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QUARTER ENDING 31 MARCH 2011
Drilled and completed the third new Meridian SeamGas production well-set and five more appraisal/exploration wells under the reserves expansion program
Delivered 396,661 GJ of gas generating gross revenues of $1.23 million and restored Meridian SeamGas production toward levels prior to the onset of the wet season Subsequent to the quarter’s end: welcomed Mitsui’s
notice of intention to exercise its Bowen Basin farm-in options; and
received an updated NSAI reserves estimate boosting Meridian’s 3P gross reserves by 30% to 433PJ
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2 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
CONTENTS
1 OPERATING HIGHLIGHTS ................................................................................................................ 3
2 OVERVIEW AND OUTLOOK ............................................................................................................. 4
3 OPERATIONS REVIEW ...................................................................................................................... 6
4 PRODUCTION REVIEW ..................................................................................................................... 8
5 EXPLORATION REVIEW .................................................................................................................... 9
6 CORPORATE .................................................................................................................................. 11
7 OPERATIONS AND PROJECT AREAS ............................................................................................... 14
8 CONTACTS ..................................................................................................................................... 16
9 CORPORATE DIRECTORY ............................................................................................................... 17
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3 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
OPERATING HIGHLIGHTS
Accomplished unprecedented drilling and work over activity at Meridian SeamGas despite record rain and flooding
Completed the third new dual-lateral Meridian SeamGas production well-set, brought the first two into production and commenced drilling a fourth well-set
Completed drilling an additional five appraisal/exploration wells under the Meridian SeamGas reserves expansion exploration program
Completed work-overs on an additional seven existing wells and returned them to production
Delivered 396,661 GJ net of gas for the quarter, generating gross revenues of $1,231,908
Returned Meridian SeamGas production toward levels achieved prior to the onset of the severe and protracted wet season
Continued bedding in WestSide’s transition from a Coal Seam Gas explorer to producer and optimising Meridian SeamGas operations
Completed cultural heritage and landholder access agreements for current Meridian SeamGas and Galilee Basin exploration programs
Subsequent to the end of the quarter:
- Received an updated reserves estimate from independent certifier Netherland Sewell & Associates Inc, equating to a 30% lift in Meridian SeamGas’s gross 3P reserves to 433 PJ(1)
- Received a notice of intention from Meridian SeamGas joint venture partner Mitsui E&P Australia to exercise its options to farm-in to Bowen Basin tenements ATP 688P and ATP 769P
- Progressed farm-in agreement with Mitsui E&P Australia for ATP 974P and ATP 978P in the Galilee Basin
- Completed drilling ninth Meridian SeamGas reserves expansion exploration well; and - Completed drilling vertical connection for Pretty Plains #2 dual-lateral production well-set
and commenced drilling the first lateral component.
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4 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
OVERVIEW AND OUTLOOK
WestSide and Meridian SeamGas joint venture partner Mitsui E&P Australia Pty Ltd (Mitsui)
continued to press ahead during the March quarter with an aggressive, two pronged drilling
strategy to boost both field production and proved and probable (2P) reserves.
Production drilling continued despite protracted bouts of wet weather, resulting in
completion of a third dual-lateral well-set Pretty Plains #10. This well was placed on pump and
production subsequent to the end of the quarter, alongside the previously completed Pretty
Plains #5 and Pretty Plains #8 well sets which have both required initial work overs.
Water from these new dual-lateral well-sets will be pumped off slowly to bring them into
production as soon as possible in pursuit of the joint venture’s goal to increase Meridian
SeamGas production toward 25 Terajoules a day (TJ/d) by late 2012.
The vertical component of the next dual-lateral production well-set Pretty Plains #2 has been
completed and the Schramm TXD rig has almost finished drilling the deeper of the two
laterals.
Although Meridian SeamGas sales fell during the quarter due to weather-related disruptions
to well and equipment maintenance schedules, well work-overs and general repairs,
production has been gradually trending back up toward levels prior to the onset of the wet
season.
Significantly, an additional five appraisal wells and one exploration well were drilled during the
period under the reserves expansion exploration program designed to deliver more than 200
petajoules (PJ) of gross 2P reserves to the joint venture - 100 PJ net to WestSide.
In fact since assuming operatorship at Meridian in July last year WestSide has drilled almost
20,000 metres, including almost 13,000 metres on production wells and more than 6,000
metres on appraisal/exploration wells.
Plans to test production from the two new pilot sites at Mount Saint Martin within ATP 688P
and Paranui within ATP 769P (adjacent to Meridian), were further rain-delayed. WestSide now
expects to get this work underway during the current quarter, weather permitting.
During the current quarter WestSide will continue to advance production and exploration
drilling at Meridian, as well as scheduled work-over and remedial programs.
For the first time in the fields’ history a coiled tubing unit has been set up for work overs on
both vertical and lateral wells to increase productivity. This is aimed at increasing the
efficiency of several existing lateral wells. Also down-hole equipment has been purchased to
produce gas from the lateral section of a well set to further enhance production at lower cost.
Negotiations are continuing with Mitsui regarding the farm-in agreement for Galilee Basin
tenements ATP 974P and ATP 978P.
WestSide also welcomed Mitsui’s decision on 6 April 2011 to farm-in and earn 49 per cent of
the Company’s 50 per cent interests in Bowen Basin tenements, ATP 688P and ATP 769P,
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5 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
subject to a waiver of pre-emptive rights by QGC, WestSide’s existing joint venture partner in
those areas.
The Company had $28.9 million in cash at 31 March 2011, excluding outstanding cash calls for
yet to be paid to WestSide by joint venture partners at the end of the period.
WestSide generated $1.23 million in gross sales revenue during the quarter – down 12.3% on
the previous quarter, due to the continued impact of wet weather on production and related
activities. However, this downward trend has been reversed with daily sales rising since the
end of February.
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6 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
OPERATIONS REVIEW
Meridian SeamGas CSG fields
(WestSide interest 51%)
Reserves: 11 PJ (1P); 114 PJ (2P); 221 PJ (3P) net to WestSide(1)
The Meridian SeamGas fields comprise a range of CSG assets including a petroleum lease
(PL94), gas rights in mining leases, 130 wells and gas compression and pipeline infrastructure
connected to Queensland’s commercial gas network and Gladstone, just 160km to the east.
During the quarter, WestSide’s operations team continued to upgrade equipment and
progress strategies to improve field efficiency.
Engineering staff completed design work for the installation of a new screw compressor as
part of an upgraded gas-handling system to improve reliability, lower well-head suction
pressures and increase well gas production.
Engineering design work on the new field telemetry and SCADA (Supervisory Control and Data
Acquisition) system also progressed, following resolution of a number of telemetry issues on
site.
Pretty Plains #8 – the second new dual-lateral production well-set drilled at Meridian
SeamGas – was placed back on pump and brought into production along with the new Pretty
Plains #10 well. Dewatering of Pretty Plains #8 was temporarily suspended following a pump
failure. Start-up pressures and flow rates from Pretty Plains #8 have, however, been very
encouraging.
The Pretty Plains #10 dual-lateral production well-set was also completed during the quarter
and has since been placed on pump and water production commenced.
Work overs were completed during the quarter on seven wells targeted for rejuvenation
under phase two of the work-over program which is now being progressed as quickly as
possible.
Subsequent to the end of the quarter WestSide received a report from independent certifiers
Netherland Sewell & Associates Inc. (NSAI) estimating that Meridian SeamGas had Proved,
Probable and Possible (3P) reserves totalling 433 Petajoules (PJ)(1) as at 30 June 2010 before
WestSide acquired its 51 per cent operating interest from Anglo Coal.
Based on WestSide’s calculations, this represents a 30 per cent increase on the 334 PJ(2) of 3P
reserves initially attributed to the joint venture and establishes a strong platform for further
significant upgrades – the first of which is expected later this year.
The safety of our employees and contractors remains of paramount importance. There were
no reportable safety incidents during the quarter involving staff or contractors.
During the period WestSide appointed internationally experienced CSG authority Steve
Marschang, as Chief Petroleum Engineer to manage and drive the Company’s production and
reserves expansion.
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7 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
A thought leader and discipline expert in CSG resource and technology worldwide, Steve
began his career in the late 1970s at the birthplace of CSG – the prolific San Juan Basin in New
Mexico.
Immediately prior to joining WestSide, Steve was running his own consultancy in Malaysia
where he had been based since 2004 and engaged for the past two years as Talisman Energy’s
Senior Petroleum Reservoir Consultant.
Well Well Type Spud Date Finish Date* Current Status
Pretty Plains #10 dual-lateral
Production 4 Dec 2010 25 Feb 2011 Downhole installation completed, on pump and dewatering for production
Pretty Plains #2 dual-lateral
Production 3 Mar 2011 Expected
mid-May
Drilled vertical and commenced drilling first lateral
Table 1: Meridian production wells drilled during the quarter
*Times include wet weather periods
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8 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
PRODUCTION REVIEW
Meridian SeamGas CSG fields
(WestSide interest 51%)
Gross production from the Meridian SeamGas CSG fields for the quarter totalled 683,235
gigajoules (GJ), averaging 7.6 Terajoules a day, excluding fuel gas consumption by
compressors, while gross sales volumes totalled 777,766 – down 12.3 per cent on the previous
quarter.
The difference between production and sales volumes reflects the volume of available third
party gas sourced from the nearby Mungi field for re-sale, as well as gas consumed as part of
the production process.
Quarterly Data* 31 Dec 2010 31 Mar 2011
Gross Operated
Production GJ 767,185 683,235
Gas Sales GJ 886,791 777,766
Net to WestSide (51%)
Production GJ 391,264 348,450
Gas Sales GJ 452,263 396,661
*No previous corresponding quarterly data available.
WestSide’s net share of production for the period was 348,450 GJ – down 10.9 per cent on the
previous quarter and entirely due to the impact of wet weather on operations, while net gas
sales were down 12.3 per cent to 396,661 GJ. WestSide’s gross sales revenue of $1,231,908,
including processing revenues, consequently fell 12.3 per cent from the $1,405,585 reported
for the previous quarter.
As can be seen from Chart 1 below, sales/production suffered in January and February due to
wet weather which impeded field mobility, hampered maintenance work and rendered
inaccessible many wells requiring work-overs or other remedial actions. However, production
started to recover in March toward levels prior to the onset of the wet season.
Production is expected to fully recover and continue to increase during the current quarter as
work overs of existing wells start to make and impact and the new dual-lateral wells at Pretty
Plains are brought into full production.
Table 2: Quarterly Gas Production & Sales Data
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9 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
EXPLORATION REVIEW
BOWEN BASIN
Meridian SeamGas CSG fields
(WestSide interest 51%)
WestSide believes there is potential to increase the joint venture’s gross 2P reserves to over
500 PJ (un-risked), which would more than double WestSide’s net 2P reserves position and
improve the proved (1P) and possible (3P) positions as well.
The joint venture continued its aggressive reserves expansion exploration campaign, drilling
six more wells, MER02V, MER08V, MER11V, MER03X, MER03V and MER11VR in the quarter.
Well Well Type Spud Date Finish
Date
Net
Coal Current Status
MER02V Appraisal 19 Jan
2011
25 Jan
2011
19.08m Drilled to 618m. Suspended as
future producer
MER08V Appraisal 22 Jan
2011
14 Feb
2011
15.79m Drilled to 641m. Suspended as
a future producer
MER11V Appraisal 27 Jan
2011
14 Feb
2011
N/A Plugged and abandoned due
to hole instability
MER03X Exploration 16 Feb
2011
28 Feb
2011
20.60m Drilled to 551m. Suspended as
future monitor well
MER03V Appraisal 28 Feb
2011
16 Mar
2011
21.03m Drilled to 572m. Suspended as
a future producer
MER11VR Appraisal 7 Mar
2011
24 Mar
2011
22.4m Drilled to 1,376m. Cased and
suspended as future producer
138,645
115,359
142,657
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
January February March
Chart 1: March Quarter 2011 monthly gas sales GJ (net to
WestSide)
Table 3: Meridian appraisal wells drilled during the quarter
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10 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
These appraisal wells are being drilled further to the west and south-west of existing
production areas in PL94 with the aim of increasing gross 2P reserves by up to 200 PJ (100 PJ
net to WestSide).
During drilling of MER11V, the ground was found to be unstable at around 800 metres which
resulted in the well being abandoned. MER11VR was drilled as a replacement well on the site
using a suitable casing configuration. This well successfully drilled to target depth and
intersected the full suite of Baralaba coal seams at depths greater than 1000 metres.
All wells intersected the targeted Baralaba Coal Measures and Kaloola Formation with total
net coal measured between almost 15 metres and 22 metres which was greater than forecast.
The core from the MER01X well drilled in previous quarter reached BJ Services in Houston in
late January. This was followed by core from MER03X which arrived late in March. Plug
samples were obtained from the various seams for fracture stimulation testing which was
undertaken to determine the optimum approach.
During the period the exploration team also worked closely with independent Houston-based
reserve certifiers Netherland Sewell & Associates Inc which completed an updated reserve
estimate for the Meridian SeamGas joint venture at the time of acquisition.
Paranui (ATP 769P)
(WestSide interest 50%)
Reserves: 135 PJ (3P) net to WestSide(3)
The Paranui pilot located adjacent to the Meridian SeamGas CSG fields comprises three
appraisal wells (Paranui #5R, #6R and #8), two observer wells (Paranui #4 and Paranui #7) and
one core well (Paranui #10).
Production testing of the Paranui #5R and Paranui #8 wells remained suspended during the
quarter due to wet weather and will resume at the end of the wet season.
Mount Saint Martin and Tilbrook (ATP 688P)
(WestSide interest 50%)
Reserves: 76 PJ (3P) net to WestSide(3)
Mount Saint Martin
The Mount Saint Martin three-well pilot project was completed during the December quarter
but a decision was taken to suspend production testing until the end of the wet season.
The pilot is comprised of MSM #2, MSM #3 and MSM #4 – three of six wells drilled in 2010 to
test the extent of the resource previously identified in the Moranbah Coal Measures at Mount
Saint Martin.
An extended production test is planned to capture gas and water production data critical to
evaluating the prospects of the field and achieving an initial reserve certification in the Mount
Saint Martin area to add to the Tilbrook reserves once the ground conditions allow.
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Tilbrook
The production test of the current appraisal wells, Tilbrook #7 and Tilbrook #8, continued
throughout the quarter but operations were suspended subsequent to the end of the quarter.
Once the results of the Mount Saint Martin pilot are clear, a regional approach to both areas
will be adopted.
Other ATP 688P exploration
An extensive seismic program is being planned for the remainder of ATP 688P which joint
venture partner QGC, plans to undertake in 2012 on behalf of the joint venture.
GALILEE BASIN
ATP 974P and ATP 978P
(WestSide interest 51% - Mitsui farm-in to 49% pending)
Cultural Heritage assessments and environmental site reviews were completed during the
previous quarter on the four drill sites (Essex Downs #1 and Glenlyon #1 in ATP 974 and
Dunluce #1 and Malakoff #1 in ATP 978), camp sites and potential access routes.
Exploration drilling is scheduled to commence during the current quarter with an initial four-
well program expected to take three months to complete.
On November 1 2010, WestSide announced that Mitsui had provided a notice of intention to
exercise its farm-in option to acquire a 49 per cent interest in each of the Company’s Galilee
Basin tenements, ATP 974P and ATP 978P.
This arrangement remains subject to receipt of all relevant regulatory approvals, the
execution of the farm-in agreement including the work program and budget to be
implemented and reimbursement of 49 per cent of WestSide’s costs to date.
WestSide believes the area could contain up to 21 trillion cubic feet of gas in place and
continued reprocessing and reinterpreting the limited historical seismic data available.
Successful results from the initial drilling program could lead to up to 40 stratigraphic holes
being drilled across each tenement in the first four years to prove the extent of the resource
and target the certification of gas reserves.
CORPORATE
Capital issue
During the quarter 1,062,700 unlisted share rights were issued to employees under the
Company’s Employee Share Scheme designed to help attract and retain skilled staff through
the provision of appropriate short and long term incentives. There were also 284,910 ordinary
fully paid shares issued during the period as a result of the vesting of performance rights while
321,090 share rights lapsed due to non-satisfaction of vesting conditions.
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12 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
Further extension of Mitsui Alliance
In March 2010 WestSide and Mitsui announced they would jointly acquire the since renamed
Meridian SeamGas CSG fields and that Mitsui would have an option to acquire 49 per cent of
WestSide’s existing interests in the neighbouring Paranui prospect (ATP 769P) and its new
Galilee Basin tenements (ATP 974P and ATP 978P).
The alliance was subsequently extended in June 2010 to include an option to farm-in to
WestSide’s CSG interests in ATP 688P in Queensland’s northern Bowen Basin. Mitsui provided
formal notice on 1 November 2010 of its intention to exercise the Galilee Basin tenements
option.
On 6 April 2011 Mitsui provided formal notice of its intention to exercise its options to farm-in
to Westside’s 50 per cent interests in ATP 769P and ATP 688P. Under the terms of the farm-in
option Mitsui will pay WestSide approximately $11.5 million – a sum equivalent to 49 per cent
of WestSide’s exploration costs within the tenements to date.
Mitsui would then have a 24.5 per cent interest in those tenements while WestSide’s interest
in each tenement would reduce from 50 per cent to 25.5 per cent, subject to receipt of a
waiver of pre-emptive rights from QGC - WestSide’s existing joint venture partner in those
areas.
Financial position
WestSide’s cash position at 31 March 2011 was $28.9 million, excluding outstanding cash calls
yet to be paid to WestSide by joint venture partners at the end of the period.
Sales revenue
WestSide’s share of sales revenue for the March quarter was $1,231,908, including processing
revenues - down 12.3% on the $1,405,585 reported for the previous quarter.
Shareholder base
At 31 March 2010 WestSide Corporation had 2,077 shareholders and 254,017,800 shares on
issue.
Sustainability
Building a sustainable business in Coal Seam Gas exploration and production demands our
proactive recognition of the breadth of stakeholder interests in the Company’s operations.
WestSide is committed to meeting and exceeding ever increasing corporate and community
standards in this area.
Since taking over the operations of the Meridian SeamGas CSG fields and infrastructure assets
in July 2010, WestSide has completed an initial environmental audit and prepared a
comprehensive Environmental Management Plan and Water Management Plan in accordance
with new regulatory requirements. These plans are now in the process of being implemented.
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13 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
At WestSide we care about the communities within which we operate. When floods ravaged
the central Queensland community of Theodore near Moura in January, WestSide and
Meridian SeamGas joint venture partner Mitsui E&P Australia answered a call for help to
restore the town's kindergarten playgrounds in time for the start of the school year.
The restoration work called for the supply of approximately 2,000 square metres of turf and
some 50 cubic metres of sand for the play area sand pits. In fact the turf was not available
locally and was eventually sourced from a supplier in Rockhampton.
With the school year starting, we knew that getting the kindergarten fully functioning was
vitally important for both the children and their parents, who needed time to be able to
concentrate on the massive rebuilding effort the town required.
This was a meaningful way for WestSide and Mitsui to help the community of Theodore get
back on its feet.
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14 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
OPERATIONS AND PROJECT AREAS
Figure 1: Meridian SeamGas: Area of Operations and reserves expansion drilling program
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15 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
Figure 2: WestSide Corporation Queensland tenement interests
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16 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
CONTACTS
Chief Executive Officer
Dr Julie Beeby
Phone: 61 (0)7 3020 0931
Investor & Community Relations Manager
Richard Owen
Phone: 61 (0)7 3020 0933
Mobile: 61 (0)412 869 937
Web: www.westsidecorporation.com
Email: [email protected]
About WestSide Corporation Ltd
WestSide Corporation Limited is an ASX-listed company (ASX code: WCL) with interests in coal seam
gas (CSG) projects in Queensland and Indonesia. WestSide operates the Meridian SeamGas CSG
fields west of Gladstone in Queensland’s Bowen Basin. WestSide holds a 51% interest in the fields
with Mitsui E&P Australia Pty Ltd holding the remaining 49%.
Elsewhere in the Bowen Basin, WestSide is currently operating an exploration and appraisal program
at the ATP 769P (Paranui) and ATP 688P (Tilbrook and Mount Saint Martin) sites. WestSide holds a
50% interest in each area with QGC holding the other 50% in each case.
WestSide also has a position in the Galilee Basin (Queensland) with two new tenements (ATP 974
and 978) covering an area of over 14,000 sq kms. The Company expects to commence exploration
activities in these tenements this financial year and is also assessing the CSG potential of certain coal
deposits in Indonesia through its relationship with PT Bumi Resources TBK.
(1) The updated Meridian reserves estimates appearing in this report as at 30 June 2010 were compiled by Mr John G.
Hattner from information provided by WestSide. Mr Hattner is an employee of Netherland Sewell & Associates Inc. (NSAI)
which is independent with respect to Westside. NSAI has no pecuniary interest, other than to the extent of the
professional fees receivable for the preparation of its report, or other interest in the assets evaluated, that could
reasonably be regarded as affecting its ability to give an unbiased view of these assets. Mr Hattner, who is a practicing
geoscientist with over 30 years experience, has consented to the inclusion of the reserve information in the form and
context in which it appears.
(2)
The Meridian reserves estimates appearing in this report as at 31 December 2008 were compiled by Mr Bruce Gunn, an
employee of Resource Investment Strategy Consultants P/L (RISC), from information provided by Anglo to WestSide. This
information was derived from a Netherland Sewell & Associates Inc. (NSAI) reserves report as at 31 December 2008. RISC is
independent with respect to Westside. RISC has no pecuniary interest, other than to the extent of the professional fees
receivable for the preparation of its report, or other interest in the assets evaluated, that could reasonably be regarded as
affecting its ability to give an unbiased view of these assets. Mr Gunn, who is a practising petroleum engineer with over 25
years’ experience, has consented to the inclusion of the reserve information in the form and context in which it appears in
this announcement.
(3)The certified reserves figures used in this report for ATP 688P and ATP 769P are based on information compiled by John
P. Seidle, Ph.D., P.E., and Vice President of MHA Petroleum Consultants LLC. Mr Seidle is not an employee of WestSide
Corporation Ltd and consents to the inclusion in this report of these reserves figures in the form and context in which they
appear.
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17 QUARTERLY REPORT | WestSide Corporation Limited - 31.03.2011
CORPORATE DIRECTORY
Chief Executive Officer
Dr Julie Beeby
Directors
Angus Karoll – Executive Chairman
John Clarke – Non-executive Director
Tony Gall – Non-executive Director
Trent Karoll – Non-executive Director
Nathan Mitchell – Non-executive Director
Robert Neale – Non-executive Director
Business Office
Level 8, 300 Queen Street
Brisbane QLD 4000
Phone: + 61 7 3020 0900
Fax: + 61 7 3020 0999
Postal address
GPO Box 1121
Brisbane QLD 4000
Web: www.westsidecorporation.com
Email: [email protected]
Company Secretary and Chief Financial
Officer
Damian Galvin
Australian Securities Exchange Listing
Australian Securities Exchange Ltd
ASX Code: WCL Ordinary Shares
WestSide Corporation Limited
ABN 74 117 145 516
ACN 117 145 516
Registered Office
Level 8, 300 Queen Street
Brisbane QLD 4000
Auditors
PricewaterhouseCoopers
Riverside Centre
123 Eagle Street
Brisbane QLD 4000
Share Registry
Registries Limited
Level 2, 28 Margaret Street
Sydney NSW 2000
Phone: + 61 2 9290 9600
Fax: + 61 2 9729 0664
Communications Advisors
Three Plus
15 Cordelia Street
South Brisbane Qld 4101
Phone: + 61 7 3503 5700
Fax: + 61 7 3503 5799
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