27TH MARCH 2001
Signing of a Letter of Intent with El Paso Corporation for the purchase of LNG
Phillips Petroleum Company has recently announced the signing of a Letter of Intent with El Paso Corporation for the long-term purchase by El Paso of LNG from a plant to be built by Phillips near Darwin. A full copy of the Press release concerning this agreement can be found in the Phillips Newsroom.
Temporary measures have been put in place to allow Suppliers and Contractors interested in this development to register their preliminary interest. These measures will remain in force until such a time that Phillips makes further announcements concerning the LNG development.
How to Register for the LNG Project.
1. Please select the 'Registration' option from the 'Suppliers' drop down menu.
2. Select "Register" - NB: Please do this even if you have registered before and possess a PIN number - for LNG you are required to register your interest again.
3. Complete all mandatory fields in the registration form only (marked with asterix). No other information is required.
4. Go to the scrolling category menu's and in Product/Service 01 select 'LNG'. NB: Please do not select and register for any other categories other than 'LNG'.
5. Select 'Submit'
6. Follow remaining instructions and exit registration system.,
Once registered, your contact information will be retained by Phillips and parties registering will be advised at a later date how to make formal applications to Phillips to participate in the LNG project.
Phillips is still focused upon the activities necessary to secure this development and therefore requests that all communications be channeled through this procedure and asks for patience whilst formal channels of communication are established for this new development. No firm details of schedule or project organisation are presently available but Phillips does recognise the interest held by suppliers and contractors in this new development. Phillips intends to publish further information as soon as possible.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR"
PROVISIONS OF THE U.S. PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
The contents of this website contain forward-looking statements made by, or on behalf of, Phillips and the other Unit Participants. Neither Phillips nor the other Unit Participants undertake to update or revise any of these forward-looking statements. These include, without limitation, statements relating to operations, plans, strategies, objectives, expectations and limitations. These statements are not guarantees of future performance or result. Rather, due to risks, uncertainties and other factors, actual results may differ materially from those expressed in any such forward-looking statement. The following are certain (but not necessarily all) important risk factors that could cause actual results to so differ:
Plans to drill wells and develop Bayu-Undan are subject to: the ability to obtain agreements or consents between or from co-venturers and governmental authorities; engaging drilling, construction and other contractors; geological, land or sea conditions; world prices for oil, natural gas and natural gas liquids; applicable law and regulatory requirements; and the availability of economical financing.
Estimates of proved reserves, raw natural gas supplies, and project cost estimates have been developed using the latest available information and data, and recognized techniques of estimating, including those prescribed by the U.S. Securities and Exchange Commission, generally accepted accounting principles and other applicable requirements.
Please note that all references to Phillips or Phillips Petroleum on this page refer to Phillips Petroleum (91-12) Pty Ltd as Unit Operator for the Bayu-Undan development, except as specifically mentioned otherwise.
Copyright 2001 Phillips Petroleum (91-12) Pty Ltd. All rights reserved.