GLADSTONE TO JAPAN: EXPORT LNG PROJECT. December 2007

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1 GLADSTONE TO JAPAN: EXPORT LNG PROJECT December 2007

2 Project Summary Sunshine Gas (SHG) and Sojitz Corporation (SOJITZ) formed relationship to combine upstream and downstream resource expertise to identify business opportunities Upcoming shortage in Japanese contracted Liquefied Natural Gas (LNG) volumes has created an opportunity to export LNG to Japan Sunshine and Sojitz agreed to progress an export LNG project utilising Queensland s growing CSG reserve base as feed Sojitz introduced LNG Japan as a strategic partner and principal offtaker of LNG Partnership group completed Pre-Feasibility study for export LNG culminating in the execution of a Heads of Agreement 2

3 Heads of Agreement Executed Heads of Agreement (HOA) with the following key terms: Develop an LNG plant in Gladstone with SHG 30% / SOJITZ 70% equity split Initial train of 0.5 Mt (Mega tonne) LNG / year with capacity for future train expansion Gas to be sourced from Sunshine Gas Lacerta gas field Discuss potential for Sojitz to purchase equity in Lacerta (up to 20%) Utilise LNG Japan as a strategic LNG partner and principal off-taker LNG product linked to world oil price with flow through effect to upstream producer Target Final Investment Decision (FID) in Dec 2008 with first LNG shipment in Q HOA is non-binding 3

4 Forward Plan 4

5 Key Project Drivers Pre-feasibility confirms project credentials Certified gas reserves Achievable production target Quality, experienced partners Lucrative Japanese LNG market Large upside through expansion 5

6 Progress to date PRE-FEASIBILITY STUDY COMPLETE, key findings: Modular Mid-Scale LNG plant style (<1.0Mt pa trains) better suited to CSG than larger, more traditional LNG plants Identified Fisherman's Landing Wharf (FLW) as preferred site for chosen plant design Addressed key environmental parameters culminating in commencement of an Environmental Impact Statement (EIS) this month Assessed suitability of LNG ships to Gladstone Harbour leading to identification of optimal ship size Achieved confirmation of Lacerta gas as a potential source of export LNG in line with existing Japanese LNG market requirements Assembled key governmental stakeholders to seek input into regulatory process and appropriate approval schedule Proceeding with a full risk assessment through close workings with the Central Queensland Port Authority (CQPA) and other government bodies 6

7 Proposed Plant Site - FLW CURTIS ISLAND N 7 1km 2km

8 Proposed Plant Site - FLW 8

9 Proposed Plant Specs Train 1 LNG Storage Tank Shipping 0.5 Mt LNG / year 160,000m 3 125,000 m 3 Lacerta Gas Field ~70 mmcfd ~25Pj/ year + 10% Fuel Gas Additional Trains 0.5 Mt LNG / year Modules Liquefaction units are modular in design allowing efficient tie-in for additional train expansion Large proposed LNG tank provides greater offloading efficiency and storage capacity for future trains L N G 9

10 Gas source: Lacerta RESERVE CLASS 1P (Proven) 2P (Proven + Probable) 3P (Proven + Probable + Possible) VALUE (Pj) Lacerta a quality asset with low finding / appraisal costs (2-3 / Gj) Large 3P 2P 1P Reserve Conversion expected Existing 2P reserve base will support 1 st LNG train Upgrade in reserves will provide platform for expansion Other SHG fields in various stages of appraisal will provide diversity of gas supply for additional trains and other sales contracts 10

11 Principal Project Partners Upstream gas exploration, production & development Full Upstream / Downstream oil & gas value chain including global LNG operations LNG off-taking, shipping, marketing, trading and re-gasification Environmental assessment, regulatory approval coordination and site surveying 11

12 LNG Chain Joint Approach Upstream Liquefaction Transportation Trading Re-Gasification SOJITZ 20% SHG 30% SHG 80%+ SOJITZ 70% LNG JAPAN : 12

13 LNG Pricing / Costs LNG product pricing linked to the oil price marker Japanese Crude Cocktail (JCC) Feed gas pricing also linked to JCC with full flow through to upstream producer Preliminary feed gas price in excess of existing domestic capacity on an ex-field basis LNG Plant economics robust with current CAPEX estimate of US$ million (to be confirmed during FEED phase) Future train expansions extremely profitable 13

14 Ramp up Gas Domestic gas commercialisation strategy well advanced Plan to sell ramp-up gas into short-term domestic market Contracts will vary from spot to 1-3 years duration Shorter market allows commercialisation of gas which would otherwise be flared as part of CSG project ramp-up Short selling provides greater flexibility in well development Gas production in excess of 1 st LNG train requirements will be rolled into domestic market until additional LNG train capacity is in place First gas sales still on track for Q SHG ongoing exploration, appraisal and development program to feed additional domestic sales contracts 14

15 Summary Significantly advanced export LNG project out of Gladstone Project credibility driven by Completion of pre-feasibility study culminating in HOA Certified gas reserves Achievable production target Quality, experienced partners Lucrative Japanese LNG market Large upside through expansion Strategic relationship formed with global LNG players Collaborative approach to LNG value chain bodes well for project advancement and profitability 15

16 APPENDIX A EXPERIENCE OF PROJECT PARTNERS

17 Sojitz Corporation 2006 Financial Summary Capital : \ 160 billion Yen (US$ 1.45 billion) Net Sales : \ 5,218 billion Yen (US$ 47 billion) Net Income : \ billion Yen (US$ 534 million) - Origin dating back to World Leading Trading House - Integrated and diverse activities - Covering numerous categories of goods and services over the world Total Asset : \ 2,619 billion Yen (US$ 23.8 billion) Employees : Non-consolidated 2,167 Consolidated 18,844 Branches & Offices: Domestic 12 Overseas 92 Subsidiaries & Affiliates : Domestic 202 Overseas

18 Sojitz Activities - Exploration and Production (Oil & Gas) - United Kingdom Offshore, Cleaver Bank High & West Sole Field (Gas) - United Kingdom Offshore, Tors Field (Gas) - United Kingdom Offshore, Gryphon Field (Crude Oil) - Qatar Offshore, Al Karkara Field (Crude Oil) - United States of America Offshore, (Gas) - United States of America Onshore, Tight Gas Field (Gas) - Brazil Offshore, Frade Field (Crude Oil) - Egypt Onshore, Alamein & Yidma Field (Crude Oil) - Gabon Offshore, Etame Field (Crude Oil) - LNG Investment (through LNG Japan) - Qatar Offshore Gas Field, Ras Laffan LNG Project (6.6 million ton/year) - Indonesia Offshore Gas Field, Tangguh LNG Project (7.6 million ton/year) - LNG Financing & EPC - Indonesia, Bontang A, B, C, D, E, F, G (1975~1997) - Indonesia, Arun 1,2,3,6 (1975~1986) - Algeria Arzew (1982 / 1995) - Qatar Ras Laffan (1994) - Egypt SEGAS LNG (2004) - Indonesia Tangguh (2008) 18

19 Sojitz s Oil & Gas Value Chain - From Up to Downstream - Oil & Gas Assets Development, Production & LNG Production Transportation Processing & Regasification Petroleum Products Trading LNG Trading & Marketing Assets Acquisition Oil & Gas Assets Acquisition Finance Finance - Trade Finance - Structured Finance - Reserve Lending LNG Production TEST FPSO LNG Tanker FPSO, LNG Tanker Owning & Chartering Facility Supply - Line pipe - DTU, Rig -Tanker building Downstream Subsidiaries LNG Japan -SOPEC (Trading in SE-Asia) Trading Sales, Marketing & Trading Cargo Swap Price Hedge Processing Tokyo Yuso (Fuel Oil Blending/Storage) Sojitz Energy (Retail Sales /Industrial Energy Sales) 19

20 LNG JAPAN: Imports to Japan Overview 50/50 Joint Venture between Sojitz and Sumitomo to develop LNG projects around the world LNG Handling Share (2006) (All Japan: Total 62 mtpa) LNG JAPAN imports around 15 mtpa of LNG into the Japanese market, which accounts for around 1/4 of all LNG consumed in Japan. Osaka Gas Toho Gas Tokyo Gas Hiroshima/Nippon Gas MCGC Total Buyers Chubu EPC Kansai EPC Kyushu EPC Nippon Steel 1973, , , 1981, 1992 Badak IV 1973, 1981, Badak IV Badak IV Contracts Amount (mtpa) Others 78% LNG Handling Share (2005) (Indonesian LNG: Total 14 mtpa) Others 6% LNG JAPAN 22% LNG JAPAN 94% 20

21 LNG JAPAN: Shipping LNG JAPAN s Fleet BGT Fleet 125,000m 3 L N G Badak Fleet 125,000m 3 Flora / Vesta 125,000m 3 Dwiputra 125,000m 3 Surya Aki 19,100m 3 L N G L N G L N G L N G Surya Satsuma 22,500m 3 L N G Imabari No.1 154,200 m 3 L N G x 8 vessels x 3 vessels x 2 vessels Dedicated to 1973 Contract and spot trade - Owner: LNG JAPAN 25%, Mitsui OSK 75% for 5 of the vessels (Aquarius/Aries/Capricorn/Taurus/Libra) - Transporter: BGT Ltd. (LNG JAPAN 25%/MOL 75%) Dedicated to 1981 Badak Contract - Transporter: Badak LNG Transportation (LNG JAPAN 1.25%/ NYK/Mitsui OSK/K-Line/Others) Dedicated to Badak IV Contract - Owner s Agent: JESCO (LNG JAPAN s 100% Subsidiary) - Assist Commercial Implementation- Dedicated to 1973 Contract - Owner : Pacific LNG Transport (LNG JAPAN 25%/Mitsui OSK 37.5%/NYK 37.5%) MCGC Contract - Owner: MCGC International (LNG JAPAN 19.9%/Mitsui OSK 80.1%) MCGC Contract - Owner: Nusantara Shipping. (LNG JAPAN 20%/ Mitsui OSK 80%) Yemen Contract - Scheduled to be delivered on October Disponent Owner :Trinity LNG Carrier (LJ group 50%/MOL 50%) Imabari No.2 154,200m 3 L N G - Scheduled to be delivered on October Disponent Owner : LJ group 50%/MOL 50% 21

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