BAYU-UNDAN Gas Recycle Project

Project Overview

Project Status

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Project Status PROJECT UPDATE 2002

2002 Updates \| 2001 Updates \| 2000 Updates \| 1999 Updates

2nd September 2002	Overall Project Status Update - September 2002
23rd August 2002	Overall Project Status Update - August 2002
1st June 2002	Overall Project Status Update - June 2002
17th May 2002	Drilling Commences on Bayu-Undan

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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.