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## NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE FINANCIAL YEAR ENDED 30 JUNE 2011 

## Note 23. Joint Venture Operations (continued) 

The following amounts represented the Group’s share of assets and liabilities employed in joint venture operations. The amounts are included in the financial statements, in accordance with the accounting policy described in Note 1(s), under the following classifications: 

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The future recoverability of the carrying amount of capitalised exploration and evaluation expenditure is dependent on successful development and commercial exploitation or, alternatively, the sale of the respective areas of interest. 

Contingent liabilities in respect of joint venture operations are set out in Note 24. Exploration expenditure commitments and capital commitments in respect of joint venture operations are set out in Note 25. 

Parent Company guarantees have been provided to ConocoPhillips guaranteeing Karoon Gas (Browse Basin) Pty Ltd’s performance under the joint venture operating agreements covering the three Browse Basin permit interests. In addition, a deed of cross charge has been entered into with ConocoPhillips by Karoon Gas (Browse Basin) Pty Ltd covering its three Browse Basin permit interests. 

## Note 24. Contingent Liabilities and Contingent Assets 

## (a) Contingent Liabilities 

The Group had contingent liabilities as at 30 June 2011 that may become payable in respect of: 

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