Greater Sunrise (JPDA03-19, 03-20; NT/RL4; and NT/RL2)

Greater Sunrise is located in the Timor Sea, 450 kilometres north-west of Darwin, Northern Territory.

ConocoPhillips holds a 30% working interest in the Greater Sunrise area.

In early 2007, the International Unitisation Agreement and the Treaty on Certain Maritime Arrangements in the Timor Sea were ratified by the Timor-Leste and Australian parliaments and incorporated into the laws of the respective countries. At that time, the Greater Sunrise Co-venturers re-established working efforts for possible development of the field.
 
ConocoPhillips and its co-venturers are currently evaluating several development options for the Greater Sunrise area, and are currently targeting finalizing the concept decision in 2009.

Caldita (NT/P61) and Barossa Discoveries (NT/P69)

ConocoPhillips is operator of the Caldita and Barossa appraisal projects.
 
The NT/P61 permit is located offshore Northern Territory Australia, in the Timor Sea approximately 265 kilometres north-northwest of Darwin. The NT/P69 permit adjoins the northern boundary of NT/P61. Drilling of the Caldita-2 apprasial well in NT/P61was completed in early 2007, located 6 kilometres west-northwest of the Caldita-1 discovery well (drilled in 2005).

The Barossa-1 exploration well, in NT/P69, was drilled and tested in late 2007. Logging and two drill stem tests confirmed the presence of natural gas.

A 3-D seismic survey over the Caldita and Barossa structures commenced in December 2006 and was completed in May 2007. Technical evaluation of the Caldita and Barossa gas discoveries will continue in order to define the size and quality of the natural gas accumulations.

Browse Basin (WA-314-P, WA-315-P and WA-398-P)

In 2006, ConocoPhillips farmed into the Browse Basin permits WA-314-P and WA-315-P held 100% by Karoon. Under the terms of the farmin ConocoPhillips acquired an initial 51% working interest in return for funding a portion of two exploration wells and past costs.

ConocoPhillips became operator and has the option to increase to 60% working interest at its election in the event of a discovery by carrying some of Karoon’s development costs.
 
In November 2006 ConocoPhillips and Karoon successfully bid on a government gazettal block south of WA-315-P and were subsequently awarded permit WA-398-P in May 2007. ConocoPhillips has 60% equity and operatorship and Karoon has 40% equity. The Endurance 3D seismic survey was completed in 2008 and a drilling program will commence in late 2008 or early 2009.

ConocoPhillips and Origin Joint Venture (Australia Pacific LNG)

Australia Pacific LNG Pty Limited is a 50:50 incorporated joint venture between Origin Energy Limited and ConocoPhillips which combines Origin’s 13 and ConocoPhillips’ 25 years of CSG experience, as well as ConocoPhillips’ 40 years experience in operating and developing LNG facilities. Australia Pacific LNG is already producing almost 40 per cent of Australia’s total CSG production to meet domestic market requirements. Australia Pacific LNG holds the largest CSG reserves in Australia. Australia Pacific LNG’s project stretches from the Surat and Bowen Basins along a 450km pipeline to a site at Laird Point on Curtis Island off Gladstone. Origin is Australia’s largest integrated energy company and ConocoPhillips is a leader in the development of LNG projects internationally including the existing plant in Darwin, Australia.

For more information about the Project, the Environmental Impact Statement and employment/supplier opportunities visit: www.aplng.com.au