text: that we are on track to meet them 
  within the timeframe set out. 
  
  All our financial measures 
  representing shareholder return 
  were favourable, being close to 
  targets which, given the difficult 
  start to the year, was an 
  exceptional result. 
  
  Production was down, as 
  expected, but was further reduced 
  by the effects of the Moomba 
  incident. However, as previously 
  stated, we expect this trend to 
  be reversed in 2005. 
  
  **CONTINUOUS IMPROVEMENT**
  **IMPORTANT**
  Our primary goal is to produce 
  higher returns for our shareholders 
  and, in our drive to do so, it is 
  important to identify ways in 
  which we might achieve more 
  efficient and cost-effective 
  outcomes. 
  
  Reserve replacement has been 
  strong over the past three years, 
  averaging about 130%. While this 
  is below our long-term goal of 
  greater than 140%, it does not 
  include the recent Jeruk discovery 
  and is a solid result against the 
  industry average of less 
  than 100%. 
  
  As a result, an important initiative 
  has been the introduction of a 
  continuous improvement program. 
  The organisational restructure 
  implemented during 2004 yielded 
  dividends with savings recorded 
  in the past year of $38 million for 
  program outlays of $22 million. 