QUARTERLY REPORT FOR THE PERIOD ENDING SEPTEMBER 30, 1999

HIGHLIGHTS FOR THE QUARTER

1. Commencement of rig mobilisation for November 1999 drilling of the Gouaro Prospect, New Caledonia following farmout to private US investor clients of Monoco Petroleum, Inc. 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, up to a maximum of 1.5 billion cubic feet of gas or 1 billion barrels of oil, if hydrocarbons are present.
2. October 1999 gas discovery in the Green River Basin, Greens Canyon-1 well, (UPRC #27-3) with probable gas reserve potential for the Greens Canyon gas project development of up to 152 billion cubic feet of gas.
3. Planned February 2000 drilling of the highly prospective White Opal Prospect in Carnarvon Basin permit EP 325 with target oil potential of up to 247 million barrels of oil or 880 billion cubic feet of gas, if hydrocarbons are present..
4. 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.
5. Delineation in the San Joaquin Basin Project California of the Pipedream, Kingfisher and Raven Prospects with maximum-case target potential of up to 1.4 trillion cubic feet of gas and 162 million barrels of oil if hydrocarbons are present. Drilling of the Kingfisher and Raven Prospects planned for November and December 1999, subject to farmout, and the drilling of the Pipedream Prospect by adjacent permit holder planned for January, 2000.
6. Net oil and gas production for the September 1999 quarter of 15,900 barrels oil equivalent equal to 177 barrels of oil equivalent per day for 18.9% owned Kestrel Energy, Inc, a US NASDAQ public company.
7. Planned participation in a drilling program of up to twelve wells in the next nine months.
8. Continuing active pursuit of petroleum exploration opportunities in the Middle East.

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