GLOSSARY OF TERMS 94 Karoon Gas Australia Ltd  Annual Report 2011 Term  Definition 2D seismic Two-dimensional seismic. 3D seismic Three-dimensional seismic. $ or cents Units of Australian currency. AASB Australian Accounting Standards Board. ANP Agencia Nacional do Petróleo. API American Petroleum Institute’s inverted scale for denoting the ‘lightness’ or ‘heaviness’ of crude oils  and other liquidhydrocarbons.  appraisal well A well drilled to confirm the size or quality of a hydrocarbon discovery. associated gas Natural gas found in association with oil, dissolved either in the oil or as a cap of free gas above the oil. ASX Australian Securities Exchange or ASX Limited (ACN 008 624 691). ATO Australian Taxation Office. AUD Australian currency. barrel or bbl Barrel of oil, inclusive of condensate. A quantity of 42 United States gallons; equivalent to approximately  159 litres. basin An ancient natural depression on the Earth’s surface in which sediments, eroded from higher  surrounding ground levels, accumulated and were preserved. BCF Billion cubic feet (1,000,000,000 cubic feet); equivalent to approximately 28.3 million cubic metres. block A licence or concession area. It may be almost any size or shape, although usually part of a grid pattern. boe Barrel of oil equivalent. The factor used to convert gas to oil equivalent is based upon an approximate  energy value of 6,000 standard cubic feet per barrel and not price equivalence at the time. BTU British Thermal Unit. The unit of measurement of the quantity of heat required to raise the temperature  of one pound of water by one degree fahrenheit, equivalent to 1055.056 joules. Company or Parent Karoon Gas Australia Ltd. Company condensate Hydrocarbons which are predominantly pentane and heavier compounds which are in a gas phase in  the reservoir and which separate out from natural gas at the well head and condense to liquid at lower  pressures and temperatures. ConocoPhillips ConocoPhillips (Browse Basin) Pty Ltd. contingent resources Quantities of hydrocarbons which are estimated, on a given date, to be potentially recoverable from  known accumulations, but which are not yet currently considered to be commercially recoverable for  lack of market or suitable price. CSEM Controlled Source Electro Magnetic (survey). DSEWPaC Department of Sustainability, Environment, Water, Population and Communities.  Director A Director of Karoon Gas Australia Ltd. DHI Direct hydrocarbon indicator discovery well The first successful well on a new prospect. DST Drill stem test. economically The estimated quantity of hydrocarbons in an area of interest that can be expected to be profitably  recoverable reserves extracted, processed and sold under current and foreseeable economic conditions. EDT Eastern Daylight Time, being the time in Melbourne, Victoria.