Queensland Gas Company - 2008 Annnual Report Release

QUEENSLAND GAS COMPANY LIMITED
30 Herschel Street, Brisbane QLD 4000
GPO Box 3107, Brisbane QLD 4001
Tel: (61) 7 3020 9000 Fax: (61) 7 3012 8411
Website: www.qgc.com.au
Email: [email protected]


17 October 2008

2008 ANNUAL REPORT RELEASE


Queensland Gas Company Limited is pleased to provide its 2008 Annual Report after an
exciting year of growth and transformation for the company.

The Annual Report contains a letter from the chairman of Queensland Gas Company Limited,
Mr Robert Bryan, in which he foreshadows his upcoming resignation.

For a full copy of the Annual Report 2008 please visit:

http://www.qgc.com.au/_dbase_upl/17Oct08%20AnnualReport.pdf
Or;
www.qgc.com.au and follow the links to the Media Centre
An email copy can be obtained on request via: [email protected]


Information for Media

Mr Hedley Thomas, General Manager Communications and External Relations
Main: + 61 7 3020 9000
Direct: + 61 7 3020 9043
Mobile: + 61 417 797 419
E-mail: [email protected]


COMPANY PROFILE

Queensland Gas Company is a rapidly-evolving integrated energy business strategically positioned to meet
rising demand for its abundant coal seam gas, cleaner power and ample water.

Since listing on the Australian Securities Exchange in 2000 QGC has become Australia's leading coal seam gas
producer, one of Queensland's largest companies, and an award-winning business noted for nimble and innovative
action. QGC has been confirmed by LINK Market Services as standout leader in the S&P/ASX 100 in terms of Total
Shareholder Return (TSR) over both one and two years. QGC's world-class reserves in the Surat Basin are projected
to supply around 20 per cent of the Queensland domestic gas market in 2009. QGC has dedicated a significant
proportion of the fast-growing reserves to meet Australia's energy needs. QGC's strengths are underpinned by
Queensland Government policy, firm long-term contracts, Australia's move to cleaner, more efficient fuel sources,
and the advent of a national carbon trading scheme. The qualities and depth of QGC's assets and management have
been recognised by Britain's BG Group (formerly British Gas), a global energy company seeking to partner with QGC
to export gas to higher value overseas markets. QGC's Queensland Curtis LNG Project with BG Group will be built to
a potential capacity of up to 12 million tonnes a year of liquefied natural gas (LNG) from Curtis Island, near the city of
Gladstone. The first production train will export 3 to 4 million tonnes a year. As part of the transaction QGC has
received $664 million from BG Group.

The LNG alliance involves targeting more than 7,000 PJ of 2P reserves, construction of a 380 kilometre pipeline to
Gladstone, development of an LNG terminal and about 4,400 new jobs. The project contractor, Bechtel, is developing
the Front-End Engineering and Design (FEED) process for a two-train project. In May 2008 QGC announced plans to
build and part-own a new gas-fired power station with a capacity of up to 600 megawatts in New South Wales. It
would be supplied by QGC's coal seam gas, which would be transported by a proposed new pipeline stretching from
the heart of QGC's acreage to the city of Newcastle. In June 2008 QGC was admitted to the S&P/ASX 100 index. At
close of trade on 30 June 2008 QGC had a market capitalisation of A$4.4 billion. Next year QGC will join the National
Electricity Market. In February 2009 QGC will start supplying gas to QGC's new Condamine Power Station, which will
produce 140 megawatts of electricity with minimal greenhouse emissions. QGC invests in applications for large
volumes of water yielded during the release of coal seam gas. The water has the potential to help drought-affected
communities, towns and farms in the Surat Basin.