Note 2 Evans Shoal Agreement

On March 25, 2010, MPAL entered into an agreement with Santos Offshore Pty Ltd (“Asset Sales Deed”), to purchase Santos' 40% interest in the Evans Shoal natural gas field (NT/P48) (“Evans Shoal Transaction”). On January 31, 2011, the Asset Sales Deed was amended pursuant to a Deed of Variation between the parties.

Please refer to Note 12 to the condensed consolidated financial statements included in Item 8 of our annual report on Form 10-K for the fiscal year ended June 30, 2011, for information on the termination of the Asset Sales Deed, as amended by the Deed of Variation, that occurred on July 22, 2011.

On July 22, 2011, MPAL received from Santos a refund of the AUD $10,000,000 additional deposit, plus interest, on the Evans Shoal Agreement.