Production at Woollybutt Halted

Operations at Woollybutt were suspended on March 29, 2006 with the FPSO being disconnected in preparation for the approaching Tropical Cyclone Glenda. The Four Vanguard FPSO safely avoided the cyclone and is now preparing for re-connection operations.

Production is expected to recommence from the Woollybutt field around April 10, 2006 assuming no further delays due to weather. It should be noted that a current tropical low to the north of the Woollybutt field has the potential to develop into a cyclone which could delay the re-commencement of production from the Woollybutt field.

Following re-commencement of production, separate operations will commence to restore production from Woollybutt-1 well and to optimize Scalybutt-1 well production.

The Woollybutt field is located in the WA-25-L license in the Carnarvon Basin.

WA-25- L Joint Venture participants are Eni as operator with 65%; Tap with 15% and Mobil Australia with 20%.