Subject: OGT: Sunrise delayed

Friday, 6 December, 2002

Neither proposal viable: Sunrise Joint Venture participants

Perth, 6 December, OGT-Finally some clarity on the Timor gas drama, with the Sunrise Joint Venture participants, Woodside, ConocoPhillips, Shell and Osaka Gas, announcing their agreement on the key findings of the review of development options for Greater Sunrise.

Through the review process the Joint Venture has undertaken a analysis of a proposal based on piping gas 500 km to shore for sale in Darwin and elsewhere in Australia and an alternative proposal by Shell, to supply LNG to North America from a floating LNG facility.

The review has found neither proposal to be viable.

The Joint Venture says it will now focus on securing ratification of the Timor Sea Treaty and the International Unitisation Agreement for Sunrise, finalising Joint Venture commercial agreements, and securing customers for Sunrise.

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