QUARTERLY REPORT FOR THE PERIOD ENDING DECEMBER 31, 2002

HIGHLIGHTS FOR THE QUARTER

1. Successful acquisition of 11.54% interest in onshore North Perth Basin permit EP 413 adjacent to recent significant Roc Oil Cliff Head and Arc Energy Hovea oil discoveries.
2. Planned April 2002 drilling in EP 413 of Jingemia-1 targeting up to 8 million barrels of oil, if oil is present.
3. Planned California drilling in late April/May 2002 of the first development well on the Vallecitos Oil Field, targeting 5 million barrels of oil, if oil is present.
4. Planned drilling in mid 2002 of the Raven Prospect targeting multiple target oil and gas reserve of up to 75 million barrels of oil and 192 billion cubic feet of gas, if oil and gas is present, following farmout.
5. Recommencement of 2002 offshore Carnarvon Basin drilling program with planned April 2002 drilling of Ceres-1 in WA-261-P targeting up to 22 million barrels of oil, if oil is present.
6. The continuing Coalbed Methane development program in Queensland Surat Basin permit ATP 574P by farminee Queensland Gas Company Ltd in the quarter targeting potential Coalbed Methane reserves in ATP 574P of up to 650 billion cubic feet of gas.
7. Planned mid 2002 drilling in Queensland, Surat Basin permit ATP 574P of North Giligulgul-1 targeting up to 23 million barrels of oil, if oil is present, following the February 2002 16km seismic survey to define the drilling location.
8. Net oil and gas production for the year ending 30 June 2001 of 350 million cubic feet of gas and 18,688 barrels of oil equal to 211 barrels of oil equivalent per day, a 37% production increase over the previous period, with associated 107% revenue increase to A$4.3 million for 18.4%-owned Kestrel Energy, Inc., a US NASDAQ public company (Code: KEST)
9. Continuing oil and gas production development activities in USA to increase oil and gas production in the USA producing properties in Louisiana, New Mexico, Oklahoma and Wyoming, to increase June 30, 2001 proved reserves of 2.6 million barrels of oil equivalent with a future undiscounted net cash flow of A$54 million and net present value of A$27 million at a discount rate of 10%
10. Planned participation in a drilling program of up to fifteen wells in the next nine months

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