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 Companies Announcement Officer Australian Securities Exchange Exchange Centre 20 Bridge Street SYDNEY NSW To whom it may concern 2008 ANNUAL REPORT 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. Yours faithfully Mark Anning Company Secretary QUEE QUEENSLAND GAS COMPANY QUEENSLAND GAS COMPANY TransformaTion ANNUAL REPORT 2008 ns ANNUAL REPORT 2008 L an D G AS C om P an Y L imi TED ANNUAL REPORT 2008 REPORT ANNUAL QGC is leading a transformation of the Australian energy sector: cleaner, greener and more secure Contents Investor backs a winner 1 Directors’ report 62 Company profile 2 Auditor’s independence declaration 76 Financial year highlights 4 Income statements 77 Letter from the Chairman 7 Balance sheets 78 Managing Director’s report 10 Statements of changes in equity 79 Gas production, infrastructure and sales 15 Cashflow statements 80 Exploration and reserves 21 Notes to the financial statements 81 Electricity 27 Directors’ declaration 129 Water 31 Independent audit report 130 Queensland Curtis LNG Project 35 Shareholder information 132 People and safety 41 Corporate governance statement 134 Sustainability 45 Definitions and glossary 152 Financial performance 50 Corporate directory 154 Acquisitions 52 Board of Directors 56 Senior management 58 Investor backs a winner To retired school principal Tom Abraham, a decision in 2001 to take a punt on shares in a little-known gas QGC 2008 explorer has since proven as lucky as picking the winner ANNUAL of the Melbourne Cup.