Level King William St Adelaide Australia 5000 T:(08) F: (08) M: E:

Transcription

1 1

2 EnergyQuartely EnergyQuarterly is an up-to-date, independent and comprehensive 140 page report on Australian oil and gas production, reserves, prices and development projects. Each quarter the report provides: Analysis of current developments in global energy from an Australian perspective. This includes oil and gas prices and LNG developments, including prices. Oil, gas, and liquids production by basin/field and company. Reserves estimates by product, basin/field and company, with maps. Oil and gas resources estimates. Gas price information. Separate estimates of natural gas and ethane production. Australian state gas markets Gas-use for power generation Company production by region and field. Details of oil and gas development projects. Major gas and oil pipelines. PNG oil production by company and field. New Zealand production Overseas production by Australian companies. The report is timely, produced within eight weeks of each quarter end. The report is used by companies for: Board presentations Investor presentations Government presentations Strategy development Gas purchase and sales Liquids purchase and sales Market analysis M&A It is used by governments for: Timely statistics Analysing supply options Ministerial briefing Following company activities Policy development It is used by investors and analysts: Production monitoring Market analysis Earnings forecasting Data from the report is regularly used by major companies in public presentations, as well as internally. Subscribers include Australian and state government agencies and a wide range of energy producers and energy buyers. 2

3 The report is user-friendly, with data provided in easy to read tables and Excel spreadsheet format. Trends and waterfall diagrams highlight recent changes. The data is rigorously cross-checked against other sources. Please let me know if you would like to subscribe to the report or if you would like to see a sample copy Yours sincerely, Graeme Bethune Chief Executive Officer EnergyQuest Energy analysis and strategy. Level 30, 91 King William Street Adelaide Australia 5000 Tel: Fax: Mobile: gbethune@energyquest.com.au ABN: ACN:

4 Sample Contents Preface... 2 List of tables... 6 List of figures... 7 Highlights Australian overview Australian gas pricing itself out of markets Higher gas prices globally Driven partly by oil-linkages But also internationalisation of domestic markets Australian gas challenged internationally and domestically High costs reducing LNG competitiveness and driving up domestic gas prices Need for industry, government and unions to reduce costs Importance of exploration by junior companies National trends Regulation negatively impacting exploration Petroleum production up 6% in Record gas production LNG projects getting closer to deadlines Record domestic gas production Domestic gas prices continue to firm Second quarter gas consumption flat Tight outlook for east coast domestic gas WA projected to be well-supplied Oil production down 18% in A$12 billion petroleum trade deficit International overview BP releases 2013 statistical review of world energy WTI meets Brent Gas Demand picking up in Europe US gas prices rising, high UK prices International gas prices China and India linking domestic gas prices to international benchmarks LNG Spot LNG prices rebound LNG demand still growing in Asia Fall in Japanese LNG imports Increase in Korean imports Stable Taiwanese imports Continuing growth in Chinese LNG imports Indonesia seeking higher prices from China China starts importing pipeline gas from Myanmar Thailand First Angola LNG US export approvals already for 41 Mtpa

5 US project outlook Canadian LNG East Africa Summary tables and charts Reserves and resources Coal seam gas reserves and resources Total gas reserves and resources Oil and NGL reserves Australian petroleum resources Papua New Guinea reserves and resources Timor-Leste JPDA reserves and resources New Zealand reserves and resources Australian conventional domestic gas New projects coming on stream Developments by region and field Northern Territory pulls Gove gas deal Western Australian gas production has not grown in five years Macedon starts production East coast production up Lower Cooper Basin production Victorian production increase Gippsland Basin production jumps Lower Otway Basin production Bass Basin producing again Coal seam gas Drilling full speed ahead LNG project progress Good weather accelerates Queensland activity QCLNG 65% complete GLNG 60% complete APLNG well on track Ironbark back on the agenda Arrow tie-up with APLNG? AGL Fisherman s Landing LNG Comet Ridge WestSide PetroChina/Molopo New South Wales locked up AGL Santos Unconventional oil and gas Huge Australian shale gas and oil potential Sparse population an advantage Cooper Basin Santos Beach Energy Senex Drillsearch Strike Energy

6 Canning and Perth basins Northern Territory Total domestic gas and ethane Record domestic gas production Ethane production West coast LNG Record LNG production, shift to FLNG Production Producing projects Lower NWS production LNG pricing Pluto Flat Darwin LNG production Projects under construction Gorgon speeding up Wheatstone Prelude Ichthys Proposed projects Shift to FLNG Gorgon Train 4? Wheatstone Train 3? Darwin expansion? Bonaparte LNG moving to FEED Browse looking to FLNG Equus low on the Hess radar screen Scarborough heading for FLNG Sunrise Total natural gas and ethane Record gas production of 2,228 PJ Gas prices Domestic gas prices continue to firm Re-pricing of Woodside LNG projects West coast domestic prices creeping up East coast pricing pressure LNG netbacks and gas prices Gas markets and infrastructure Second quarter gas consumption flat Electricity prices up, generation down Back to the future with coal Industrial demand challenged Gas pipeline developments LNG pipelines Integration of APA pipelines Bid for Envestra Roma Brisbane Pipeline South West Queensland Pipeline Burketown to Mt Isa? Moomba Sydney Pipeline

7 Moomba Adelaide Pipeline lateral Tasmanian Gas Pipeline Goldfields Gas Pipeline (GGP) Fortescue Metals Albany Pipeline Northern Territory Gas storage Gas processing plants Oil Oil production down 18% in Developments by company and project Liquefied petroleum gas Lower LPG production Condensate Higher condensate production Total oil and natural gas liquids Australian oil and liquids production down 11% in Total Australian petroleum production Petroleum production up 6% in Development projects New Zealand Higher gas production Timor Leste Sunrise LNG still stalled Papua New Guinea PNG LNG over 90% complete Major gas developments by project PNG LNG well advanced InterOil in discussions with ExxonMobil Horizon farm-out to Osaka Gas Data sources and definitions Definitions Comparison with other sources Abbreviations Conversion factors About EnergyQuest Terms of use List of tables Table 1 Imports of LNG: United Kingdom (UK), North Asia and US June quarter 2012 and Table 2 Japanese LNG import volumes and prices June quarter 2012 and

8 Table 3 Korean LNG import volumes and prices June quarter 2012 and Table 4 Taiwanese LNG import volumes and prices three months ended May 2012 and Table 5 Chinese LNG and pipeline import volumes and prices June quarter 2012 and Table 6 Thailand LNG import volumes and prices June quarter 2012 and Table 7 Australian petroleum production by state (annual field units), quarter and year end Table 8 Australian petroleum production by state (daily field units), quarter and year end Table 9 Australian petroleum production by state (metric volumes), quarter and year end Table 10 Australian petroleum production by state (annual energy equivalent), quarter and year end Table 11 Australian CSG reserves (proved and probable) by field, at August Table 12 Queensland 2P CSG reserves as at December 2011 and Table 13 Australian CSG reserves by field, at August Table 14 Australian CSG reserves by proposed LNG project, at August 2013 (PJ) Table 15 Australian proved and probable CSG reserves by company, at August Table 16 Australian CSG reserves and resources by company, at August 2013 (PJ) Table 17 Australian natural gas and ethane 2P reserves by field and basin, at August Table 18 Australian natural gas and ethane 2P reserves by company, at August Table 19 Australian east coast natural gas and ethane 2P reserves, at August Table 20 Australian east coast 2C gas resources by type, at August 2013 PJ Table 21 Australian WA and NT natural gas 2P reserves, at August Table 22 Australian oil and NGL 2P reserves by field, at August Table 23 Australian oil and NGL 2P reserves by company, at August Table 24 Australian petroleum resources by major field, at August Table 25 PNG proved and probable oil reserves, at August 2013 and December Table 26 PNG proved and probable gas reserves, at August 2013 and December Table 27 PNG 2C petroleum resources, at August Table 28 Timor-Leste JPDA proved and probable oil and NGL reserves by field at August Table 29 Timor Leste proved and probable oil and NGL reserves by company at August Table 30 Timor-Leste JPDA proved and probable gas reserves at August Table 31 New Zealand proved and probable gas reserves by field (includes LPG) Table 32 New Zealand proved and probable gas reserves by company Table 33 New Zealand proved and probable oil and condensate reserves by field Table 34 New Zealand proved and probable oil and condensate reserves by company Table 35 Australian conventional domestic gas production by basin and major field, quarter and year end Table 36 Australian conventional domestic gas production by company, quarter and year end Table 37 Australian CSG production by basin and field, quarter and year end Table 38 Australian CSG production by group/company, quarter and year end Table 39 Australian domestic gas production by basin and major field, quarter and year end Table 40 Australian domestic gas production by company, quarter and year end Table 41 Australian west coast domestic gas production, quarter and year end Table 42 Australian east coast domestic gas production by company, quarter and year end Table 43 Australian domestic gas production, major producers by field, quarter and year end Table 44 Australian ethane production by basin, quarter and year end Table 45 Australian ethane production by company, quarter and year end Table 46 Gross Australian LNG production, quarter and year end Table 47 Net Australian LNG production by basin, quarter and year end Table 48 Australian LNG production by company, quarter and year end Table 49 Australian total natural gas and ethane production by basin and major field, quarter and year end Table 50 Australian total natural gas and ethane production by company, quarter and year end Table 51 Gas price realisations A$/GJ, June quarter 2012 and Table 52 Estimated east coast gas production and consumption, June quarter 2013 (PJ) Table 53 Australian average wholesale electricity prices, June quarter 2011 and 2012, $/MWh Table 54 NEM power generation by fuel, quarter and year end Table 55 NEM gas-fired generation and gas use, major stations, quarter and year end

9 Table 56 Gas pipelines and east coast gas pipeline flows, June quarter Table 57 Indicative gas pipeline tariffs, August Table 58 Gas processing plants and production, June quarter Table 59 Australian oil production by basin and major field, quarter and year end Table 60 Australian oil production by company, quarter and year end Table 61 Australian LPG production by basin, quarter and year end Table 62 Australian LPG production by company, quarter and year end Table 63 Australian condensate production by basin and major field, quarter and year end Table 64 Australian condensate production by company, quarter and year end Table 65 Australian oil and NGL production by basin and major field, quarter and year end Table 66 Australian oil and NGL production by company, quarter and year end Table 67 Australian petroleum production by basin and major field, quarter and year end Table 68 Australian petroleum production by company, quarter and year end Table 69 Australian and PNG oil, gas and liquids projects under consideration, development or expansion, June Table 70 New Zealand petroleum production, quarter and year end March 2012 and Table 71 New Zealand gross gas production by field, year end 2010 and Table 72 New Zealand crude oil, condensate and naphtha production by field, year end 2010 and Table 73 Timor Leste petroleum production by product and company, quarter and year end Table 74 PNG oil production by field, quarter and year end Table 75 PNG oil production by company, quarter and year end Table 76 Comparison between EnergyQuest, APPEA, BREE and BP petroleum production estimates List of figures Figure 1 Average wholesale domestic gas prices by country 2010 (US$/MMBtu) Figure 2 Average wholesale domestic gas prices by country 2012 (US$/MMBtu) Figure 3 Annual east coast gas prices, new contracts ($/GJ, $95 oil, 2013$) Figure 4 Annual gas prices ($/GJ, $75 oil, 2013$) Figure 5 Australian petroleum production, March 2011 to June Figure 6 Australian petroleum production by product, March 2011 to June Figure 7 Australian petroleum production by major producers, March 2011 to June Figure 8 Change in Australian petroleum production by product, June quarter 2012 and Figure 9 Change in Australian petroleum production by state, June quarter 2012 and Figure 10 Australian quarterly natural gas and ethane production, March 2011 to June Figure 11 Gas exports and domestic gas production March 2011 to June Figure 12 Australian quarterly domestic gas production, March 2011 to June Figure 13 Australian oil production March 2011 to June Figure 14 WTI, Brent and Tapis spot oil prices, January 2011 to July Figure 15 Monthly gas prices and JCC, January 2011 to June Figure 16 International and Australian gas prices, June quarter Figure 17 Australian CSG reserves and resources, at August Figure 18 Natural gas reserves and contingent resources, Australia, PNG and Timor Leste Figure 19 Oil and NGL reserves and contingent resources, Australia PNG and Timor Leste Figure 20 Conventional domestic gas production, March 2011 to June 2013 (PJ) Figure 21 Australian conventional domestic gas production by major producers, March 2011 to June Figure 22 Change in Australian conventional domestic gas production by basin, June 2012 and Figure 23 Change in Australian conventional domestic gas by company, June quarter 2012 and Figure 24 Australian CSG production by major producers, March 2011 to June Figure 25 Change in Australian CSG production by field, June quarter 2012 and Figure 26 Change in Australian CSG production by company, June quarter 2012 and Figure 27 Queensland CSG development wells drilled by operator from FID to August Figure 28 Australia domestic gas production, March 2011 to June 2013 (PJ) Figure 29 Australian domestic gas production by major producers, March 2011 to June

10 Figure 30 Change in Australian domestic gas production by basin, June quarter 2012 and Figure 31 Change in Australian domestic gas production by producer, June quarter 2012 and Figure 32 Australian LNG production March 2011 to June Figure 33 Australian gas production, domestic and LNG, March 2011 to June 2013 (PJ) Figure 34 Australian natural gas and ethane production, March 2011 to June Figure 35 Change in Australian natural gas and ethane production by basin, June quarter 2012 and Figure 36 Change in Australian natural gas and ethane production by company, June quarter 2012 and Figure 37 Quarterly west coast gas prices, March 2011 to June Figure 38 Quarterly east coast gas prices, March 2011 to June Figure 39 Average weekly spot prices for gas, January 2011 to July Figure 40 Long run LNG netbacks Figure 41 Sales gas production and consumption by state, June quarter Figure 42 Average monthly wholesale electricity prices January 2011 to July Figure 43 NEM gas-use for power generation, March 2011 to June 2013 (PJ) Figure 44 Australian oil production by major producers, March 2011 to June Figure 45 Change in oil production by basin, June quarter 2012 and Figure 46 Change in Australian oil production by company, June quarter 2012 and Figure 47 Australian LPG production by major producer, March 2011 to June Figure 48 Change in Australian LPG production by basin, June quarter 2012 and Figure 49 Change in Australian LPG production by company, June quarter 2012 and Figure 50 Australian condensate production by major producer, March 2011 to June Figure 51 Change in Australian condensate production by basin, June quarter 2012 and Figure 52 Change in Australian condensate production by company, June quarter 2012 and Figure 53 Australian oil and NGL production by major producers, March 2011 to June Figure 54 Change in Australian oil and NGL production by basin, June quarter 2012 and Figure 55 Change in Australian oil and NGL production by company, June quarter 2012 and Figure 56 Change in Australian petroleum production by basin, June quarter 2012 and Figure 57 Change in Australian petroleum production by company, June quarter 2012 and Figure 58 Change in Timor Leste petroleum production by product, June quarter 2012 and Figure 59 Change in PNG oil production by field, June quarter 2011 and Figure 60 PNG LNG site August

11 EnergyQuarterly Subscriber Details Last Name First Name Position Organisation Office Telephone Mobile Phone Office Address Address Name and address of person to be invoiced (if different) Type of subscription (tick the box): Single user Corporate multiple copies Annual cost (including GST): $3, $10, Payment may be made by cheque payable to EnergyQuest P/L for the amounts above or by EFT upon application; Payment may be made by credit card Amount: Single: $3, Corporate: $10, Card Number: / / / Expiry Date: / Card type: Visa ; Amex ; Mastercard (please tick) Name on Card: Signature: Phone: or fax:

12 About EnergyQuest EnergyQuest is an energy consulting company established by Dr Graeme Bethune in 2005 to provide strategic analysis on Australian oil, gas and unconventional energy sources. It produces regular multi-client reports and undertakes specific consulting assignments. EnergyQuest is increasingly recognised as an authoritative source of data and analysis on Australian energy and its reports on energy trends are regularly quoted by the major Australian and international news services. The Australian Energy Regulator has made extensive use of EnergyQuest data in their State of the Energy Market Reports since EnergyQuest s clients include most major Australian energy companies, most Australian governments, institutional investors and a number of international companies. EnergyQuest is a member of the Australian Petroleum Production and Exploration Association, the Australian upstream oil industry association, and the Australian Pipeline Industry Association. Research and Analysis EnergyQuest produces the EnergyQuarterly, which provides comprehensive and timely statistical analysis of oil and gas production, reserves, development projects, gas contracts and prices in Australia. EnergyQuest also produces two major multi-client studies, Australian Coal Seam Gas, which provides a comprehensive review of east coast Australian CSG and LNG, and Australian Biofuels. These reports are regularly updated. Consulting Energy Supply EnergyQuest has undertaken assignments for major energy producers, buyers and government agencies on the future energy supply and cost outlook and strategic options. LNG EnergyQuest Senior Associate Greg Veitch undertakes assignments on LNG marketing and shipping: Facilitation of large LNG projects (producers or receiving terminals) by connecting projects with potential suppliers /customers. Negotiation of contracts for sale or purchase of LNG. World LNG market supply/demand and strategic direction, including the interplay between pipeline and LNG supply. LNG spot trading. Facilitation of commercial activities relating to LNG shipping (ship charters, ship purchase). Natural Gas EnergyQuest has undertaken many assignments on Australian and international natural gas, including: Independent report on gas reserves for a proposed pipeline acquisition. 12

13 Independent report on gas deliverability for a major gas user. Advice for a NSW power generator on gas supply options. Advice on gas supply options for the Mt Isa minerals province. Gas price forecasts by Australian state to Advice for a major oil and gas company on potential Australian LNG projects. Independent expert report for an east coast gas price arbitration. Projections of future Australian coal seam gas demand and supply for a major resources company. Advice on east coast gas supply options for a major industrial customer. Advice on gas marketing and price options for a potential gas field development. Advice on the outlook for Australian gas (domestic and LNG) for a major resources company. Advice on gas transmission pipelines for an institutional investor. Advice on gas commercialization outlook and options for a proposed east coast gas development. Numerous studies on east coast gas production costs and the outlook for demand, supply and prices. Studies of gas demand and supply in Indonesia and Vietnam. Assessment of domestic gas market interventions in major world gas producing countries. Liquid Fuels EnergyQuest also undertakes consulting on liquid fuels: Studies of Australian transport fuel vulnerability for a major Australian alternative liquid fuel project. Multi-client reports on Australian biofuels. Assessment of an ethanol project for a financier. Comprehensive assessment of the Australian diesel fuel market and import opportunities. Oil price forecasts for a potential liquids project. Market studies for alternative liquids projects. A report for the Australian Government on transport fuel security. Study on the outlook for Australian refineries. EnergyQuest Team Dr Graeme Bethune, CEO, with 30 years experience in economic and financial analysis, 10 years in senior business development and finance roles with Santos and founder of EnergyQuest in Graeme ranks in the top 5% of experts in the Gerson Lehrman Energy and Industrials Council, a global network of over 30,000 experts in the 13

14 energy, transport and industrials sectors, providing advice to investors, professional services firms and companies. Graeme Atwell, Senior Associate, with 40 years experience in power generation and gas contracting and trading with ETSA and Santos. Working with EnergyQuest since Gas supply and marketing specialist. Mike Cochran, Senior Associate, with 30 years experience in oil and petroleum marketing with Santos and mineral marketing with Rio Tinto. Working with EnergyQuest since Specialist in conventional and alternative liquid fuels. Greg Veitch, Senior Associate, 28 years with Shell, with senior roles in LNG marketing, commercial and shipping. Susan Bethune, Executive Manager and co-founder of EnergyQuest, specialist in economic, financial and statistical analysis. Graeme Bethune, Chief Executive Graeme Bethune is CEO of EnergyQuest, a company he established in 2005 to provide energy analysis and strategic advice to companies and governments on Australian oil and gas. Between 1995 and 2005 Graeme held senior executive positions with Santos, one of Australia s leading energy companies, with responsibilities for finance, business development and investor relations. Graeme is the lead author of two regular EnergyQuest reports, EnergyQuarterly and Australian Coal Seam Gas. Graeme also undertakes regular consulting assignments on Australian oil and gas. He is regularly asked to speak at energy conferences in Australia and Asia and his comments are regularly sought by the domestic and international media. Graeme represents Australia on a number of international study groups of the International Gas Union and is currently leading a multinational group of industry analysts undertaking research on the impact of unconventional gas on the Asia Pacific gas market. He is a Director of the Australian Gas Industry Trust. In this capacity he was a member of the Australian delegation to the World Gas Conference in 2009 and He is also a member of the National Organising Committee for the LNG18 Conference to be held in Perth in Graeme has a first-class honours degree in economics from Monash University and a PhD from the Australian National University. He has undertaken the executive program at the Graduate School of Business at Stanford University, is a fellow of the Australian Institute of Company Directors and the Australian Society of Certified Practising Accountants and is a member of the US Society of Petroleum Engineers (SPE) and the Australian Institute of Energy. Graeme Atwell, Senior Associate Graeme is an engineer with over 40 years of experience in the energy industry in Australia, primarily in gas and power. Since joining EnergyQuest in 2007, Graeme has advised both gas users and producers on strategic and commercial issues. He has also acted as an independent expert in gas price arbitrations. 14

15 For over 30 years, Graeme operated in a diverse range of roles in the electricity generation industry in South Australia. This included power station design, operation and maintenance, coal mining and purchasing and trading of gas for electricity generation. Between 2001 and 2007, Graeme was employed by Santos in key commercial roles. This included marketing and commercialisation of gas from the Cooper Basin, including the sale of 500PJ of gas (over $2 billion) to AGL in 2002, major ethane sales to Qenos in Sydney, and negotiation and establishment of Australia s first major gas swap agreement which enabled Queensland CSM to be contractually supplied to Sydney markets. Within Santos, Graeme was also responsible for commercialisation of Santos Timor Sea assets and played a key role in the project to bring PNG gas to Australia. In his role with EnergyQuest Graeme has advised clients on gas commercialization opportunities and gas purchase options. He has also participated in numerous assessments of the demand and supply outlook for Australian domestic gas. Graeme has a Bachelor of Technology (Mechanical Engineering) degree from the University of Adelaide. In support of Graeme s commercial and contractual responsibilities he also completed a Professional Certificate in Arbitration and Mediation. Graeme is a member of the Australian Institute of Energy, and the Institute of Arbitrators and Mediators. Mike Cochran, Senior Associate Mike Cochran has been working with EnergyQuest since 2005 and specialises in conventional and alternative liquid fuels. Previously Mike held senior commercial and marketing positions with some of the world s largest resource and petroleum organisations, including Santos, Rio Tinto and BHP. During 22 years with Santos, Mike was responsible for marketing Santos s petroleum liquids, crude oil, LPG, condensate and naphtha in international markets. He was also responsible for business improvement initiatives such as splitting condensate/naphtha for the Asian petrochemical and Hong Kong town gas markets, and inland production of diesel fuel. Mike has a Bachelor of Economics from Sydney University and a postgraduate Diploma of Oil Supply and Refining from the University of Oxford. During the past eight years, Mike has presented at national and international forums on condensate, naphtha, LPG and biofuels. Greg Veitch Senior Associate Greg Veitch is a leading expert in LNG marketing, commercial and shipping. He worked in the Shell organization for 28 years and was a Director of four Shell or Shell joint venture companies and Chairman of the North West Shelf Shipping Services Company. He has extensive experience in LNG marketing, leading negotiations for several long-term contracts in Asia and numerous spot contracts in Asia and the USA. He has purchased LNG from Asian and Middle East suppliers. Greg was also involved in the project development of the North West Shelf, Gorgon and Sunrise projects. 15

16 Since January 2007 Greg has been an independent consultant. In this role he was Vice President LNG Supply at NorthernStar NG between February 2007 and April 2010, and developed LNG supply opportunities for the proposed Bradwood Landing LNG terminal in Oregon in the United States. During the period January to July 2012, Greg consulted to Apache Energy on sales of LNG from the proposed Kitimat LNG Project in Canada into Japan. Greg has also consulted to Silver Metals Pty Ltd., Credit Suisse, Goldman Sachs, Orange Capital and Mt Kellet. With EnergyQuest Greg has undertaken assignments on the interaction between Australian LNG projects and domestic gas markets including Coal Seam Gas supply for LNG projects in Queensland and its potential impacts on domestic gas supply and pricing. He has participated in the production of the EnergyQuest CSG Reports of 2011 and Outside of the oil and gas industry Greg has had extensive experience in project development for Shell Metals (Worsley Alumina) and in business planning for Shell Coal. He has also been involved in Shell Corporate activities (human resources). Prior to Shell Greg worked with Nabalco Alumina Pty Ltd and Broken Hill Associated Smelters in a technical role. Susan Bethune, Executive Manager Susan Bethune is a partner in EnergyQuest, responsible for market data and analysis. She is an expert on energy market data and modelling, including energy prices, production and reserves. Susan has created and maintains the databases used in EnergyQuest s EnergyQuarterly reports and has undertaken numerous projects for clients wanting customised data series. Susan has 35 years experience in economic and financial analysis with the Australian Government (Australian Bureau of Statistics and Productivity Commission), the corporate and finance sectors, and the tertiary education sector (University of Adelaide and University of South Australia). 16

17 Terms of Use EnergyQuarterly is provided subject to the following terms and conditions: 1. Although all care is taken in the preparation of the data contained in EnergyQuarterly, the data provided are estimates and EnergyQuest accepts no responsibility for any misprints, errors, inaccuracies or omissions. EnergyQuarterly is provided without any warranties of any kind. EnergyQuest, to the fullest extent permitted by law, disclaims all warranties. Except as provided by law, all warranties express or implied by law in any way relating to EnergyQuarterly or the use of or reliance upon the information contained in EnergyQuarterly are excluded. In addition, EnergyQuest does not warrant that EnergyQuarterly is error free. Under no circumstances will EnergyQuest be liable for any incidental, special or consequential damages, including damages for loss of business or other profits arising (directly or indirectly) from the use of information contained in EnergyQuarterly. 2. EnergyQuest will not be liable for any claim arising directly or indirectly from use of any information contained in the EnergyQuarterly. EnergyQuarterly is intended to provide general information in summary form on industry activity, current at the time of publication. The contents do not constitute advice and should not be relied upon as such. Formal advice should be sought in particular matters. Nothing in EnergyQuarterly is considered as creating a client/advisor relationship and no subscribers or users should act or refrain from acting on the basis of any information contained in EnergyQuarterly without seeking appropriate advice on the particular facts and circumstances at issue. 3. Your subscription, access and use of EnergyQuarterly is conditional upon your acceptance and compliance with the terms, conditions, notices and disclaimers contained in this document or any amended terms from time to time. EnergyQuest may amend these terms at any time by posting the amended terms & conditions on its website. The amended terms & conditions will be effective immediately and you will be bound by the amended terms & conditions from that time. These terms may not be amended otherwise. If you violate any of these terms (or any of the amended terms) your right to subscribe to and use EnergyQuarterly automatically terminates. All restrictions imposed on you, disclaimers and limitations of liability set out in these terms will survive termination. 4. The content of EnergyQuarterly, including all information such as text, graphics, images and other material ("Materials"), is protected by Australian and international copyright law. Unauthorised use of the Materials may violate these laws. Unless otherwise expressly indicated in specific material, copyright subsisting in EnergyQuarterly is owned by EnergyQuest Pty Ltd. 5. In the case of persons or organisations subscribing for a single-user licence, except to the extent necessary for the designated subscriber to download any material for their own use or to cite material in the ordinary course of their employment or business (but subject at all times to Clause 9), reproduction (including by electronic means), incorporation in a publication, distribution, transmission or forwarding of EnergyQuarterly in whole or part is forbidden without prior written permission. Requests for wider use must be made in writing to EnergyQuest. 6. Organisations subscribing to EnergyQuarterly under a corporate subscription may distribute the report to authorised employees ( Users ) within their organisation. Except to the extent necessary for Users to download any material for their own use or to cite material in the ordinary course of their employment or business (subject at all times to Clause 9), reproduction (including by electronic means), incorporation in a publication, distribution, transmission or forwarding of EnergyQuarterly in whole or part is forbidden without prior written permission of EnergyQuest. Requests for wider use must be made in writing to EnergyQuest. 7. Permission to re-copy EnergyQuarterly does not allow for incorporation of material or any part of it in any work or publication, whether in hard copy, electronic, or any other form unless that incorporation is specifically contemplated by Clause 5 or Clause 6 or has been approved in writing by EnergyQuest and complies with the requirements contained in Clause Under no circumstances may subscribers distribute, transmit or in any other way forward EnergyQuarterly in whole or part or information therefrom to other companies, non-controlled subsidiaries or affiliates, contractors, associates, consultants, non-company individuals, other government departments or entities, or any other external party without the prior written approval of EnergyQuest. 9. Any information contained in EnergyQuarterly which is used by or cited by subscribers in any way or form must be clearly and directly attributed to EnergyQuest in an accurate manner and in the context in which it is intended. EnergyQuest accepts no responsibility for any cost, expense or liability incurred by any Subscriber or any other person as an indirect or direct consequence of the Subscriber using or citing information from EnergyQuarterly and the Subscriber hereby releases EnergyQuest, to the fullest extent permitted by law, in respect of any such claims, losses or expenses. 10. Any employees or who have access to this report must be made aware of these terms and conditions. 11. EnergyQuest may require personal information such as your name, delivery address, contact phone numbers, address and credit card details. These may be used only for the intended purpose of processing your order. Personal or private information provided to EnergyQuest will not be sold, traded or 17

18 otherwise given to any third parties, and will only be used by EnergyQuest for the purpose for which it was provided. 12. Any requests for refunds will be assessed on a case-by-case basis and should be directed in writing to the CEO, EnergyQuest Level King William St Adelaide South Australia These terms are governed by and construed in accordance with the laws of South Australia, Australia. You irrevocably and unconditionally submit to the non-exclusive jurisdiction of the courts of South Australia. 14. EnergyQuest is a registered trademark. 18