AGL Scales Back FEED for Gasline

Esso Highlands Limited, a subsidiary of ExxonMobil Corporation, as operator of the Papua New Guinea Gas Project, has been advised by AGL of their decision to scale back their Front End Engineering and Design (FEED) activities on the Australian component of the proposed PNG to Queensland gas pipeline, and write-off FEED costs incurred to June 30, 2006.

This decision is regrettable but clearly reflects the significant cost pressures which have been impacting the project.

The PNG Gas Project participants are now considering the implications of the AGL decision on the overall project.

ExxonMobil is committed to pursuing the appropriate development and commercialization of PNG's significant gas resources.

The PNG Gas Project participants are ExxonMobil (39.4% - Esso Highlands Limited as project operator), Oil Search (44.2%), AGL (10.0%), MRDC (3% - a PNG company representing landowner interests) and Nippon Oil Exploration Limited (3.4%).

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