ImageAnnual Report

QUARTERLY REPORT FOR THE PERIOD ENDING SEPTEMBER 30, 2000.

HIGHLIGHTS FOR THE QUARTER

  1. Planned participation in a drilling program of up to fourteen wells in the next nine months as per the attached planned 2000-2001 Drilling Schedule.

  2. Successful $8.7 million fund raising in August 2000 to fund planned 2000-2001 exploration drilling program.

  3. Planned commencement in late November/December 2000 of San Joaquin Basin, California drilling program of up to six wells over next nine months targeting potential reserves of up to 399 million barrels of oil and 719 billion cubic feet of gas, if oil and gas are present, subject to farmout and leasing.

  4. Very high gas prices in San Joaquin Basin of up to US$5.20 per thousand cubic feet (A$9.75 per thousand cubic feet) with oil prices in excess of around US$30/barrel (A$57 bbl) provide strong economic return potential in the event of any oil and gas discovery in the forthcoming planned San Joaquin Basin drilling program

  5. Drilling of first Coalbed Methane wells in each of Surat Basin permits ATP 465P and ATP 574P by farminee Queensland Gas Company Ltd in November and December 2000 targeting potential Coalbed Methane reserves of up to 1.2 trillion cubic feet.

  6. Major 390% increase in proved gas reserves to 24.5 billion cubic feet of gas and 68% increase in oil and gas production annual revenues as at June 30, 2000 for 18.4% owned Kestrel Energy, Inc., a US NASDAQ public company (Code: KEST).

  7. Continuing gas production development activities in USA to increase gas production in North East Amber Gas Field, Oklahoma with 1.1 million cubic feet per day gas flow and in Greens Canyon Project, Green River Basin, Wyoming, by 18.4% owned Kestrel Energy Inc.

  8. Net oil and gas production estimate for the September 2000 quarter of 13,400 barrels oil equivalent equal to 148 barrels of oil equivalent per day for 18.4% owned Kestrel Energy, Inc.

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Highlights | Exploration

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