Annual Report 200448
2. Principal Activities
The principal activities of the consolidated entity during the financial year were: petroleum exploration, the production, treatment and marketing of
natural gas, crude oil, condensate, naphtha and liquid petroleum gas, and the transportation by pipeline of crude oil. No significant change in the
nature of these activities has occurred during the year.
3. Review and Results of Operations
A review of the operations and of the results of those operations of the consolidated entity during the financial year are contained on pages 2 to 7,
10 to 12 and 14 to 28 of this Annual Report.
4. Dividends
On 23 February 2005, Directors declared:-
(i) that a fully franked final dividend of 18 cents per fully paid ordinary share be paid on 31 March 2005 to shareholders registered in the books of
the Company at the close of business on 4 March 2005. This final dividend amounts to approximately $105.4 million; and
(ii) that in accordance with the Terms of Issue, a fully franked dividend of $2.4497 per Franked Unsecured Equity Listed Securities be paid on 31
March 2005 to holders registered in the books of the Company at the close of business on 4 March 2005, amounting to $14.7 million.
A fully franked final dividend of $87.7 million (15 cents per share) was paid on 31 March 2004 on the 2003 results. Indication of this dividend
payment was disclosed in the 2003 Annual Report. A fully franked interim dividend of $87.8 million (15 cents per share) was paid to members on 30
September 2004.
In accordance with the Terms of Issue, fully franked dividends of $3.2940 per reset convertible preference share were paid on 31 March 2004 and 30
September 2004 respectively; each amounting to $11.5 million.
5. State of Affairs
In the opinion of the Directors, there were no significant changes in the state of affairs of the consolidated entity that occurred during the financial
year other than those referred to on pages 2 to 7, 10 to 12 and 14 to 28 of this Annual Report.
6. Environmental Regulation
The consolidated entity’s Australian operations are subject to various environmental regulations under Commonwealth, State and Territory legislation,
including under applicable petroleum legislation and in respect to its South Australian operations, licences (numbers EPA 2569, 1259, 14145, 888
and 2164) issued under the Environment Protection Act 1993, and its Queensland operations, licence no. 150029 issued under the Environmental
Protection Act 1994. Applicable legislation and requisite environmental licences are specified in the entity’s Environmental, Health and Safety
Compliance Database, which forms part of the consolidated entity’s overall Environmental Management System. Compliance performance is monitored
on a regular basis and in various forms, including environmental audits conducted by regulatory authorities and by the Company, either through
internal or external resources. During the financial year, except as mentioned below, no fines were imposed, no prosecutions were instituted and no
notice of non-compliance with the above referenced regulations was received from a regulatory body. A directive was issued by the Northern Territory
Department of Business, Industry and Resource Development in December 2004 in relation to flaring of gas at Mereenie under Clause 619 of the
Schedule of Onshore Petroleum Exploration and Production Requirements 1993 issued under the Northern Territory Petroleum Act 1984. A report was
submitted to the Department regarding this incident. A show cause notice was received from the Department of Primary Industries and Resources,
South Australia, in June 2004 in relation to the Keleary to Merrimelia oil pipeline under the South Australian Petroleum Act 2000. The pipeline has
been assessed and a management strategy has been agreed with the Department.
7. Events Subsequent to Balance Date