saintly-1 dst-1, page-8

Badfiush,

Check Stuart's release of 9 March 2004.

Until June 2004, they are locked in to A$43 for 24 000 barrels per month and 10 000 barrels per month at US$30-31.

For June 2004-June 2005, they are locked in to A$35-39 for 35 000 barrels per month.

From July 2005-June 2006, they are locked in to 21 000 barrels/month at US$27.

From July 2006-Julne 2007, they are locked in to 8 000 barrels/month at US$26/bbl.

They have an 80 cent put option for US$0.8:A$1 from July 05-June 07, for US $550K to June 06, and US200K thereafter.

The short answer is their existing production of circa 1100 bopd is locked in to A$43 this year, and A$37 next year.

However, new production - Worrior and Worrior-2 once the pipe comes in, and whatever they find in that period isnt hedged, and they should get full price for it.

But the short answer is they dont get a short term boost froim high oil prices.

I'm pretty sure Cooper didnt hedge.

Ian Whitchurch