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Subject: Re: BHP Press Release
Date: Tue, 21 Jul 1998 18:25:54 +1000
From: "Geoff McKee" <gamckee@ozemail.com.au>

Subject: BHP Press Release - Elang/Kakatua/Kakatua North Fields - Commencement of Production Date: Tuesday, 21 July 1998 9:48

20 July 1998 Ref: rp880/98:hs

COMMENCEMENT OF PRODUCTION FROM ELANG/KAKATUA/KAKATUA NORTH FIELDS

The Broken Hill Proprietary Company Limited (BHP), on behalf of its joint venture participants today announced the start of oil production from the Elang, Kakatua and Kakatua North oil fields.

The fields are located in contract area 91-12 of the Zone of Co-operation Area A (ZOCA) in the Timor Sea.

The oil fields have been developed using a Floating Production Storage and Offloading facility (FPSO), the Modec Venture 1, connected to four subsea production wells. The vessel is owned by Modec, Inc. and leased to the joint venture. It carries a mixed Australian and Indonesian crew.

The combined reserves in the fields are 29 million barrels of light, low sulphur crude oil. The reserves are intended to be produced over a four year period and a peak flow rate of 32,500 barrels per day is expected to be achieved.

Philip Aiken, BHP Petroleum's Chief Executive Officer said, "This production is the first from ZOCA and it represents an important milestone in the development of the area. The development of these fields has been executed within budget and on schedule, and this is a tribute to the combined achievements of BHP Petroleum and its joint venture participants, Modec, Inc., and the Australia-Indonesia Joint Authority for the Timor Gap Zone of Co-operation."

"I would also like to announce that BHP Petroleum and its joint venture participants have established a partnership with World Vision Australia to explore prospects for cooperating in a community development project in East Timor. The first phase is to prepare recommendations on the best way to give direct support to local communities. This program will supplement our existing community activities there."

The joint venture participants are:

BHP Petroleum (91-12) Pty Ltd (Operator) 42.417% Santos (ZOCA 91-12) Pty Ltd 21.426% Inpex Sahul, Ltd. 21.209% Petroz (Timor Sea) Pty Ltd 13.371% Emet Pty Ltd 1.577% (wholly owned subsidiary of Petroz N.L)

For further information, please contact:

Dr Malcolm Garratt Manager External Affairs - BHP Petroleum Melbourne Phone: +61 3 9652 6872 Mobile: +61 419 582 255

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