CalEnergy

The Geographe and Thylacine Gas Fields, located in Production Licenses Vic/L23, T/L2 and T/L3 (over Thylacine South) respectively, were discovered in 2001 and are located approximately 50 and 70 kilometers from the coast of Victoria in Australia. Following an unitisation in December 2002, CalEnergy Gas now has a 5 percent interest in both fields, which have been developed from a green field basis. The operator is Woodside Energy Limited. The two fields contain recoverable reserves of approximately 899 PJ, 10.8 million barrels of condensate and 1.7 million tonnes of LPG in the main reservoirs. The project, known as the Otway Gas Project, received its final investment decision from the joint venture to proceed to construction in May 2004 and came on-stream in September 2007. Commissioning at the gas plant was halted in October 2007 due to defective equipment. In February 2008, the plant was restarted and resumed commissioning activities. There are many other exploration prospects in other parts of the permits which are being evaluated for drilling.

Resource Development

Producing Gas Fields	Share of Remaining Reserves as of 1/1/08	Current Percentage Working Interest

Greater Zaniemysl Area	9 Bcf	24.5%

Yolla	45 PJ	15%

Victor	5 Bcf	5%

Gas Projects in Commissioning	Share of Reserves	Size in Square Kilometers (Net)	Current Percentage Working Interest

Thylacine/Geographe	45 PJ	133	5%

Gas Projects in Development	Permit Status	Current Percentage Working Interest

Perth Basin	Drilling 2009	50%
Otway Basin	Evaluation - Drilling 2009	5%
Bass Basin	Evaluation	18.5%
Block 48/1a	Evaluation	55%