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. On July 22, 2011, the Asset Sales Deed was terminated and MPAL received from Santos a refund of AUD $10,000,000 deposit, plus interest, pursuant to the terms of the Asset Sales Deed, as amended..

Please refer to Note 12 of our Annual Report on Form 10-K for the fiscal year ended June 30, 2011, for information on the July 22, 2011 termination of the Amended Asset Sales Deed.