page 112 15Ju|y2001

Form 604

Corporations Act 2001

Seciion 6718

To Company Name/Scheme

ACN/ARSN

1. Details of substantial holder(1)

Name

ACN/ARSN (if applicable)

Notice of change of interests of substantial holder

KAROON GAS AUSTRALIA LIMITED

PARADICE INVESTMENT MANAGEMENT PTY LTD19

There was a change in the interests of thesubstantial holder on

The previous notice was given to the company 0n

The previous notice was dated

2. Previous and present voting powel

30t10/14

15D7r1411t 0q 14

The total number ofvotes attached to all the voting shares in the company or voting interests in the scheme thatthe substantial holder or an associate (2) had a relevant interestin when last required, and when now required, to give a substantial holding notice Io the company or scheme, are as follows:

Class of securities (4) Previous notice Present notice

Person's votes Votinq power (5) Person's votet Votino oower (5)

FPO 17,226,929 6.733% 13,715,125 5.445o/o

3. Changes in relevam interests

substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange

Person whoserelevant interest

changed

Nature ofchange (6)

Considerationgiven in relation

to change (7)

Class and

number ofsecuritiesaffAelpd

Person's votes

affected

SEE ANNEXURE

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as followsl

Holder ofrelevant

interest

Registeredholder ofsecurities

Person entitledto be registered

as holder (B)

Nature ofrelevant

interest (6)

Class andnumber ofsecurities

FPO

Per5on's votes

SEE ANNEXURE 1

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604 page 212 15 July 2001

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature oftheir association (9) with, the substantial holder in relation to votingjnterests jn the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Name Address

Paradice lnvestment Mgt P/L L12, 139 Macquarie Street, SYDNEY NSW 2000

Signature

print name

sign here

TONY HAMMOND capacity COMPANY SECRETARY

30/ '10t14

DIRECTIONS

lf there are a number of substantial holders with similar or related relevant interests (eg, a corporation and its related corporations, 0r the manager and trustee 0f an

equitytrust),thenamescouldbeincludedinanannexuret0theform. lftherelevantinterests0fagroup0fpersonsareessentiallysimilar,theymaybereferredtothroughout the form as a specifically named group ifthe membership 0f each group, with the names and addresses of members is clearly set out in paragraph 6 ofthetorm.

See the definition of "associate" in section I of the Corporations Act 2001 .

See the definition of "reievant interest" in sections 608 and 67iB(7) 0fthe Corporations Act 2001.

The voting shares of a company constitute one class unless divided into separate classes.

The person's votes djvided by the total votes in the body corporate or scheme multiplied by '100.

lnclude details of:

(a) anyrelevantagreementorothercircumstancesbecauseofwhichlhechangeinrelevantinterestoccurred. lfsubsection6TlB{4)applies,acopyofanydocument setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or

arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

(b) anyqualificationofthepowerofapersontoexercise,cortroltheexerciseof,orinfluencetheexerciseof,thevotingpowersor disposalofthesecuritiestowhich the relevaft interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section I ofthe Corporations Act 2001.

Details ofthe consideration must include any and all benefits, money and other, that any person from whom a relevant interestwas acquired has, or may, becom'e

enlitledtoreceiveinrelationtothatacquisition. Detailsmustbeincludedevenifthebenefitisconditional onthehappeningornotofaconiingency. Detailsmustbeincluded of any benefit paid on behalfofthe substantial holder or its associate in relation to the acquisitions. even ifthey are not paid directly to the person from whOm

t['e relevanl interest was acquired.

If the substantial holder rs unable to determine the identity of the person (eg, if the relevant interest arises because of an option) write "unknown".

Give details, if appropriate, ofthe present association and any change in that association since the last substantial holding notice.

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