Yolla – Bass Basin (Australia)
Producing Gas Fields
CalEnergy has been actively involved in exploration and production in the Bass Basin, located in the offshore waters of the Bass Strait between the southeastern tip of mainland Australia and the Australian island state of Tasmania, since 1998.

CalEnergy has been pursuing a monetization of its assets in this area and has entered into a third-party agreement that will result in the disposal of CalEnergy's 15 percent interest in production permit T/L1 – and associated retention lease T/RL1 – containing the Yolla gas field. The transaction is expected to close in 2010.

The Yolla gas field, located approximately 120 kilometers south of the coastline of Victoria, consists of the offshore gas production facilities, associated pipelines and the onshore gas processing plant at Lang Lang in Victoria. Collectively, the Yolla gas field and associated production/export infrastructure is known as the BassGas Project.

First commercial gas production commenced from the field in May 2006.

The initial operator estimates suggest the field contains recoverable reserves of approximately 323 PJ of sales gas, 13 million barrels of condensate and 0.97 million tonnes of LPG. In addition, there are two oil sands which will be developed at a later stage.

To date, the field has produced approximately 60 PJ of sales gas and associated liquids (condensate and LPG).

Resource Development
Producing
Gas Fields
Share of Remaining
Reserves as of 1/1/10
Share of Contingent Resources Current Percentage
Greater Zaniemysl Area 7 Bcf - 24.5%
Yolla 54 Bcf 15%
Thylacine 18 Bcf 10 Bcf 5%
Victor 3 Bcf - 5%
Gas Projects
in Commissioning
Share of Remaining
Reserves as of 1/1/10
Share of Contingent Resources Current Percentage
Working Interest
Geographe 13 Bcf - 5%
Gas Projects in Development Permit
Status
Current Percentage
Working Interest
Perth Basin Drilling 2010 100%
Otway Basin Evaluation 2010 5%
Bass Basin Evaluation 2010 - Drilling 2010 8.5%
Block 48/1a Evaluation 2010 - Drilling 2010 15%
Poland Evaluation 2010 - Drilling 2010 100%