) following behind cyclone Monty.

Production has been re-established at previous rates of approximately 34,000 bopd.

As advised previously, the FPSO will be disconnected from production on 17 March 2004 and will sail to Singapore for installation of the new swivel assembly. It is anticipated that the installation and sailing time to and from Singapore will take approximately 30 days to complete with production planned to recommence on 16 April.

Joint Venture Participants in WA-25 -L are Tap Oil 15%, Eni Australia (Operator) 65% and Mobil Australia Resources Co. 20%.