## Note 31. Subsequent Events 

Since 30 June 2011, the following material events have occurred: 

## (a) Santos Basin Drilling Program 

On 24 August 2011, Karoon Petróleo & Gas Ltda, a wholly owned subsidiary of the Company, executed drilling agreements with Dolphin Drilling Ltd for the Blackford Dolphin semi-submersible drilling rig. 

The drilling contract covers the use of the Blackford Dolphin rig for the drilling of three exploration wells in the Group’s five wholly owned blocks in the Santos Basin, expected to commence in the first half of calendar year 2012. 

## (b) Browse Basin Drilling Program 

On 8 September 2011, ConocoPhillips, as the Operator of the jointly held WA-314-P, WA-315-P and WA-398-P Browse Basin permits, signed a drilling contract with Sedco Forex International Inc. for the ‘Transocean Legend’ semi-submersible drilling rig. The drilling rig will be used to complete the planned phase-2 Browse Basin exploration drilling program in the WA-314-P, WA- 315-P and WA-398-P Browse Basin permits. 

The contract comprises five firm wells (fulfilling permit Government work commitments) with options for three additional wells. Drilling is expected to commence during the fourth quarter of calendar year 2011. 

The Annual Report was authorised for issue by the Board of Directors on 13 September 2011. The Board of Directors has the power to amend and reissue the financial statements and notes. 

