QUARTERLY REPORT FOR THE PERIOD ENDING JUNE 30, 1999

HIGHLIGHTS FOR THE QUARTER

1. Planned September 1999 drilling of the Gouaro Prospect, New Caledonia subject to farmout. The Gouaro Prospect is a major oil and gas prospect onshore New Caledonia with a most likely case potential to contain 592 billion cubic feet of gas or 369 million barrels of oil, if hydrocarbons are present.
2. Planned October 1999 drilling of the highly prospective Argos Prospect in offshore Carnarvon Basin permit WA-254-P with target oil potential of up to 17 million barrels, if oil is present, subject to ongoing technical review.
3. Continuing evaluation of the Sage-1 oil discovery in offshore Carnarvon Basin WA-254-P with possible Saffron Sandstone oil reserve potential of up to 27 million barrels, subject to further development drilling.
4. Delineation in the San Joaquin Basin Project California of the Kingfisher and Raven Prospects with maximum case target potential of up to 186 billion cubic feet of gas and 12 million barrels of oil if hydrocarbons are present. Drilling of the Kingfisher and Raven Prospects planned for October and November 1999, subject to farmout.
5. Net oil and gas production for the June 1999 quarter of 16,386 barrels oil equivalent equal to 182 barrels of oil equivalent per day for 26.5% owned Kestrel Energy Inc, a US Nasdaq public company.
6. Planned participation in a drilling program of up to twelve wells in the next nine months.
7. Continuing active pursuit of petroleum exploration opportunities in the Middle East.

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