text: Due to the long cycle times 
  inherent in the oil and gas 
  business, it had been recognised 
  that 2004 would be a year in 
  which production was marginally 
  below the previous year, with 
  subsequent increases in 2005 
  and beyond driven by new 
  development projects. 
  
  in each of the four previous 
  years. On a grossed up basis, this 
  represents a yield of over 5%. 
  
  year of safety improvement 
  with an 11% reduction in the 
  2004 total recordable case 
  frequency rate. 
  
  In response to increasing interest 
  and enquiry from shareholders, 
  the Dividend Reinvestment Plan 
  has been reintroduced and 
  applied to the final dividend 
  paid during March 2005. 
  
  Mr Frank Conroy retired from 
  the Board of Directors during 
  December 2004. A member of the 
  Board for five years, Mr Conroy 
  brought extensive business and 
  corporate experience to the 
  Board and I thank him for his 
  outstanding contribution. 
  
  In this light, it is pleasing to 
  report that the Minerva gas and 
  Bayu-Undan liquids projects 
  commenced production during the 
  year as planned, while first oil 
  from Mutineer-Exeter and several 
  other key growth projects are 
  progressing to plan. 