ImageAnnual Report

QUARTERLY REPORT FOR THE PERIOD ENDING SEPTEMBER 30, 1998

HIGHLIGHTS FOR THE QUARTER

  1. Participation in the drilling evaluation of the Stanley and Tumuli Prospects in Papua New Guinea commencing mid December 1998 through to March 1999.

  2. Adjacent drilling activity in mid December 1998 in PNG permit PPL 157 will test the 175 million barrel potential portion of the 955 million barrel oil Stanley Prospect extending into PPL 202. Drilling success at Stanley should impact favourably on the PPL 202 Champion Prospect, a most likely case 385 million barrel oil target, if hydrocarbons are present.

  3. Planned PNG drilling in late January/early February 1999 of the Tumuli Prospect with a most likely case 352 million barrel oil target up to a maximum 882 million barrel oil potential, if hydrocarbons are present.

  4. Planned May 1999 drilling of the Gouaro Prospect, subject to farmout. The Gouaro Prospect is a major oil and gas prospect, onshore New Caledonia, with the most likely case potential to contain 592 billion cubic feet of gas or 369 million barrels of oil, if hydrocarbons are present.

  5. Delineation in San Joaquin Basin Project, California of the Raven and Kingfisher Prospects with cumulative most likely case reserve potential of 16 million barrels of oil and 29 million cubic feet of gas up to a maximum of 38 million barrels of oil and 68 billion cubic feet of gas, if hydrocarbons are present. Drilling of the Raven and Kingfisher Prospects planned for May and July 1999, subject to farmout.

  6. Net oil and gas production for the September 1998 quarter estimated at 18,650 barrels of oil-equivalent, equal to 202 barrels of oil-equivalent per day for 26.5% owned Kestrel Energy, Inc., a U.S. Nasdaq public company.

  7. Planned participation in up to 14 well drilling program in next 12 months.

  8. Continuing investigation of petroleum exploration opportunities in Middle East.

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