Exploration and
Production

Slide 1

Exploration and Production
Maintaining Focus and Exploiting Success

Slide 2

Otway Basin - Hot Spot 1
Following the Thylacine and Geographe gas discoveries the offshore Otway has attracted many new players.

Prospectivity centres on a reservoir fairway known as the Shipwreck Trough.

Origin has recently acquired interests in the deep water permit T/34P and the near shore permit VIC/P37(V) - both along this trend.

Slide 3

Schematic Section Offshore Otway Basin

Slide 4

Otway Basin: Proposed activity 2004 - 2006
Construction of the Otway Gas Project will begin with the Thylacine field to be developed first.

Exploration activity will centre around acquisition of modern 3D seismic data followed by an active drilling campaign. Origin will participate in at least 4 exploration wells.

Meanwhile in the Bass Basin Origin will drill the Trefoil prospect utilising the rig that will also drill the Yolla development wells (next slide).

Slide 5

Bass Basin: Existing Fields and Proposed Trefoil 1

Slide 6

North Perth Basin - Hot Spot 2

Slide 7

North Perth Basin - Hot Spot 2
Hovea, Jingemia, Eremia and Cliff Head discoveries have changed industry perception of region from poorly prospective for gas to highly prospective for both gas and oil.

Current target is for 10,000 bopd gross by end of calendar year (5,000 bopd Origin net).

Onshore discoveries can be rapidly developed to provide early cash flow.

Slide 8

North Perth Basin Schematic Structural Section

Slide 9

North Perth Basin - 3D seismic is identifying prospects not seen on 2D seismic alone

Slide 10

North Perth Basin: Proposed activity 2004 - 2008
Increasing use of 3D seismic will result in better prospect delineation.

Integration of new geological models should help maintain a high success rate.

Very active exploration, appraisal and development program proposed.

Western Australian gas market dynamics mean either gas or oil in this area will be very valuable.

Slide 11

Surat Basin - Hot Spot 3

Slide 12

Schematic Cross Section - Surat Basin

Slide 13

Surat Basin - Hot Spot 3
Recent successes in the Surat Basin suggest a large gas resource may be stratigraphically trapped at Myall Creek in the Permian Tinowon FM.

A further 4 wells will be drilled starting in September, and 3D seismic will be acquired to define the aerial extent of the accumulation.

This renewed activity in the Surat Basin complements the CSG assets of Origin/OCA in the Bowen Basin.

Slide 14

New Zealand..........the next Hot Spot?
The gap between supply and demand is widening as Maui goes into serious decline.

Although the commercial imperative to find more gas is there, the area is technically difficult to explore.

Re-entry and deepening of Tuihu-1A is imminent and Origin is currently studying several gazettal areas.