Development of the Patricia Baleen Gas Field has Commenced

OMV Australia has commenced development of the Patricia Baleen gas field in the Gippsland Basin, offshore Victoria, South-eastern Australia.

OMV Australia together with its partner will develop the Patricia Baleen gas field with the first gas scheduled for delivery by September 2002. Total gas production is expected to reach a maximum of 16 billion cubic feet per annum, representing approximately 8% of the total demand of the state of Victoria.

The development of the Patricia Baleen gas field is a stand-alone development which will have two completed subsea wells and will utilize a 24 km pipeline to export gas to an onshore plant located at the nearest landfall. Offshore facilities will be controlled from the onshore plant. Total development costs are estimated at about AUD 100 million (EUR 61 million). The treated gas will be delivered to the Eastern Gas Pipeline, which connects Australia's major gas markets of Sidney and Melbourne.

The equity holders in Patricia Baleen are Basin Oil Pty Ltd (55% - operator), Cultus Timor Sea Pty Ltd (5%) (both wholly owned subsidiaries of OMV Australia) and Diamond Gas Resources Pty Ltd (40%) a wholly owned subsidiary of the Mitsubishi Corporation.